‘Innovation.’ It can sound scary. But what exactly does it mean in business?
Innovative systems improve or adapt upon traditional ones to streamline processes. They also increase efficiency and productivity. In the tech world, innovation can mean bringing in nascent technologies such as blockchain, AI, and even automation.
Yet digital transformation can be disruptive for many companies, and it might be easier to think: Our current processes work. Mostly. Why should we change?
Don’t get left behind
This isn’t to say you should abandon all of your current systems and implement new ones with innovative technologies. Some legacy systems are valuable, as well as deeply embedded in your business.
(That’s why our platform STAMP integrates with your pre-existing platforms – meaning you don’t need to abandon them.)
Even if you are eager to implement innovative solutions, you still might face several problems such as:
- Inefficient budget
- Difficulty to implement new processes within a large company
- Lack of faith and regulations around the technology
- Lack of accessible talent
Some of these problems are easily solvable. Some aren’t.
For instance, inefficient budget can be thought of like this: many innovative technologies save costs in the long run. However, if you simply don’t have the budget – you don’t have it.
Is innovation worth it?
Is it worth the difficulty? If there’s a lack of faith in the technology, and limited regulation and accessible experts? Does it have value to bring digital transformation into your company? That’s ultimately up to the business.
However, legacy systems won’t last forever – and at some point, potentially in the near future, it will become a necessity to implement these new technologies.
AI, blockchain, automation, even IoT technology. They might seem like an option now, but in the future, they may become a necessary part of corporate society. Is it worth taking the risk?
In addition, the older your current systems become, the more difficult it will be in the future if you are required to change.
At Blockhead, we’ve created our blockchain-enabled platform STAMP, designed to trace mining data from pit to port.
Blockchain technology is a new technology that has not yet come into the mainstream. That’s why we give companies the option of blockchain, which is ideal for those who might be apprehensive about taking the leap. You can still implement STAMP and place yourself ahead of your industry, while not implementing blockchain until your company is ready.