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As global competition increased, businesses realized that simply meeting the basic standards of price, quality, and delivery was not enough to guarantee long-term success. Enter the era of continuous improvement and innovation. Companies began to seek unique selling propositions (USPs) that set them apart from the pack.
Rather than merely focusing on production efficiency, organizations began fostering a culture of continuous innovation. This meant not only improving existing processes but also developing new products and services that could meet emerging consumer needs or even anticipate future demands.
The Role of Technology in Innovation
Technological advancements, particularly in the realm of artificial intelligence (AI), began to reshape the value chain. AI-supported activities such as predictive analytics, supply chain optimization, and automated manufacturing have allowed businesses to improve production speed, reduce costs, and introduce groundbreaking innovations.
Interesting Fact: AI is currently being used in supply chains to predict market demand more accurately than ever before. For instance, companies like Amazon use machine learning algorithms to optimize their inventory management and minimize delays, effectively creating a seamless shopping experience for customers.
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