The technology world is changing at a very fast pace and new trends keep on emerging every day. The latest product that has received a warm reception and excited many business managers is Artificial Intelligence. Everybody is fascinating about AI because it promises to be an effective way of performing routine tasks and can be applied to the various sectors of the economy.
The most significant historical change in the library field was the introduction of stacks in the early 20th century. The prominent structures used to house and protect tomes are a familiar sight for library patrons. For many, the idea of entering a library without seeing an immense collection of books is unthinkable. Despite this, a New York public library attempted to do just that. However, the engineers tasked with planning the project immediately opposed the concept, opting for a renovation that would leave a significant portion of the book collection on-site.
Everyone wants to think that their innovation program is going to change the world and that feeling persists, because successful innovation programs can have enormous real-world returns. Businesses can save millions of dollars, new business models can disrupt markets, but some of the most impactful innovation efforts are genuinely in the healthcare space. Not only does healthcare innovation overall save the system money (for every dollar spent on innovative medicines, total healthcare spending is reduced by $7.20) but it also has the power to truly save lives as evidenced by research that states “between 1980 and 2010, medical advancements helped add 5 years to U.S. life expectancy.”
The customer is always right. The timeless aphorism holds truer now than it ever did before, as the customer truly drives the ever-changing trends and shapes the industry, with companies battling each other to stay relevant in the hearts and minds of their devoted audience.
In a world constantly changed by the digital transformation, one industry consistently lags behind all the rest: healthcare. For those within the field, it is open knowledge that while other industries are quick to adopt and implement novel technologies, in healthcare the change comes slowly.
We often talk about the role of innovation in an age of constant, radical disruption, as defined by the 4th industrial revolution. Within this new environment, innovation leaders should play an essential role in helping the organization thrive and drive growth.
In the United States, American citizens receive treatments for diagnoses that at one time meant certain death, and they enjoy the longest lifespans in recorded history. The Centers for Disease Control (CDC) says that its National Prevention Strategy centers on preventative medicine, an outcome that is greatly promoted by current legislation and technological advancement.
In theory, most of us like the idea (or at least see the necessity) of regulations. Just look at a recent survey from Pew, that shows 74% of Americans think “the country should do whatever it takes to protect the environment.”
In the context of business management and economics, innovation has mainly been considered as a source of profit and growth. But innovation can also have a transformative role and recently more and more innovators and entrepreneurs are not only considering the financial returns of their projects, but also the societal impacts that they might bring with them.
Medical technology is without a doubt the biggest innovation to the healthcare industry. It can be called the largest driving factor and is a key role in virtually every aspect of healthcare. It’s becoming more and more clear that medical technology is influencing the way we are thinking about healthcare—especially patient care and efficiency—and will continue to shape the industry for the foreseeable future.
It is no secret that Amazon is a titan of industry. Given their tremendous success, they are quite obviously doing more than a few things right. While there are undoubtedly a myriad of different reasons that this company has become the giant that it now is, today we will be taking a look at five of the lessons that other companies can learn from Amazon.
The real estate industry has always been quite static while facing its own set of challenges and obstacles. However, technological innovations will reshape every industry eventually, real estate included.
Courier services have come a long way in the past decade and a lot of that is down to technological developments. These days, couriers understand that in order to stand out and provide an exceptional service, they need to invest in the latest technology innovations. This is especially true when it comes to international courier services.
Although the advent of Big Data stands to benefit several industries, the insurance sector has a clear advantage in terms of leveraging technology to benefit not only its bottom line but also its customers. To a great extent, the insurance industry was one of the earliest adopters of Big Data; over the last few decades, actuaries and statisticians have been reviewing large data sets and preparing analytical reports for underwriters who in turn make decisions about coverage and premium rates.
In a recent article, The Financial Brand discussed the biggest threats to the financial and banking industry. They included a long list of everything from profitability to making good hiring decisions. However, we thought that there were a few problems that could be particularly fruitful when applied to open innovation systems.