Innovation Strategy - MITID Innovation

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Innovation Strategies to Reinvent Your Business
and Thrive in the Digital era MITID Innovation
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Innovation and technology are the bridge between
a company and its development. According to
McKinsey's survey, the importance of innovation
in their growth strategy is realized by 84 of
the executives. In today's world, where
businesses cut-throat competition is on fleek,
an innovation strategy gains increased importance
to accelerate the growth of the company.
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The ultimate way to survive and thrive a business
company in this digital world is by adaptation,
which is possible through innovation.  Innovation
strategies that a business should follow to
transform itself into a brand are 
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Focus on Artificial Intelligence
Artificial intelligence is an innovation
strategy on which a company could rely in the
future. It holds huge potential to revolutionize
how a company carries out its proceedings.
According to a study by Accenture, artificial
intelligence holds the ability to accelerate a
company's productivity by 40. Artificial
intelligence can lead to better decision making
in a company.
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Usage of Digital Transformation Success Metrics
This technology strategy could be used to replace
the manual process with error-free, automated,
and digital workflows. These metrics provide a
company with ways to assess various areas in
their companies like user engagement,
availability and reliability, customer
experience, risk factors, the scope of
transformation.
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Focus on Provision of User-Friendly Experience(UX)
To make your company a brand, all the digital
channels should work together to serve the most
important person in the whole chain- your client.
It ensures a positive experience for the
customers, which ensures their loyalty.
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It is a very effective innovative strategy as it
could be used to build highly personalized
devices, enhance a product-centric mindset,
building design systems, building design systems,
and enhance a company's overall performance. It
is effective in creating a corporate culture
whose primary focus is its users.
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Introduction of Customer Relationship Management
Software
The CRM software could prove to be extremely
useful to maintain a useful relationship with
clients of the company. It ensures a company's
long-term growth by focusing on four pillars of
growth sales, support, marketing, and consumer
feedback.
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Adoption of Cloud Coputing
This is an extremely useful technique used in
business to reduce cost and risk and enhance
internet-based database capabilities'
scalability. Hybrid cloud computing is a gift
of innovation and technology that enables merging
several cloud providers and links it with a
company's private IT infrastructure.
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Owing to this enhanced importance of innovation
and technology, the government, too, had realized
the importance of digitalization. The budget was
paperless, which in itself showed the
digitization in its initial phase and the digital
budget app is an applaudable innovation
strategy by the government. The census of India
would be a digitized census on which Rs.3768 cr.
has been allocated.
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Whereas other digital centre schemes like RD
with BARC have been allocated 1257 cr., the
promotion of digital payments has been allocated
1500 cr., and RD projects in IT/Electronics have
been allocated 700 cr.
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Comprehending the significance of the same, MIT
ID Innovation is one of the premier educational
institutions that strive for digital and
innovative India. So, if you are looking for an
institution that could empower you with
industry-centric knowledge, MIT ID Innovation is
a worthy investment. 
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Conclusion
MIT ID Innovation Programme curates knowledge and
experiences that challenge the very paradigm of
evolution. And that's why we have set out to
define the future of industries, communities,
cities and ecosystems. MIT ID Innovation offers
the best Courses in Innovation.
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  Pune-412201

• 91-7038982225 / 91 9834092369

• innovation_at_mitid.edu.in