Companies of all sizes, in all industries, from banking to manufacturing and from start-ups to SMEs, are now exploring technology-led growth as a promising means of competitive advantage. The reasons for this are threefold:
- Technology and innovation are no longer exclusive to large organisations in specialised sectors.
- Goods and services are no longer exchanged solely between firms and customers. Technology enables customers to provide goods and services among themselves, creating what we know as the sharing economy.
- Information technology has shifted from static one-to-one relationships to more dynamic digital relationships, from information storage to industry disruption.
As a result, there are a number of innovation challenges faced by today’s businesses, and these can be grouped into three main areas: