There are four principal IT innovation types that businesses can leverage to stay competitive and forward-thinking.
Process Innovations: These involve changes in how things are done within your business, aiming at improving efficiency and productivity. For example, adopting machine learning and AI to automate certain tasks.
Product Innovations: This involves the creation or improvement of products or services. An example would be using innovative IT solutions to analyse your business data and provide meaningful insights into how your customers are using your products, and using those insights to develop and evolve your offerings.
Business Model Innovations: These are changes in the way a business operates, aiming at capturing new markets or creating new revenue streams. For instance, subscription-based models as opposed to traditional one-time purchase models have revolutionised how software products are consumed.
Network Innovations: This involves leveraging relationships with other businesses or customers to create value. A prime example is using APIs to integrate third-party services into your existing platforms, enhancing the capabilities of your offerings without the need to develop those services in-house.