Digital transformation means using technology to change how a business works and gives value to its customers, partners, and workers. It means thinking about digital things first, using data and numbers, and making work fast and smart. Digital transformation can help businesses do better than others, make customers happy, save money, and work more effectively.
But digital transformation is not something you do once or easily. It needs a constant and flexible way to change with the market and the customers. It also needs a strong base of technology and work to support the new things and tests needed to make new products, services, and business ways.
The business and innovation platform are software tools or environments that enable organizations to design, develop, deploy, and manage digital solutions across different domains, such as customer experience, business processes, or functions. They provide the capabilities, resources, and governance needed to support the entire innovation lifecycle, from idea generation to value realization.
Benefits of business and innovation platforms
Business and innovation platforms can help organizations achieve the following benefits:
Faster time to market:
Business and innovation platforms can accelerate the development and delivery of digital solutions by providing ready-made components, templates, frameworks, and integrations that reduce the need for coding and customization. They can also enable rapid prototyping, testing, and feedback loops that help validate and refine the solutions before launching them to the market.
Greater agility and scalability:
Business and innovation platforms can help businesses change and meet the needs of their customers and the market by letting them change, improve, or grow their digital solutions quickly and easily. They can also help them use their solutions in different ways, things, and platforms, making sure the customers have a good and smooth experience.
Higher quality and reliability:
Business and innovation platforms can ensure the quality and reliability of digital solutions by providing built-in security, performance, and compliance features that protect the data and the systems from threats and errors. They can also provide monitoring, analytics, and reporting tools that help measure and improve the effectiveness and efficiency of the solutions.
Lower costs and risks:
Business and innovation platforms can reduce the costs and risks of digital transformation by minimizing the need for hiring, training, and retaining specialized digital talent, as well as investing in and maintaining complex IT infrastructure. They can also provide best practices, standards, and governance that help avoid common pitfalls and ensure alignment with the business goals and strategies.
Examples of business and innovation platforms
There are many types of business and innovation platform available in the market, depending on the specific needs and objectives of the organization. Some of the common examples are:
Low-code and no-code platforms:
These platforms allow users to create digital solutions without writing or with minimal coding, using graphical interfaces, drag-and-drop features, and pre-built components. They are suitable for organizations that want to empower their business users, such as marketers, salespeople, or customer service agents, to create and manage their digital solutions without relying on IT or external developers. Examples of low-code and no-code platforms are Microsoft Power Platform, Salesforce Platform, and Wix.
These platforms help you put, run, and manage your digital solutions online instead of on your own or private servers. They are good for businesses that want to use the big, flexible, and cheap power of the Internet and also use the newest technologies, such as smart machines, learning machines, or blockchains. Examples of cloud platforms are Amazon Web Services, Google Cloud Platform, and IBM Cloud.
Innovation management platforms:
These platforms help businesses manage how they make new ideas from start to finish. They help them get ideas from different ways, inside and outside, such as asking many people, thinking together, or having fun challenges. They also help them choose and do the best ideas and check and see the results and effects of the new projects. Examples of innovation management platforms are HYPE Enterprise Suite and Brightidea Innovation Cloud.
Business and innovation platforms are essential enablers of digital transformation, as they provide the capabilities and resources needed to create and deliver digital solutions that can improve customer experience, lower costs, and increase efficiency. They can also help organizations gain a competitive advantage by allowing them to innovate faster, more agilely, and reliably. However, business and innovation platforms are not a silver bullet, and they require a clear strategy, a strong talent base, and a supportive culture to achieve the desired results.