Digital Innovation: Creating Competitive Advantages
The diffusion of innovations during the fourth industrial revolution reshaped economic systems and caused structural changes in different economic sectors. These innovations have become the basis of the new digital infrastructure of society. Digital technology is used to manage integrated produc...
| Main Authors: | , , , , , , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Universitas Indonesia
2020-12-01
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| Series: | International Journal of Technology |
| Online Access: | https://ijtech.eng.ui.ac.id/article/view/4581 |
| Summary: | The diffusion of innovations during the fourth
industrial revolution reshaped economic systems and caused structural changes
in different economic sectors. These innovations have become the basis of the
new digital infrastructure of society. Digital technology is used to manage integrated
product whole-life cycles and enhance efficient, reliable, and sustainable
business operations. Intelligent production processes and supply chains can be
used to optimize entire end-to-end workflows and create business competitive
advantages. Artificial intelligence, internet of things, machine learning,
blockchain, big data and other digital technologies have been used to create
business agility and resilience and further transform societal behavior.Digitalization creates new ways for companies to
create business added value. Modernizing business enterprises by combining
digital technologies, physical resources, and the creativity of individuals, is
an essential step in innovative business transformation that may constitute a
competitive advantage. Companies need to transform their business
processes and enhance the satisfaction of their customers by using digital
technologies that connect people, systems, and products or render their
services more effective and efficient. Digital technologies create new ways for
companies to integrate customers’ requirements into product development or
service delivery across entire process chains.
Digital
technologies are becoming increasingly important due to strong market
competition. Many studies have shown that there is a strong correlation between
business growth and the use of digital technologies to create innovative
business models. Technological innovations create new products, processes, and
services that generate more added value for companies. |
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| ISSN: | 2086-9614 2087-2100 |