5 examples of accelerated innovation that propel companies forward

It is not 2028, but it could well be from a digitization point of view. According to McKinsey Research, the digital wallets of many companies took a leap for a whopping seven years. Why? Covid-related changes in both workforce operations and consumer behaviors led organizations to change, and to change rapidly.

In fact, digital acceleration occurred across all industries, spawning incredible amounts of innovation. As a result, all sectors experienced some kind of disruption. And while the pandemic crisis appears to be waning, the innovation it promoted has not interrupted its breakneck pace.

5 examples of accelerated innovation that propel companies forward

Which fields have been most affected in recent months by innovative ideas, products and services? Five important ones have seriously reinvented themselves.

1. Manufacturing

Virtually all products have a manufacturing component. Take clothing and accessories, for example. From sourcing fabrics to making garments, the manufacturing process typically involves making and then storing items.

The problem, of course, is inventory and excess. Although many manufacturers have applied just-in-time principles over the years, they usually end up with additional merchandise. That routine of merchandise often ends up being sold at a loss or scrapped.

Once again, the retail fashion industry has historically been notorious for a abundance of inventory. Retailers often order so many garments that a fifth of them is never bought. Until now, no company has found a way to reduce inventory without making customers wait incessantly for products. However, innovators like Gooten are offering a new option: manufacture on demand.

Gooten offers a catalog of products ready to be customized and created on demand. In addition, their process reduces the domestic manufacturing timeline to approximately three days per item. Consequently, Gooten partners avoid inventory management costs while getting merchandise to anxious consumers quickly.

2. Education

The world of education changed radically in 2020. Entire schools moved their instruction online, forcing students, teachers, and administrators to rethink learning. Although the remote classrooms were not new, they were not very well received. Covid changed that completely.

Schools are certainly ready to reopen and in-person instruction has already resumed at K-12 and colleges. However, schools are unwilling to dismiss what they have discovered about digital learning over the past year. Furthermore, they are better equipped than ever to handle massive shifts towards online education should the need arise.

Similarly, many companies have jumped into the education circle, including Google. The search engine plans to create a series of professional titles that take about half a year to complete. Degree programs will be affordable and suitable for professionals of all levels. Like Google, Instructure’s Canvas is powering its successful online learning platform.

With about 30 million student users, Canvas is testing tools like flexible assessments to better serve those users. At this time, 14 states have adopted Canvas as an elementary education platform for instructional purposes in remote public schools. As more states are added, it will be easier for students of all backgrounds to access online learning.

3. Finance

Moving money in the B2B marketplace often involves awkward and time-consuming workflows. This means that companies and their suppliers can wait several days for transactions to be published. Although these delays may seem inconsequential, they can cause sticking points for all parties. For example, during the height of the pandemic, having dollars on hand could mean the difference between meeting or not paying payroll.

The problem is that real-time payments have been out of reach for most companies. Yes, they can collect money quickly in some cases. Still, no operator has offered true real-time payment capabilities. However, FIS believes that it is about to be able to jump into a near real-time movement of funds.

FIS announced its innovative cloud-based product, RealNet, in early 2021. RealNet uses existing payment methods to transfer money from one place to another. RealNet’s intelligent routing decision engine measures each rail to determine the fastest payment path for each B2B transaction. This ensures that money is transferred quickly, including money that moves across international borders.

Businesses are poised to benefit greatly from real-time payments. So are consumers and even government entities. That means FIS’s single innovation could drive radical changes in the financial landscape.

4. Health care

The Covid crisis turned into a health crisis. People experienced lockdowns, hospitals filled with people, and medicine was put to the test. Amid the whirlwind of experimental treatments and vaccines, innovative companies tried to fill the gaps in healthcare.

It is difficult to limit the examples of healthcare innovations a few. Perhaps one of the most dramatic was the use of drones. The drones not only helped deliver supplies to people in remote communities, but they proved reliable and resilient. Many vendors predict that drones will be useful for other similar applications.

Another innovation in medicine driven by the pandemic was the growth of 3D printed parts and supplies. A writer for The New York Times even reflected on the possibility of printing human tissue.

It would not be fair not to talk about the rapid evolution and adoption of telemedicine. Consumers and their providers used online portals to diagnose and treat a wide variety of conditions. The standardization of telemedicine has increased the comfort of patients when requesting a digital appointment that saves them time. Time will tell if increased telemedicine will correspond to better patient compliance.

5. Transportation

During the Covid shutdown period, many consumers worked from home. For some, missing their trip resulted in extra hours to participate in physical activities. Consequently, they bought fitness equipment so suddenly that it disrupted the supply chain of the exercise industry.

These former “TV junkies” have started to return to more traditional office settings. However, not everyone has gotten rid of their desire to adopt a healthier lifestyle. This means that many are more open to the idea of ​​cycling to work all the time or occasionally.

This phenomenon is especially prevalent in European countries, although it is gaining popularity in the United States. However, many parking lots lack adequate and safe spaces for storing bicycles. Enter Bike2Box. The company have designed a modular box It can store 12 bikes in a standard size parking spot.

The pandemic was a difficult fight, no doubt. Nonetheless, it served as an inspiration for innovations in a variety of industries. And those innovations will continue to drive other disruptive solutions for years to come.

Image credit: pixabay; pexels; Thank you!

Brad Anderson

Brad Anderson

ReadWrite Editor-in-Chief

Brad is the editor who oversees the contributed content on ReadWrite.com. He previously worked as an editor at PayPal and Crunchbase. You can reach him at brad at readwrite.com.


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