Here in this section of Business Innovation Magazine which we call Industry Illuminations, we examine specific industries up close to reveal the nature of innovation and how innovation is being implemented by businesses around the world. There can be very different pressures between industries that influence the focus, extent and the rate of adoption of innovation. Individual businesses implement innovative systems, tools and processes and produce innovative products and services to achieve unique market offerings and to seek market advantages within their particular industries.
Which innovations are developed and implemented as well as how they are implemented can also vary from country to country. Market needs specific to a particular country may dictate the development of specific services. Whether a country is a net importer or a net exporter, or even is a self-sufficient provider, of specific services or products is likely to influence the ways in which industry participants in that country develop new technologies.
A given jurisdiction’s legislation can also impose specific requirements on company participants within an industry within a country and those requirements may not exist elsewhere. This can influence opportunities to develop technologies and the rate of development of technologies, as well as the rate of adoption by the market.
Some of the industries that we will be highlighting very soon will include:
- The Wheat Industry. One of the oldest products in civilisation is associated with some of the most behind-the scenes innovations. (Coming soon.)
- The Banking and Finance Industry. Certainly an industry which is a highly dynamic participant in new technology implementation and which presents many opportunities for current and impending major advances in technology development and adoption. So dynamic is this industry that it has it’s own term for new technologies: Fintech (Coming soon.)