The survival of a business in today’s fast-paced world depends on constant innovation. Siddhartha Paul Tiwari, a technologist from Singapore and visiting faculty at the Indian Institute of Technology (IIT, Delhi) and Singapore Universities, was the featured speaker for Silicon Straits, an innovation tribe in Southeast Asia. Through Silicon Straits, designers, engineers, and entrepreneurs can be inspired to collaborate, make things and begin companies.
Siddhartha Paul Tiwari during his speech mentioned that during the past few years, the Internet has evolved into a tool that is now cheaper, faster, and more capable of communication. New developments in technology have made the Internet faster, cheaper, and more efficient. Compared to a few years ago, when the Internet was relatively expensive, it has considerably declined in costs in the last few years. Using the views of academician Siddhartha Paul Tiwari, we understand that the internet is essential to the new economy and has the ability to spur economic growth as well as transform the competitive landscape on both a micro- and a macro-economic level. A revolution is taking place in how business is conducted.
In Tiwari’s presentation, he says that the internet of things refers to a system of independent systems that can be linked to computers in order to provide easy analysis, processing, and communication of data without disrupting the service system. In other words, these systems are capable of gathering information about their environment independently by using technology, sharing this information in networks, and taking action based on the information they gather. As a business in the current era of digital disruption, it is vital that your digitalization strategy is a key element of success. Implementing a proper change management process is crucial if we are to ensure that new applications are accepted, accepted, and adopted by users.
It’s a fact that Tiwari elaborates by saying that the development of digital processes and services is enabled by the combination of real-time and historical data. It is clear from how Tiwari describes innovation as an industry-wide and complex undertaking that there is a need to develop a set of practices and processes that encompass various initiatives and functions so that it can be implemented as effectively, efficiently, and successfully as possible. For a company that is committed to being a leader in innovation, it is essential not only to develop an innovation strategy in terms of its numerical elements but to ensure that the development of subjective elements is aligned with it as well. WE need to know one thing if we are to reach the target value.It is of course important to provide it to the relevant owner of the business so that he or she can cascade the value of the report down under the form of performance targets and timelines. When innovation is lacking, it is likely to result in inaction or a belief that innovation is the responsibility of someone else to do when it is not taking place.
Having new, innovative, and out-of-the-box ideas should be imperative for businesses. On the other hand, Tiwari shows that many organizations struggle not because of a lack of ideas but because they are unable to scale them properly as it is difficult to determine which ideas are worth exploring and have the potential to be successful. It is for this very reason that there is the perception that there is too much risk associated with such a market for it to provide a foundation for future growth, especially for medium-sized or large-sized businesses. We are convinced that it will not have much of an impact unless the competitive dynamics demand painful changes, at which point the changes may make a significant difference. Our world today, unfortunately, can be risky when it comes to innovation. We live in a world that can be risky when it comes to innovation in today’s day and age, and innovation has always been a risky undertaking and it will always be a risky undertaking when it comes to innovation today. In order for an organization to ensure that its portfolio of innovation initiatives is of maximum benefit to it, it must manage risk rather than eradicate it. Since it is unclear which parts of the organization will be responsible for developing innovations, it is extremely important to define the boundaries within which the organization will develop and implement innovations. It is also crucially important for a small or medium business to pinpoint the boundaries within which it will develop innovation, as these boundaries will determine whether or not the company will be successful in developing new products and services. It is essential to recognize the difference between intuitive visions of the future and strategically surveyed and scrutinized analyses as a fundamental component of the identification of and separation from these different areas of future development. A person’s approach to identifying and separating these spaces can vary from intuitive visions to carefully scrutinized analyses, so the way someone approaches it may be quite different. Tiwari discusses the importance of systematizing the prioritization of these areas so that organizations can be able to decide whether they have already devoted enough funds to the opportunities they see as exciting at the moment.