Tech innovation is a key driver of business growth, efficiency, and competitive advantage. But the benefits of technology innovations can be obscured by a flood of hype and confusion about what makes a technology “innovative.” Success with tech innovation comes from being clear on your strategy, evaluating new technologies for impact and scalability, and having the structure in place to quickly scale what works.

Technological innovation refers to the development and implementation of new products, services, and processes that incorporate significant technological advances. Whether it’s an improved electronic device, a better medical technique, or a more efficient production system, these improvements enable companies to offer superior products and services, reduce operating costs, and maintain a strong market position.

A key driver of tech innovation is the ability to create and test virtual replicas of physical systems or processes, enabling businesses to optimize in a risk-free environment. For example, digital twins are transforming manufacturing and energy by providing insights into performance while reducing trial-and-error costs. Or, quantum-inspired algorithms provide faster ways to solve complex optimization problems without requiring the expensive hardware of quantum computers.

The latest tech innovations are also blurring the lines between industry siloes and creating opportunities to converge disparate technologies into unified systems that spawn even more capable solutions. This co-evolution, first glimpsed through historical patent analysis, is setting the rhythm for a new era of innovation where distinct technologies learn to move in harmony and combine into accelerated capabilities.