Technology has single-handedly shifted and shaped our society. It’s created a culture built on efficiency and convenience. Not to mention it’s advanced and grown at a rate that seems unfathomable – with a new gadget seemingly surfacing every day. It’s permeated our lives in such a way that companies across industries are forced to adopt an innovative approach to the way they do business. But with the revolution in technology, a tremendous opportunity has also been created for companies to access and analyze new data sets that will help them create more effective products and services for consumers. The question becomes, how do these companies capitalize on the opportunity?
While many businesses are working tirelessly to adapt to the new technological environment, some have struggled. But despite the struggles, companies need to remember: Every business is different. Every culture varies in its approach to change. And every company evolves at its own pace. However, the journey to a successful transformation is possible.
Infrastructure enables innovation
It may seem relatively simple to say, “Innovation succeeds and fails based on business’s technological infrastructure.” And it’s not too far from the truth. Too often, businesses look to innovate and create new technology without the proper systems in place to support the effort. This can result in unreliable service, inaccurate data outputs and the inability to maximize the full capabilities of the technology. But, in a world where the expectation from businesses and consumers alike is real-time delivery of data, decisions and technology, successful innovation requires more than just a few tweaks to a company’s infrastructure. It requires a shift in mindset for technical people to really listen to customers in order to maximize the opportunity ahead.
With massive amounts of data available to help make the right decisions, companies could assess and invest in hybrid cloud computing environments and API models that can ingest and process the information accurately and quickly. The right systems can help companies build and deploy new ground-breaking technology anywhere and everywhere – a critical component in adapting to a real-time environment. What once took weeks and months could now be done in minutes and hours.
One successful example of this is how a program was created that helped a company be one of the first to offer secure full credit access on-demand through a cloud/hybrid architecture platform.
Keep the consumer at the heart of every decision
Yet, reassessing the technological infrastructure is only part of the shift in mindset. The companies that are most successful with innovation and reap the greatest benefit are those with beliefs rooted in customer experience, safety and security. It’s only then will innovation lead to technological advancements that can positively impact consumers and move businesses into a new frontier of possibility.
Innovation and technology do not always have to mean invention. It can simply be an upgrade on existing capabilities. Effective innovation and technology must always transform the way businesses operate and consumers thrive in today’s society – otherwise, the effort is all for naught.
For example, nearly every individual relies on a mobile device for many of life’s everyday activities, including shopping and banking. And nearly every individual has experienced the lengthy and cumbersome credit application process. What if there was a way to leverage data and technology to quickly assess credit risk and approve a loan, in a matter of minutes, through an SMS message, while the consumer is in line at the store? What if the same process could be enabled via a voice-enabled device without the consumer lifting a finger?
These use cases are prime examples of how innovation can positively impact existing processes. But, there are also applications within the payments space – particularly as businesses look to safeguard people’s information and authenticate individuals that make transactions online.
Verifying an individual’s identity is a central tenant to the safety and security philosophies of innovation. But, as many of the foundational elements of a person’s identity have been compromised, we need to explore new and innovative attributes that can help businesses accurately authenticate people. We can explore new data elements – including physical and behavioral biometrics, device intelligence, and digital behaviors – that when combined, can provide a more accurate picture of an individual, help protect people’s information and power new technology.
A commitment to innovation
Beyond the infrastructure and customer-first philosophy, companies also need to be committed to innovation. It can’t just be a talk. It must be part of their DNA. Companies that constantly test the limits of technology will be better positioned to act at a moment’s notice and maximize the potential benefit.
On October 30 at 12 p.m. Pacific, I will join three senior executives at Experian to participate in a livestream discussion on how companies can harness data and technology to move their businesses forward and create better experiences for consumers.
To succeed in today’s market, innovation is no longer an option, it’s a requirement. It opens new doors of opportunity for companies hoping to better connect with customers. But, companies also need to walk before they can run. The proper systems and protocols, as well as the right intentions, can power new advancements in technology and create more impact on the bottom line.
About the Author
Barry Libenson is CIO for Experian, with responsibility for the design and delivery of global technology strategy. Prior to joining Experian in June 2015, he was CIO of Safeway in North America. Earlier in his career, Barry held CIO positions at Land O’Lakes and Ingersoll Rand. Barry has a BA in Computer Science from Colgate University and an MBA from Fuqua School of Business, Duke University.