Top 5 Examples Of Accelerated Innovation Propelling Companies Forward

Top 5 Examples of Accelerated Innovation Propelling Companies Forward

by Amelia Scott — 3 years ago in Development 4 min. read

Although it’s not 2028 yet, it could as well be digitalization. McKinsey Research says that many companies’ digital portfolios have seen a seven-year jump in their progress. What is the reason? Organizations had to make changes quickly due to shifts in consumer behavior and workforce operations caused by covid.

Digital acceleration was a phenomenon that occurred across all industries and spurred incredible innovation. Every sector was affected by the disruption. Even though the pandemic crisis may be receding, innovation hasn’t slowed down at its blizzard pace.

Top 5 Examples of Accelerated Innovation Propelling Companies Forward

Which fields have been impacted the most in the past few months by innovative thinking, products, and services? Five major ones have undergone some serious reinvention.

1. Manufacturing

Every product contains a manufacturing component. Consider clothing and accessories as an example. The manufacturing process involves everything from sourcing fabrics to making garments.

Overage and inventory are the problems. Despite many manufacturers using just-in-time principles over the years they often end up with more merchandise. This merchandise routine is often discarded or sold at a loss.

Again, the retail fashion industry has been notorious historically for an abundance of inventory. A fifth of the garments ordered by retailers is never purchased. Companies have not been able to reduce stockpiles and make customers wait indefinitely for their products.

Gooten and other innovators offer a new way to reduce stockpiles without making customers wait indefinitely for products.

Gooten has a wide range of products that can be customized and made to order. Their process reduces the time it takes to manufacture domestically to three days per item. Gooten’s associates can avoid inventory management and get merchandise to consumers quickly.
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2. Education

2020 was a significant year for education. Whole schools have moved their instruction online, requiring teachers and administrators to rethink learning. Although remote classrooms were not new, they were not widely accepted. Covid has changed all that.

Schools are expected to reopen, and instruction in-person has resumed at colleges and K-12 schools. Nevertheless, schools aren’t about to discard what they’ve discovered about digital learning over the past year. They are also better equipped to manage mass shifts to online education, if necessary.

Many companies, including Google, have also entered the education market. Google plans to offer a range of professional degrees that can be completed in about half a year. These degree programs are affordable and accessible to professionals of all levels. Instructure’s Canvas, like Google, is increasing its online learning platform.

Canvas boasts around 30 million students users. To better serve them, Canvas is currently testing flexible assessments and tools.

s of this writing, Canvas has been adopted by 14 states as a primary education platform to enable remote public school instruction. Students from all backgrounds will be able to benefit from online learning as more states join the ranks.

3. Finance

B2B money transfers can be complicated and time-consuming. Businesses and vendors can expect to wait several days before transactions post. These delays, while not significant, can create friction for all involved. The height of the pandemic dollars could make the difference between missing or meeting payroll.

Real-time payments are not possible for many companies. They can sometimes collect money fast. However, no carrier offers real-time payment capabilities. FIS believes that it is on the verge of being able to move funds in near real-time.

FIS has announced RealNet, a cloud-based product that it developed, in early 2021. RealNet makes use of existing payment rails to move money from one place to the next. RealNet’s smart routing decision engine determines the fastest payment route for every B2B transaction. This allows money to be transferred quickly, even if it is moving across international borders.

Real-time payments can be a huge benefit to businesses. Consumers and government agencies are also likely to benefit from real-time payments. FIS’s one innovation could drive sweeping changes in the financial landscape.
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4. Healthcare

The Covid crisis exploded into a healthcare crisis. Lockdowns were experienced by many, overcrowded hospitals, and medical technology was tested. Innovative companies tried to fill the healthcare gaps amid the flurry of vaccines and experimental treatments.

It’s hard to limit the examples of healthcare innovations to just a few. One of the most significant was the use of drones. Drones were able to drop supplies to remote areas and proved sturdy and reliable. Many companies predict that drones can be used for similar purposes.

The growth of 3D printed parts and supplies was another pandemic-driven innovation in medicine. One writer from The New York Times even mused about the possibility of printing human tissue.

It wouldn’t be fair not to discuss the speedy evolution and embrace of telemedicine. Online portals were used by both consumers and providers to diagnose and treat many conditions.

Telemedicine has been made more accessible to patients, allowing them to request a digital appointment in a convenient way. It will be interesting to see if increased patient compliance will result from telemedicine.
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5. Transportation

Many Covid customers worked remotely during the shutdown. For some, losing their commute resulted in extra hours to engage in physical activities. They quickly bought physical fitness equipment, disrupting the supply chain for the industry.

These “couch potatoes” are now returning to traditional office settings. Nevertheless, they haven’t all gotten rid of their desire to embrace a healthier lifestyle. Many are open to the idea that they can ride bikes to work, whether it’s every day or just occasionally.

This phenomenon is particularly prevalent in European countries. However, it’s becoming more popular in the United States. Many parking lots don’t have safe, secure storage areas for bicycles. Bike2Box is the solution. The company has designed a modular box that can store 12 bikes in a standard-sized parking spot.

It was no secret that the pandemic was a hard fight. It was nevertheless a source of inspiration for many industries. These innovations will continue to inspire other disruptive solutions over the years.

Amelia Scott

Amelia is a content manager of The Next Tech. She also includes the characteristics of her log in a fun way so readers will know what to expect from her work.

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