TRANSFORMATIVE TECHNOLOGY

‘Innovation’ is often bandied in current business conversations. It is the creative fuel that enables businesses to improve existing products or processes or create new products. How does technology fit into the innovation puzzle? Businesses must realise the true potential of research and take adequate measures to promote technology in order to be the change-driver. ?

“Technology will never replace great teachers, but technology in the hands of great teachers is transformational.”?–?George Couras. The same is true of great leaders. Whether it is flying or driving, history is witness to the fact that technology in the hands of visionary leaders, can bring about a sea change.

Experimentation propels technology and that in turn, seeds innovation. Directly or indirectly, it affects product designs, business models, strategies, and even influences consumer behaviour. Breakthrough technology-led innovation facilitates physical and emotional wellness and enhances the quality of life. Pioneering organisations that own the technology, action change within their business operations like product manufacturing, value chains, and business strategy. Subsequently, when the new technology becomes embedded in society, it drives consumer behaviour. For the business, it opens up avenues for new markets. Technology not only drives innovation, but within it, nests the power to transform lifestyles. It is also a key parameter of a nation’s economic standing. ?

Successful innovation is attributed to business leaders encouraging idea exchange, strategic decision-making, and implementation. As historic timelines of major discoveries exemplify, founders who are foresighted enough to recognise this requirement, put their zeal into creating an experimental ecosystem in their organisations. And, in present day, they come to be recognised as true leaders who shape transformative change through technological prowess.

Quite simply, technology is intrinsically interlaced with innovation. When a business innovates, it creates value through business growth. However, most enterprises lack a science-backed organisational culture and explorative mindset. These are significantly dependent upon critical factors like proactive leadership support, stakeholder encouragement, team vision, and finally, resources and research. It is imperative to channelise part of company revenue into fuelling research. As Carl Sagan aptly stated, “Somewhere, something incredible is waiting to be known.”