In the next few years, new and expanded technologies will change the business landscape at unprecedented pace and scale. Consider the impact of a few major trends. 5G is expected to deliver network speeds that are about 10x faster than what 4G LTE networks offer, with expectations for significantly faster speeds on the horizon. AI-driven speech, written word, or computer-vision algorithms are projected to augment 50% of user touches by 2024. Global data creation is projected to grow nearly threefold between 2020 and 2025. And the low code development platform market — which is changing who can write powerful software — is projected to grow at about 30 percent compound annual growth, through 2030.
Tech Companies Innovate at the Edge. Legacy Companies Can Too.
New tools make it easier to empower small-scale innovation among the employees who work most closely with suppliers, customers, and other stakeholders.
October 20, 2022
Summary.
Technologies like 5G, artificial intelligence, and low and no code software design tools are changing how companies need to approach innovation. Specifically, they look to the edge of the organization where the business interfaces with its customers, suppliers, and other stakeholders, and where small-scale innovations are happening. Companies should adopt three practices: 1) free up small teams to act independently, 2) feed these teams with the systems, resources, and tools they need, and 3) funnel the best innovations back through the company.
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Innovation and Creativity Course
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New!
HBR Learning
Innovation and Creativity Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Innovation and Creativity. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Unlock your team's curiosity and willingness to take smart risks.