Digital Innovations

Question: Discuss about the Digital Innovations. Answer: Introduction: Digital innovations is a tool which works with existing business models mostly in conjunction with a new user value proposition or a customer with the achievements reached through the leveraging of digital tools. Usually, the digital component is a strategy and tactic used in business where it can be advantaged over other businesses. The digital innovations are implemented for purposes of responding to user needs which have not yet been met and for purposes of strong provision of customer value proposition. The organization at large is advantaged in that the existing business model is improved by making use of digital tools. Information technology and its advancements are the largest drivers of digital innovation and the digital migration of systems (Prim, 2013). Consortium Inc. is an organization which deals in online selling of products, mostly electronic however they sell a wide array of items. Over the years they have been able to establish their market within several countries globally and have gained recognition for their efficiency in provision of customers with the goods and services they need. However, due to changing times especially with the invention and implementation of digital technologies in businesses they have been forced to make a move so that they can keep up with the emerging trend in the market. Due to the nature of their business, customer relations as well as security of customer data is essential for them to thrive therefore they need to identify digital innovations which facilitate for such. In order to reach their goals, they will require to implement a cloud based system to manage, keep track of and store customer transactions as well as a social media system where employees can interact with clients almost instant aneously when they send a message through their social media platforms. A well laid out SWOT analysis needs to be laid out by an organization before they implement digital innovations so that there are possibilities of a full analysis to be carried out. The importance of this is for them to identify the pros and cons of the system alongside their expectations and come up with strategies on how to handle the flaws to gain competitive advantage. The organization therefore needs to identify their inner strengths as well as how they can be improved with the use of digital innovations. Consortium Inc. is advantaged in the market since they already have a large customer base however they need to expand in order to increase their profitable margin. They also need to identify external opportunities which could arise from them implementing technological advances as well as threats and plan out strategies of how to counter the effects. The biggest threat they face is data security when customers make purchases and they need to ensure that the data is decrypted and inaccessible to people who might want to steal such critical data to perform cybercrimes. The organization needs to create a strategy for the identified possible risks against the system as well as counter measures and they should periodically carry out system audits and surveys to identify any possible threats that might not have been identified in previous audits. Doing this periodically ensures robustness of the system and at the same time it guarantees protection against external threats (OLoughlin, 2011). Consortium Inc. plans to incorporate a cloud system for data back up and increased security as well as reduction in operational costs. A cloud based system eliminates the need to purchase expensive software and hardware for installation and storage of data and systems by offering customers a platform where they can purchase storage and lease hardware and software at a reasonable price monthly, annually, biannually, perennially or as per service provider - customer agreement. A cloud based system allows for easy access of data and localization since data can be accessed from any location provided the user has appropriate credentials as well as an internet connection. The company succeeds in implementation of data security with the costs incurred being significantly low with the cloud based system in place. The stored data on cloud systems can be easily and securely backed up and stored as compared to databases which are in a physical location where they are at risk of vandalism, fire and other damages which could lead to loss of data. This system being put in place will help the company in realization of an increase in productivity and great reductions in operational and other running costs. This would be due to elimination of the need for powerful and expensive devices to be bought to facilitate for communication and storage of data. Aside a cloud system, the company has plans to implement social media software for easier interaction of customers and to improve quality of services offered. Most leading businesses have established social media platforms as channels where they are able to communicate with clients instantly and solve problems as well as receive and give feedback regarding quality of service and other criteria. With the organization being able to relate with its customers on social media platforms where responses are quicker, use less resources and in real time then there are increased chances of customer service and overall customer satisfaction. This advancement in technology is bound to give Consortium Inc. and advantage over their opponents since aside their recognition in most countries, them making implementations in technology in their operations is bound to boost their performance as well as increased awareness by the masses. Customers are more secure knowing that their confidential data is stored securely and that there are minimalistic chances of any interference occurring. Also, customers are assured of quality of service and reliability of the digital innovations being a backbone to supporting users and clients Conclusion Consortium Inc. with an online transaction processing that is well implemented where customer data is securely stored in an encrypted database as well as social media systems which give them increased interactivity with their clients are bound to help the company thrive and achieve overall success with comparisons to previous years. Also, because of the merits offered by the digital innovations, customers are more prone to rely on them as compared to other companies not offering the same advantages as well as the company increasing its market share. There is need however for the company to carry out periodic audits on the systems so that they can identify loopholes which could spell doom for the company and develop strategies to prevent catastrophes from occurring. References Anderson, C. D. 2002. U.S. Patent No. 6, 463, 026. Washington, DC. US Patent and Trademark Office Kressel, H. 2007. Competing for the future: How Digital Innovations are changing the world. Cambridge University Press. OLoughlin, B. 2011. The Political implications of digital innovations: Trade-offs of democracy and liberty in the developed world. Information, Communication Society, 4(4), 595-614 Fullan, M. Donelly, K. 2013. Alive in the swamp: Assesing digital innovations in education. London.: Nesta. Prim, C. 2013. Emerging technologies, emerging minds: digital innovations within the primary sector. Innovations in learning technologies foe English language teaching. Lodnon British Council, 20-42