If you want your business to be successful, whether you are a start-up or an established firm, innovation is a must, according to Dr Xiao Wang of Xi’an Jiaotong-Liverpool University.
“Nowadays, if a business does not innovate, it cannot sustain itself for long,” says Dr Wang of the University’s International Business School Suzhou.
“Innovation provides the competitive advantage needed to obtain or retain customers.”
Innovation is not just creating or adding something new, Dr Wang notes.
“Innovation goes beyond invention of a product or service – it transforms a solution into something well accepted by the market.”
Ahead of the new Open Enrolment Programme that IBSS is launching this semester, Dr Wang, who will teach a course in the programme for business leaders, foresees four future trends in innovation that could impact the businesses – and the world – of tomorrow.
“These four trends are all closely related to improving the quality of our lives,” Dr Wang says.
Use of big data, artificial intelligence and extensive automation. Dr Wang’s research shows these technologies will increasingly be used to free us of the tedium of repetitive tasks.
Integration of virtual reality and augmented reality with other technologies. As VR and AR mature and combine with other technologies, they will move beyond entertainment, Dr Wang says. For example, new VR educational programmes can take medical school students “inside” the human anatomy for vivid views and perspectives.
Re-engineering the environment. The future will see a cluster of innovations using diverse technologies that aim to more effectively clean up pollution and even attempt to manipulate the weather and protect us from natural disasters, Dr Wang says.
Re-engineering the human body. According to Dr Wang, this future innovation trend, which integrates electronics, computer sciences, medicine and biology, includes new ways to repair or improve the human body’s function, such as chips implanted into Alzheimer’s patients' brains to activate memories or new stem cell therapies.
The IBSS Open Enrolment courses are offered by IBSS Executive Education for those who want to improve or advance their careers. These executive courses address business challenges regarding future trends and their comprehensive impacts on value creation and business management, using practical tools, case studies tutoring, benchmarking and interactive teaching. Interested applicants can scan the QR codes below to indicate interest or register for this academic year’s courses:
“Finance for Non-Financial Executives,” held 6-8 December 2019.
“New-Age Leadership and Business Development,” held March 2020 (dates yet to be confirmed).
By Tamara Kaup