Innovation and Transformation in Today’s World

In today’s business and digital world Innovation and Transformation are two of the 21st century’s biggest and most loosely defined words. In practice, both refer to inter-related emergent disciplines that are pivotal for corporations to learn, practice, and master. Together, they represent opportunities that corporations use to make their brands visible to their target markets. The opportunity is to use digital transformation to catalyze innovation and reimagine the present and the future

Over the past decade, the combination of digital transformation and innovation has turned the global business ecosystem into a great platform. It has given birth to a new generation of business models and corporate giants due to the ease of accessibility to innovation tools and digital technology.

With the introduction of digital transformation, life has become so easy that everything is at the fingertips of the consumer. However, technology affords no distinct advantage beyond having access to it; rather, it is the human element behind technology and innovation management – ideas, strategies, and ways of working that business success depends on. The world is evolving rapidly, products and services are going digital and customer expectations and demands are not only changing, but are increasing. 

How different businesses and organisations leverage innovation differs. In 2018, the BIHL Group developed a five-year strategy for 2019 to 2023. This strategy clearly articulated agility and digital innovation as a key lever to revenue growth and greater efficiencies, all the while working to improve client experience. We drove an intentional approach towards tangible outcomes. We made a commitment to establish an Innovation and Transformation function that would deliver sustainable progress in this space, in line with our own business strategy and indeed with the National imperatives of digitalisation and the move towards a more knowledge-based economy. 

As a group, we needed to innovate intentionally and to make our products and services appealing and relevant to the customers of today. This meant not only adapting products to customers’ new and changing needs, but also how we offer those products and services. The BIHL Group’s established Innovation and Transformation Office is our flagship effort towards realising our digital transformation vision, solidifying the Group’s commitment to creating a future fit BIHL.  There is a lot of work being done and we are excited to share more in the coming weeks and months.

This is simply our example, but I do believe one that speaks to the key imperatives for businesses, no matter how big or small, to sit up and truly take notice of the need to disrupt the status quo – as the saying goes, “Evolve or die.”  How businesses work to adapt and evolve is key in any market, but the accelerated push from COVID-19 does not mean there is room for short-cuts or short-term thinking, nor for complacency, or we risk being left behind.

Through embrace of the technological and digital revolution, we have an opportunity to advance individuals, communities and nations. Supported with the right infrastructure and access, as well digital literacy interventions, the very way in which we work, play, live and thrive will change. It is not enough to simply pay lip service to the terms “Innovation” and “Transformation.” We need to actually understand them and infuse them in our business culture. Only then can we take real steps towards tangible outcomes that have a true bearing on our journey towards greater progress. We cannot and will not allow any to be left behind.