Do the preparation task first. Then read the text and do the exercises.
Preparation
What does it mean to be innovative in business?
In order for a business to survive in today's world, it is important that we regularly review what we are doing and how we are doing it. By considering new ideas and new ways of doing things, and trying to innovate, we can improve on our products/services, increase sales, reduce costs and make our processes more effective and efficient. Innovation is key to increasing profits.
There are several ways a company can be innovative with their products and services. Today we will look at four of them.
1. Using the latest technology to improve your product/service
When we think of innovation, we often think of new technologies. While they might be impressive, we should not use new technologies just because they are available. It is important to consider how the technology can improve our product/service and make a difference to our customer. Companies that produce cars, toiletries, household appliances, etc. often have a large R&D department to work on making their products better.
2. Responding to customer demands by changing what is on offer
By listening to customer feedback, we can get their opinions on how we are doing and find out about what it is that they want. We also need to be aware of changes in customer demands and keep up with the times. When fast-food restaurant McDonald's realised that the market wanted healthier choices, they introduced fruit and salads, while removing the 'super-size' option from their menus.
3. Offering a new product/service to reach new customers
Your business might be doing well, but there is no growth or development and there is a risk that your competitors might take away some of your customers. Innovation sometimes means developing a new product that targets a different market. Although video games were often played by boys, in 2006, video games giant Nintendo introduced the game console Nintendo Wii, successfully targeting girls and older customers with games like Cooking Mama and Brain Training.
4. Changing the way you provide a service
By looking at the changes to the customer's lifestyle and needs, we sometimes realise that there might be better ways to serve them. Customers who do not have a lot of time might prefer to have their food or their shopping delivered to their homes, or they might like to do their banking online rather than in an actual bank.
Not all innovation will bring success to our businesses, but it can give us the opportunity to grow and learn more about what we do and what our customers might want.
Latest Innovations in Products and Services
Innovation is rapidly transforming the way we interact with products and services across various industries. Here are some of the most groundbreaking advancements:
1. Artificial Intelligence (AI) in Everyday Tools
AI-driven automation is now embedded in many products, from smart assistants like ChatGPT, Google Assistant, and Alexa to advanced AI-powered customer service chatbots that enhance user experience. Additionally, AI-generated content tools are revolutionizing digital marketing and content creation.
2. Smart Home Technology
The Internet of Things (IoT) has led to AI-integrated smart home devices, such as:
3. Fintech & Digital Banking Evolution
The rise of blockchain technology and cryptocurrency has redefined financial transactions. Additionally:
4. Social Media & Marketing Innovations
With AI and big data, businesses now use:
5. E-Commerce & Logistics Advancements
6. Healthcare Innovations
These innovations illustrate how technology is evolving across industries, optimizing efficiency, user experience, and convenience. The next few years will likely see even greater advancements as AI, automation, and digital transformation continue to shape the future.
My recent technology that I am using now is the online shopping,it is really helpful and time saving,when I have a special day and I don't have time to go shopping,I consider it directly
The latest technology i am using now is ChatGPT, actually this tool is very useful and time saving, as using this tool we can get more ideas and answers about many questions and complicated one
also, adding chatbot on several channels like whatsapp for businesses, will decrease the time to allow end-users get a support or answers for their inquires
These days I see some reels or short vidoes about innovations in household appliances.
I'm actually not a great innovation expert but in recent years the two things that have changed my business the most have been Cloud and Zoom.
Cloud allowed me not to have a lot of storage space on my PC and to be able to work anywhere and with any device but also to share files and documents, while Zoom allowed me to meet clients without moving.
What are some of the latest innovations in the products/services that you use?
Many products and services are innovated. If we take the example of learning that we are learning via the British Council website this type of interactive learning was not available before 20 years. It means that with the help of innovation, we can learn easily. Moreover, look at the laptop or mobile which is daily improving as in the text I read many big companies have R&D departments that continuously improve their products for customers. Lastly, there are many innovative products/services that we are using in daily life.
Over the past several month I've been using AI tools, like ChatGPT and I think that techology is game-changer for all companies. Most of them already trying to use AI for theirs products and services.
I use a lots of technological instruments in my daily routine and sometimes I have a break and I start thinking about the innovations behind an object (such as a smartphone, or a laptop etc.).
How many work, time, money are there inside a single product?
The human being has improved his condition during ages, and all of us should be grateful for that and share our fortune with the others.