Innovation has become synonymous with metamorphosis in the epoch of modernization. This custom of change has brought about a leading edge for discrete marketplaces and forums all over the world. The pioneers of this kind of methodical deviation like Astra Zeneca, Googol, and Stora Enso are persistently striving to trade patent awareness and knowledge with the ambiguous ones. Events are organized on a wide-reaching scale to gather innovators, policymakers, thinkers, entrepreneurs, business leaders and companies to come together and discuss the issues straining the growth of the economy. They offer a massive platform for the dignitaries to explore, analyze and scrutinize the prospective innovations that help provide an insight into the future ontogenesis.
Some of the domains which are gaining wide recognition and acclamation are at the heart of these Innovation Summits carried out in different countries around the world. The innovation summit speakers have ranged from chief data scientists to chief technology officers to presidents and vice-presidents of companies like Facebook and Amazon.
The predicament of Artificial Intelligence:
1. Gaining influence:
It has been a dominant agenda of discussion at the Innovation summit of Asia, 2018 held in Hong Kong as AL is dominating various niches today which range from the air conditioners and water coolers to gnawing of extensive database storage.
2. Unlocked capabilities:
Panel discussion consisted of corporate leaders like Frank Tong, Ross Garvie, and Ross McCullough analyzed the unanticipated potentials that are still being discovered when it comes to artificial intelligence which is regulating the growth of countries and economies as a whole. They also discussed the role of companies and businesses at the global level to exploit the unknown potential of Artificial Intelligence so that better techniques are invented in the coming years.
3. Debatable rationale:
The areas and domain where these innovations in artificial intelligence can cause the biggest influence are yet to be comprehended by building an intelligent company as mentioned by the prominent speakers like Tom Standage and Deepak Mishra. Even though Artificial Intelligence promises to portray a better future, it can endanger societies and economies if their potential is not evaluated equitably.
The testimonial given by audiences like Ministry of Research, technology and Higher education republic of Indonesia and Landmark Global says that this assessment can help investors to invest and fathom the threshold that can be traversed by artificial intelligence evolution. But it can only be limited to a stage where it does not sabotage the existing companies, business models, and marketplace.
The multifarious character of digital transformation:
1. Changing facet:
The business industry has gained a divergent interpretation from the origin of the digital technology. Discussion of how digital transformation has changed the perception and performance of business industries in the recent years was conducted in the Innovation Summit 2017 America. It has allowed the companies to increase revenue and has created opportunities to seek profit from their offered services.
2. Enhanced execution:
Speakers that included business leaders like J.B. Pritzker, Alec Ross, and Hugh Grant spoke about the how the extent of these services rendered to the clients and customers are in many instances based on their strong digital resource utilization and application. Today a lot of businesses have adapted to the change in the digital world by molding their services, management, and flexibility according to them.
3. Amends in the role:
The panel debated over the opportunity that personalized digital space has brought about in the performance levels of companies. Even though digital transformation has brought about efficiency and ease in the functioning of the business, it has also changed the role of manpower and business mechanism. The modern era of digitalization has given it the contingency to make it the core of every business operation. There is yet a broad spectrum that needs to be investigated when it comes to the potential of digital technology in bringing about positive transformation in business models.
The convoluted side of the business technology innovation:
1. Transformation of nature of resources:
Innovation Summit Paris 2018 discusses how digital transformation has brought about diverse business models in the market and existing companies have readily adapted to the changes in digital technology and gained success in implementing them to provide better services which are customer driven.
2. Anonymous Business model goal:
The setting-up of a business is immensely influenced by turning the structure of the company digital. But with the advancement in digital technology, there is a need to apprehend new business models that will be competing with the digital transformation. How the niche of innovation needs to be contemplated to bring about radical reforms in the business strategy and management was spoken about by multiple speakers.
Digitalization can be the outcome of an innovative business model and vice versa but they cannot be deemed to be the same thing. Digitalization is a concept that is affecting the business model innovation in modern times. The opportunities and barriers to various business model innovations in the context of digitalization need to be meticulously recognized for this purpose.