Social Innovation is a Huge Profit Pool for Businesses to Tap
Typically, businesses that successfully convert society’s needs into opportunities get rewarded with pretty good profit.
Further, with the rise of modular economy, businesses can push innovation out of the production gate many times faster than what was even allowed to be imagined in the last 20 years. In sharp contrast to the last century, new technological solutions take less time to be developed.
However, competition in the tech world is so intense these days and the obliteration of traditional business models happens almost every day.
Despite the advantage technology offers, the need for social innovation may be even greater than for tech innovation. Social innovation has played as large a part in social and economic change and development as technological innovation.
Across a range of industries, technological solutions are changing the way we live and work. Thus, the needs of our society—the need for rapid social and economic development; the needs of our big cities; the needs of the environment; the need for productivity—all these are opportunities for social innovation that businesses can unravel by harnessing the power of technology.
In the face of rapid technological change and digital disruption, businesses must become masters of the global technology economy. Using readily available modular technology such as digital, AI, and robotics, businesses can create huge leverage. Significantly, to secure an optimal positioning along the supply chain, business leaders need to lift their technology leadership to solve more social problems by implementing technology.
A New Kind of Normal with Code of Origin
With the Movement Control Order in place, Malaysians under quarantine are spending time online now more than ever. In an effort to remain connected to the outside world, people from all walks of life are glued to digital media while working from home, and staying…
Solving the Society’s Problems is Now Businesses’ Business
In an article published by Reuters back in April, it was reported that as businesses with a mission to do good become increasingly trendy, social entrepreneurs said they were finding it harder than ever to tackle one of their major problems—explaining what they do. In…