Technology develops at a rapid pace and this provides a lot of new opportunities for businesses. For example, the recent emergence of artificial intelligence (AI) allows various product innovations. From the perspective of business owners, these innovations are very attractive.
This is because AI may replace possibly outdated, slow, and imprecise systems or enable new product functionality.
In other words, AI may improve effectiveness and efficiency of systems and products at lower costs compared to standard offerings. In this way, the rapid technological developments can be very beneficial to businesses.
Navigating the Risks of Innovation in Business
However, integration of innovations into businesses may be complicated for some businesses.
Moreover, innovative change may not always be advantageous. For example, when the cost of innovation is higher than the benefits or when the choice of innovation is not evidence based and faulty. Therefore, technological innovation can be a risky strategy for some businesses.
On the other hand, businesses may want to innovate but don’t know how, or need to obtain funds from external sources, such as the government. Furthermore, often businesses may need support with decision making, strategic planning, product testing and developing grant applications.
Tailored Support Services for Business Innovation
This support can be facilitated by collaborating with Academic Business Services for Research Projects. Such services offer specially tailored literature reviews, project design and management and more. Literature reviews can help establish a scientifically validated direction of development or find the most theoretically appropriate solution to a challenge.
Therefore, literature reviews can supplement decision making and strategic planning. Similarly, once a new technology is implemented it can require validation and reliability testing.
Academic Business Services can design the most appropriate tests, help with data collection, analysis and appropriate storage.
Moreover, evidence of engagement with Academic Business Services is frequently required for successful grant applications.
Harnessing Academic Expertise for Research Projects
Going back to our example of implementing AI into a product, Academic Experts can review existing literature to propose an evidence based approach to AI integration into a client facing product.
For example, the Experts can advise where clients usually require more guidance or facilitation. Moreover, the Experts can also devise ways of testing whether the integration is working as intended.
For example, whether the AI use is better then the standard approach or is it better for a certain purpose or client demographic.
Such measures minimise the previously mentioned risks associated with selection and implementation of change and maximise effectiveness and efficiency of a product.
If you want to find out more about the possible advantages of technology driven change and how to mitigate the associated risks get in touch with me via The Arke.
