Bring Technological Innovation To Your Business

Technological innovation is a fundamental way that all companies, regardless of the sector, should use in order not to be left behind and to be able to grow. Any company that offers a service or sells a certain product has to take into account that the market evolves and the needs of consumers change over time.

In this article, we tell you what technological innovation is, what types of innovations we can find, and its main characteristics.

What is technological innovation?

Technological innovation is the transformation of an idea into a specific product or service. It is also the transformation or evolution of an existing product or service into a better one to meet the needs of the current market.

Technological innovation is not only related to technological processes but also to other sectors of the company. We can speak of innovation within financial or commercial activities but also in the field of insurance companies as companies that offer a necessary service.

Characteristics of technological innovation

Investment

We need to invest resources, such as time and money, to implement and improve products or services. In addition, the economic investment will be essential for the technological innovation of any type of company, both for material and non-material resources.

The investment may consist of acquiring new machinery for the production of new products or innovation of the old ones as well as hiring new employees.

Creativity

Innovation implies creating. In order to innovate, we should be willing to create new things, such as make a logo to swap the old one, get a new design for the website, etc., although other times we start from existing elements that we will only reform. Whatever the task, the creative element is essential. A prepared human team can make a difference.

Knowledge of technologies

Innovation requires new knowledge and the acquisition of new resources. Learning is key for the services offered to evolve and grow.

By implementing resources and investing in new technologies, companies acquire an innovative culture that will nurture employee creativity as well as foster teamwork.

Uncertainty

In any type of change or innovation, there is a risk. This uncertainty is a fundamental characteristic of this process, which, although it must be followed by prior research on the market and new technologies, is unavoidable.

There is never an absolute certainty that innovations will have the expected acceptance.

Competitiveness

One of the main objectives of innovation is that moment to stand out from the competition, even for a time, before other companies carry out their innovations. Getting ahead is essential to be on the crest of the wave of the range of companies that offer a certain service.

Types of technological innovation

Depending on the task carried out with this innovation, we will distinguish several different types:

Radical technological innovations

This type of innovation is one that allows companies to reach new markets. These types of innovations are frequent in public administration, cultural fields, or the service sector.

It is used to create new products or services, different from those that were being offered until now. Be starting from scratch.

Incremental technological innovations

They are more progressive innovations. In this case, it is not used to reach new markets, but the existing technological processes are reformed.

It is a type of innovation that seeks to offer better technologies. This may be about improving previously offered services and implementing changes.

Paradigms

These types of innovations are quite radical. It starts from a primitive base to turn it around completely and carry out radical innovation. This is done following a technological pattern to come up with something much better.

Within the insurance area, InsurTech has emerged, a technological innovation tool for the comprehensive transformation of processes in the field of insurance companies.

In insurance, industry change is necessary due to the new needs of customers to ensure more than objects.

Companies must be prepared to adapt to change quickly due to the pace at which technologies advance. A specific response must be given for each type of client, and it must also be efficient and fast. New technologies are the key to the natural evolution of the sector.