Right now, technology companies worldwide churn out innovation at a rapid pace. Recent years have seen a sharp acceleration in the capabilities of Machine Learning (ML), Artificial Intelligence (AI) and Robotic Process Automation (RPA). Each new technology and solution promises a compelling, unique benefit.
We live in an ideal era for innovation. ML, AI and RPA can help you surface more insights, uncover new business models and automate once-manual processes. But how do you do that, and where do you get started?
Why businesses fall behind with innovation
If you look at the average Australian firm’s technology set, you will see that innovation exists, but it is usually in silos. Despite the rapid pace of innovative technology solutions available, adoption is slow. Plus, the typical adoption we see is incremental innovation, not creating a new business model.
So, what hinders companies from uncovering new business models?
- Risk: You may feel unsure about the success of the new business models you wish to pursue. You cannot guarantee their success, which hinders you from taking the next step. In some situations, the risk is present because there is not enough information to make the right decisions accurately.
- Old-school corporate structures: Some businesses become stuck in their ways and find it challenging to develop new ideas. In other words, your line of thinking might be, ‘What we have done has always worked, so why change now?’ Unfortunately, the world changes much faster than it did fifteen years ago. The speed at which your services need to adapt is only increasing.
- Isolated information: In many cases, innovative experimentation does not use all available data. Companies focus on one or two line of business systems (such as the accounting software) to leverage AI and ML. This is not actually because that is all they need. It’s because it is too hard to collate all the relevant data sources (marketing, finance, operations, e-commerce).
Systems integration targets these issues by bringing together the data you need to decide on your next move and pull it off with some success. Your company’s ability to mitigate risk and adapt to changing markets relates to the availability of the information you have about what is working, what isn’t and where opportunities might arise.
How can you uncover new business models?
Uncovering new business models means a whole-of-business approach to innovation. It means destroying silos to find that unique value all the cells in your business can deliver as a single organism. Think beyond integrating hardware and applications. Think of integrating internal teams, business processes and ideas. Your competitive advantage will be your ability to integrate all levels of your business to create new offerings. This is the audacious goal that you want to strive for. But first, you have to start with the core systems and the data they house. Then, you can address the processes and functions that sit on top of these.
You can take systems integration to the point where it enables businesses to connect different teams, services and functions to create new efficiencies and capabilities. This process can often uncover new business models that were not previously possible. In effect, systems integration can help you overcome the obstacles preventing you from innovating.
What are the benefits of business model innovation?
Business model innovation is a critical factor in achieving better business performance. It can help companies stay ahead of the competition, evolve, and become more responsive to change. Companies can find new ways to generate revenue, improve efficiency, and provide greater value to their customers by creating new business models.
Competitive advantage: Business model innovation is a powerful way to create a competitive advantage. It can allow you to tap into new markets, create new products or services, and find new ways to generate revenue. By innovating your business model, you can stay ahead of the competition and keep your business thriving.
Business growth: As you generate more value for your customers, you increase your chances of long-term success and can support other initiatives within the business, such as hiring new people or acquiring other businesses.
When you bring your existing technology together with integration, you unlock tools for creating new business models. You also enhance your existing technology with new platforms and technology functions.
How Creative Folks supports systems integration
When we work with customers who need their critical business systems properly interacting with each other (and sharing information), we look at their applications, the underlying services these applications offer, and then overlay that with their strategy, goals and initiatives. Our expertise lies in understanding your ecosystem, highlighting the possibilities, presenting the options and deploying the right solution - in the right order - for you.
Visit our Systems Integration page for more on our capabilities.