“Necessity is the mother of invention”, this famous quote has time without number has proven to be right. The covid-19 pandemic has forced many to shift from their normal life routines and it is now evident that times are changing and the changes are pushing for innovations. Changes have occurred almost instantly making people quickly adopt the new way of life courtesy of the pandemic. We have just realized that no one can predict or know what the future holds and the uncertainty can only be solved by promoting innovations and embracing the changes that we are likely to face in times to come.
Before the pandemic started, life used to be just normal and many did not think that some innovations at that time would be necessary for the future. Some inventions such as video conferences, online delivery services, and contactless payments were not taken seriously before the pandemic. Now, video conferences are a common thing, online shopping has skyrocketed and contactless payment methods are now more common worldwide.
However, a common question by many is how businesses are adapting to the new normal and how start-ups are being equipped in preparation for the unpredictable future.
What are some of the changes that are likely to occur? What are some of the innovations that we are likely to have post-COVID-19? Here are some topics that are likely to promote innovation soon.
For any business to survive, proper networking should be put in place. Opportunities and corporate expansions are mainly brought up by the collaboration of companies, it not only brings in mutual benefit for both companies but also makes business easy for them. Through collaborative work, high productivity can be yielded and quality products and services provided.
Trust is one of the most difficult things to come across these days in the business industry these days. Companies need to build their ethics by giving each other trust which is a difficult thing to come by in this digital age. During this covid-19 global pandemic, major innovations have had to be achieved and ethics have done a great deal in pushing for the same. Ethics does not only involve trust; it also means that corporates will now have to provide quality products and services and expect positive feedback from their consumers. The use of technology has also pushed for companies to apply ethics in their work because if customers realize or get a feeling of fraud, they will instantly shift to a company that they feel provides genuine commodities.
With the latest technological approaches to invention and innovation, empathy is undoubtedly one of the best new ideas that bring in positive changes. It is a secret skill that can give a startup the energy to reach unimaginable heights in terms of growth and development, it has the power to solve business problems and make the market have perfect competition. With empathy, innovation can be quicker, and ultimately, commodities can be sold at a faster rate therefore reaching more customers in a shorter time. This will not only boost the consumer’s confidence in the company but will also help generate huge revenues for the companies under a short timespan.
This can be defined as the ability or willingness of a startup to adapt and accept changes in challenging economic periods. Flexibility is a key element when it comes to invention and innovation because it helps companies adapt quickly to changing environments enabling them to withstand external pressure and influence from competitors. Having a flexible cognition and possessing flexible personalities will greatly facilitate the generation of ideas that lead to innovation, it also has a great beneficial impact on the audience that promotes innovations. Different approaches can be used to generate innovation through flexibility, the most famous being both the consumers and the employees giving out ideas that will help give new inventions.
In business, sustainable innovation has a great impact and is very important because it helps address consumer demands enabling greater sustainability. Sustainability helps businesses gain better economic performance due to both environmental and social awareness of the design of operation. It has proven to be difficult to ignore the need for sustainability in business.
The covid-19 pandemic has not only brought harm to human beings but has also greatly boosted the need for modern inventions and innovations. Companies and businesses have had to shift their focus to be more digitalized and use technology to solve their problems.
All the elements discussed above have a great impact on the development of business inventions. For a BMI to be successful, all the above elements have to be prioritized and put into consideration.