Digital Transformation and Innovation Management: A Study of How Firms Balance Exploration and Exploitation

Abstract

The use of new technologies or procedures to meet consumer needs and maintain an organization's competitive edge is known as process innovation. Taking a process approach necessitates a dedication to improving processes. Process innovation occurs when a company finds a solution to an issue that already exists. An established business process is carried out by innovators in a completely new method that produces something very advantageous and profitable for those who carry it out, for those who depend on it, or for both. Process innovation might include, for instance, adding a whole new sequence to an assembly line, which speeds up production by 100% and saves the company money and time. As part of their ongoing efforts to innovate their processes, organisations nowadays frequently implement new information technology systems or discover innovative methods to utilise older ones. Therefore, process innovation entails making substantial adjustments to tools, techniques, methodology, equipment, and/or software in order to adopt a new or significantly enhanced mode of production or service delivery.