The contemporary business world is characterised by the extensive utilisation of innovation and technology. Innovation is often linked to the use of digital technologies and networks. However, apart from IT, organisations have to employ innovative strategies, methods as well as technology to remain competitive in the modern global market. One of the greatest challenges businesses face is the pace at which the market, as well as technology, develops. Numerous start-ups can be regarded as frontiers of the technological development and major drivers of the market as they manage to understand the customer’s needs and flexible enough to respond to them quickly. At the same time, multinationals and big companies should keep up with these small businesses to remain competitive and maintain their leading position. It is possible to consider major spheres companies have to focus on as regards technological development and innovation. As has been mentioned above, the digital world has become an indispensable part of people’s lives. Kramer (2016) stresses that communication is one of the areas of major concern as the organisation should use this platform to promote their products and services as well as develop proper relationships with their existing and potential customers. Sherwin (2015) also emphasises the exceptional role of the digital communication. The author stresses that companies should make sure that the communication is as fast and efficient as possible. Customers should get the necessary response in an instant, or they will go to the organisation that has more efficient communication patterns. Another well-known practitioner Julian Sawyer stresses that mobile technology is the most appropriate platform for modern banking as it meets customers’ expectations who want to get high-quality services, obtain answers to their questions, manage their money at any part of the day ( When traditional business meets disruptive innovation 2016). Apart from communication, businesses should innovate to remain competitive. Howley (2014) argues that companies should invest in the development of technology and innovative tools. It is necessary to note that the present-day world is highly technological, and there is still a great potential for innovation as existing technology enables people to come up with new devices and strategies. The renowned practitioner stresses that employees should be able to work on their ideas and be sure that they will be brought to life (if effective enough). Developing ‘tech’ talents is important for the creation of the organisation’s competitive advantage. Innovative devices and tools enable businesses to achieve major goals faster. At that, Howley (2014) adds that one of the ways to ensure hiring tech talents is to insert this concept into the curriculum. Thus, practitioners want to increase the pace at which innovation occurs as they are eager to increase the pool of talented employees who only enter the labour market. This trend is likely to lead to the acceleration of innovation, and organisations will face new challenges. On balance, it is necessary to note that the development of technology is happening at an unprecedented pace, and companies should keep up to be able to satisfy their customers’ needs.