Many firms were hesitant to use digital innovation as a pillar of their business strategy before the COVID-19 outbreak. They were compelled to try and implement a digital-first approach due to a sea of overnight developments.

Despite significant investments in incubators, accelerators, and internal venture capital, data indicates that 94% of executives are dissatisfied with the innovation performance of their companies. Due to some of the major obstacles to innovation, including a lack of organizational support, an inability to see the long-term benefits given by customized solutions, poor process and data management, among others, many organizations are unable to make any difference.

In this article, we'll briefly examine five significant innovation roadblocks that company executives face and provide solutions.

Business executives need to shift from a survival mode strategy now that half of 2022 has passed and use the experience to plan for the future. The following problems demand your attention in 2022 and beyond.

1 Institutional Resistance

True digital innovation considers an organization's management style, workplace culture, technology, and operational procedures. Many corporate leaders struggle with digital innovation because it appears to conflict with their long-standing methods of operation. In a tight organizational structure where mistakes are not tolerated, innovation is difficult to achieve. However, every firm cannot afford to invest in expensive, time-consuming studies that interfere with their regular operations.

Every niche was affected by the COVID-19 pandemic, which also sharply raised the bar for enterprises in every sector. As a result, corporate strategies were reassessed to identify fresh prospects for generating revenue. Agile businesses prospered as a result of the quick transformation, but overly cerebral, traditional executives lagged. In the future, our survival will depend on our ability to quickly innovate and adapt to changing market conditions.

Recommendation: Conquer Resistance Through IT Offshore Outsourcing

Business executives can shorten experimental cycle times and lower associated risks and expenses by strategically outsourcing innovation. Future company leaders may benefit from BJIT's flexible strategy and keeping an eye on their rivals and market leaders. You may access top-tier experts in a variety of technologies, including Blockchain technology, IoT solution, automation, mobility, enterprise content management, data analytics, business intelligence, and more, by outsourcing your digital innovation project. By outsourcing, you can cut costs and increase your company’s flexibility.

2. Keeping Up with Digital Transformation

Any digital transition may be successfully navigated provided you have the right technology and a flexible team. But it calls for more than a simple software update or a full system upgrade. The first stage entails hiring tech-savvy individuals, retraining employees in automation and digitalization, and supporting change management throughout the entire company using the five phases BJIT uses:

• Every operation should be as tech-driven as possible.
• To support your technology, create a data infrastructure.
• Concentrate on new KPIs and metrics
• Be certain to talk about innovation frequently.
• Embrace emerging technologies

Recommendation: Taking bold steps forward

It is possible to keep up with digital transformation managed services, but it is up to businesses to develop their industries by implementing the appropriate technologies. When the technological platform is complemented by a wide range of goods and services that are determined by the ideal partner, it increases success and enables IT, teams, to identify their own special best match to fill in the gaps.

AI and other cutting-edge technologies are always learning from and making use of data to improve their effectiveness and performance.

The true opportunity for businesses is to integrate these technologies into their business processes to generate more efficiencies. AI can be connected with other company applications to analyze data and make choices in real time.

This broadens the scope of automation. More complex, repetitive activities can now be handled by operationalized AI. The breadth of what automation can accomplish is significantly greater, allowing for a more powerful transformation and exciting edge cases.

3. Fighting Cybercriminals

In order to keep businesses secure, firms must constantly work to strengthen the security of their devices and networks. Ransomware will continue to be the top security threat for more than five million companies globally, ranging from huge financial institutions and healthcare organizations to merchants with tens of thousands of staff members in 2022. Security models are essential, especially in the cloud, as work is no longer done in a physical location. Enterprises and organizations must safeguard both their users and their sensitive data. Simply put, they cannot afford the devastation that a security incident causes. They must prioritize security and broaden their protection to cover employees' mobile devices and workspaces. 

Recommendation: Addressing the new security concerns

Consult our cybersecurity specialists, who can show you how procuring automation solutions with real-time monitoring using AI and ML may help reduce the danger of ransomware. Additionally, making security a top priority with these measures would educate your company about the risk, and adhering to risk management principles is equally important.

4. Empower with B2B Tech

B2B clients are increasingly turning to digital tools for product research and purchasing, similar to how B2C customers rely on Amazon for household needs. Several factors influence B2B purchasing decisions, including decision-makers, influencers, higher price points, rival sales channels, and an expanding range of product lines and requirements. This has trapped B2B vendors in a tangle of innovative hurdles. To keep ahead of the competition, B2B enterprises must prioritize client satisfaction above all else.

Recommendation: B2B Companies To be successful through Innovation

Tech Trends To Leverage In B2B Marketing This Year are:

• Have a solid omnichannel strategy in place, with a particular emphasis on boosting mobility. This will provide improved tools for B2B sales teams.
• Transition away from historical organizational frameworks. The leadership should clarify digital responsibilities and assign ownership of digital efforts.

• Outsourcing digital capacity development needs a reputable IT offshore software vendor. To drive your innovation initiatives, migrate to cutting-edge technology such as the cloud and upgrade your legacy corporate software.

5. Success with Custom Development than emphasizing immediate gains

Building the gap between leaders in digital innovation and laggards takes time, but when done correctly, it can pay off in the long run. In the rush to go digital, many businesses opt for pre-packaged, canned technological solutions. As a result of failing to emphasize the long-term benefits, such as scalability and adaptability, which are more important in their growth journey, such organizations frequently lose out greatly. The best digital innovation option to steady and expand your company's growth is custom software design and development that has been developed specifically for your organization.

Recommendation: Long-Term Benefits of Custom Software

Software integration into your company's daily operations is simple with a solution made to fit the needs of your sector. Only 60% of your operational business demands are covered by commercial software.

The following are the benefits of implementing custom software:

• 93% of firms that used customized software observed a reduction in wasteful processes.
• 91% concur that productivity has grown as a result of customized software solutions.
• After switching to custom apps from their off-the-shelf software, 77% could decrease manual data entry errors.
• 76% of firms reported higher ROI.

Start Your Digital Innovation Journey With BJIT

Have you started the digital transformation process yet? 

If not, this is the right time to act. We assist businesses in developing sound, unique solutions that can sustain their innovation model and raise customer satisfaction even after a "black swan" event. 

While each business may view innovation from a different angle, in the end, what matters is how your innovation model aligns with your company's overall business strategy, long-term growth goals, team dynamics, return on investment, budgeting, market value, and most importantly, the impact on your customers.