Chatting with Innovation

Incremental Innovation: Your AI Key to Competitiveness

As innovation increases, the rate of innovation increases alongside it. Market forces continue to battle each other with new innovations designed to outdo each other, at a similar rate. Therefore, many companies regularly focus on breakthrough technologies which arrive into the market with great fanfare. The eagerness of consumers ensures the success of these products. However, it’s important not to discount the understated longevity of incremental innovation. Products such as the iPhone were introduced to the market incrementally, with their continual advancements improving our lives every day, gradually. It is clear that the impact of the iPhone has been monumental, both in terms of a successful business opportunity and a cultural explosion. Incremental innovation is commonly the answer to large-scale use.

Alongside the iPhone, Uber, Nest and other products used on a daily basis, many incremental innovations have been happening for a long time in industries like automobile, aviation, health, often without public sensation. Furthermore, one of the latest and greatest recent triumphs is the proliferation of chat bots.

As adoption of AI increases it will be more intertwined with everyday life and its usefulness will increase. It is steadily widening the limits of possibility in business, industry and connectivity, both humanly and digitally.

Incremental innovation, AI and customer excellence

We should view AI as having the potential to improve and expand the possibilities of:

  • Thinking – AI can help you organise your workflow leaving you with more time to work on more essential things. It can help you order and prioritise your thinking process, leaving you clearer about your aims.
  • Imagination – Previous thinking has been determined by what’s physically possible, now we can adjust our creative imaginations to include the possibility of what digital applications can do for us.

  • Determination – Determination and making business decisions is very open to be adopted by AI, which can make decisions based on a rigorous, algorithmic understanding of business, trends and consumer issues.
  • Communication – Organisations continually want closer, more meaningful interactions with their audience. AI based chatbots can fill this demand. Innovations in Natural Language Processing, Machine Learning and AI have led to more real sounding, integrated communications.

Is your business ready for incremental innovation?

Across industry, there is a gulf between those who are intending to adopt AI and those who actually are. Of 3,000 executives questioned for an MIT poll, over 2,000 claimed that they understand the benefits of the use of AI for their business. However, only 750 of them have actually integrated this innovation into their business strategies.

The benefits of AI are clear and widely publicised, but obstacles to its use remain. Business leaders cite:

  • Different investment intentions
  • The novelty of the technology mans a lack of certainty

This means that the market for AI integration is wide-open. You can be a dynamic and progressive company with the capacity to fulfil customer’s requirements by adopting AI early.

AI can help you:

  • Reduce costs – AI’s technological possibilities lower the the amount of work your staff have to complete, freeing up payroll constraints or leaving you free to invest money elsewhere.
  • Raise customer service standards – chatbots enable customers to get more in depth, relevant help instantly, something every customer needs.
  • Improve metrics and analysis – big data is paving the way to understand trends and other insights. Using AI improves the way analyses are made, at a fraction of the time and with half the cost.

However, implementing AI into your business structure is rarely an instantly feasible addition. This is why you should introduce it incrementally to your organisation, at the same time as amending cultural, managerial and structural establishments.

incremental innovation ladder pencils shadow
Change doesn’t come too easily

Rather than a complete sea-change in your corporate culture and product, it is far better to introduce change gradually and incrementally. It saves on costs, time and reduces risk to innovate incrementally, rather than instantly. Ultimately, however, change results in increased revenue and a better spread across the market.

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