Businesses should always keep invoking new technology in their systems to keep themselves updated. A recent study has revealed that innovation occurs when business models can be matched with one or more of the six patterns where technological advances and market needs overlap, thus leading to growth and transformation. These six points of overlap are named as Six Degrees of Innovation which are as follows:
(i) Meeting customers’ individual needs with tailor-made products and services.
(ii) Achieving sustainability by minimizing waste and managing resource cost.
(iii) Possessing jointly owned assets to boost efficiency and minimize cost.
(iv) Saving money whenever possible by paying only for the services that are used.
(v) Monitoring supply chains effectively by using tracking systems.
(vi) Using data and analytics to gauge customer needs and easily adapting it. Read more at: http://www.businessnewsdaily.com/8199-innovation-technology-adoption.html