Innovation is not solely represented by new devices, ideas or methods, but also by the process of uncovering new ways to do things. It can also pertain to modifying business models and adapting to changes to achieve better products and services. Here are a few recommendations for businesses that want to gain a competitive advantage in the wake of this fourth industrial revolution:

§. Rely on Data: According to W. Edwards Deming; “Without data, you're just another person with an opinion" Leveraging on customer information offer solutions in diverse ways to improve products and services. There are considerable software options out there that could help you better track and organize customer behaviors and perceptions.

§. Invest in your workforce:

Prepare your employees for the future of work through regular training and room to try out new things and share what’s on their mind. This will set your business on the path of continuous innovation.

§. Be Customer-Centric:

Create your Customers' future. A major way of staying ahead of the competition is by first of all figuring out what your customers want before they do, because it is the key to giving them good service which in turn results in strong customer-relationships and new sales through their recommendation.

§. Integrate Technology into Processes and already existing products:

Instead of creating digital stand-alone products or processes, it is best to embed them throughout your organization. Then experiment with prototypes that you can bring to scale. System-integration is one of the key catalysts for business growth. It enhances communication, better data accessibility and increases production

§. Create an Innovation Friendly Environment:

The Fourth Industrial Revolution is here to stay. Businesses must take the importance of adapting the evolving new and emerging technologies seriously to remain functional and relevant in the ever-changing business world.

Why Innovation Is Important

Innovation grows your business. Business growth means, ultimately, increasing your profits. Successful innovation allows you to add value to your business so that you can increase your profits—if you don’t innovate well, your business will plateau. Innovation helps you stay ahead of the competition.

With globalization and a rapidly changing market, there are more competing businesses than ever before. Innovative thinking can help you predict the market and keep up with customer needs. If your business doesn’t innovate, you’ll watch innovative companies bring new ideas to the marketplace, and you’ll have to scramble to keep up.

Innovation helps you take advantage of new technologies. Technology (and especially artificial intelligence) is evolving faster than ever before, which means that there may be new, more efficient technologies to make better products, to offer your services, to market your business, or to track your performance with analytics. By taking advantage of these new technologies for process innovation, you’ll be able to optimize your business and gain a competitive advantage over your competitors.