Innovation - a Key Capability for Digital Commerce Success
In my last blog, A Digital Commerce Capability Maturity Model, I quoted this statistic
80% of Digital Commerce Businesses fail
One of the key capabilities we see our clients falling short in is innovation.
The importance of innovation and disruption is well understood – Google, Amazon, Facebook, Apple, and other market leaders all invest heavily in this area. But with hundreds of technologies and hundreds of thousands of startups and vendors peddling innovation, finding the right ideas and implementing them quickly is increasingly challenging. Contracting with multiple startups and vendors to provide the innovations needed can be a legal nightmare.
It’s important to realize that it’s not just the innovations themselves that create business value – it’s the process of innovation itself. For example, a company’s high-level innovation plan may look something like this:
Our software curates and selects startup innovations from a universe of over 300,000 members, using Artificial Intelligence algorithms to create an Opportunity Map. Our clients can then choose any number of these opportunities and contract with the relevant vendors under one single contract agreement.
This is our idea of a robust repeatable innovation process – delivered through one service with one contract and access to myriad opportunities. Check it out at Innovation as a Service.
This is the third blog in the series Digital Commerce Strategy. Watch out for the next installments at Cnetric.