Innovation sums up the global economic development as its application drives companies and organizations to new heights. It is the desire to completely redesign the methods and concepts while approaching the future more enthusiastically. Companies are getting ready to make new inventions, bring a change and add value to it. Change and value are of prominence that every organization should understand to fruitfully utilize it in their favour.
- This innovation is to look into the future and make plans for it. Every innovation needs a platform to execute ideas from concept to life and reality. Platform innovation is about repurposing and redesigning what life is. As most scholars specify “platform” in three aspects based upon research work is: product development, technological systems and industrial economics. In simple terms, it is the need to meet the change in products. It is also on this platform that assimilation of ideas, concepts, designs, models of products and finished products take place.
- Nature of the change in products depend on capability of the company, availability of its products. While platform is the medium through which to deliver the service and directly approach and communicate with users and customers.
- The current and most preferred platform innovation is digital platform. It will be the major part of tomorrow’s economy as is even today. Examples of some digital platforms are Google, Amazon, Facebook and many more. Presently system engineering is of immense importance. It plays vital role in physical functionality and logical concepts of product architecture. Digital platforms are not limited to use of apps, websites and software. It is more intricate than it seems to be. Hence, product entering services, its progress, and final representation and launching in market requires digital platforms. It is an ability that supports the business firms, their discipline and strategies.
- There are substantial changes in people’s choices and needs, which they expect the companies to fulfil with their new range of products. Also, with similar companies in market, tailoring customer friendly products is easy and to beat them is not easy. Product and process innovation is a necessity for any organization to survive in global market. It’s an opportunity that companies utilize to develop products and appeal the mass audience.
- The risk involved in production and marketing of innovative products is huge. The companies invest majorly on update and upgrade of its products and services. Hence, it is wise to start working with the idea only after the strategic planning is complete.
The overall stress is on innovation, how it begins and what it presents. What people want is something new, which is also purposeful. Since customers invest time and money in every product they utilize, varieties and newness is what they like. Such innovations when carried on new and well-designed platforms enable producers to receive reviews of their audience as well. The world is changing with the changing lifestyle of people. They desire to get struck by a fresh wave of products to live a new life every day.