Innovations: Successful Business Performance

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Table of Contents

Introduction
Identifying an Innovative Idea
Reasons for the Idea to Become a Viable Business
Scaling Methods and its Challenges
Innovations in my Field of Study
Conclusion
Bibliography

Introduction

The significant importance of innovations is evident in modern society, especially, to successful business performance. For an enterprise to survive in the current competitive environment, it is vital to track the recent changes in the market and adapt to them. By implementing new ideas and tactics, companies improve the quality of the products, increase the revenue and their position on the market. Innovations are an integral part of the business’s success factor.

Identifying an Innovative Idea

Tech devices that help track the health indicators of a person have been existing for several years; however, none of them achieved personalization of health recommendations, except the UCLA Stanford School of Medicine engineers. At the beginning of August of 2020, they presented the next stage of innovations in the technological health system with the introduction of a smartwatch that analyses chemicals in sweat to make individual predictions and advice on the exact dosage of medicine to take. The researchers outline the significance of such a device, saying that current medication dosage is prescribed based on the manufacturer’s average dose recommendations, frequently resulting in ineffective treatment[1]. Hence, the scientists aimed to create a non-invasive device that personalizes the medical treatment for each user.

One of the device’s features is the ability to use sweat to detect changes in body chemistry. By applying a small electric current, researchers can stimulate sweat glands, which allows the device to track the health indicators without the need to sweat[2]. Additionally, the sensor can be customized to identify specific health features needed for a particular medication as each drug has its nature. The device’s ability to recognize an individual electrochemical signal of every medicine from the signals of all the other molecules in the body is a breakthrough in modern technology, said the study’s leader Shuyu Lin[3]. Lastly, the smartwatch can track medication adherence and addictions to drugs, which is an outstanding feature for mentally ill patients with long-term treatment. In such a way, doctors could track the medication’s impact on the subject to create a personalized strategy.

Reasons for the Idea to Become a Viable Business

Innovations in the healthcare system aim to better understand the human body and gain an ability to prevent any diseases and anomalies. While some new equipment is suitable only for hospitals and laboratories due to its complicated technology, it is vital to provide smart, compact devices that will notify of any abnormalities. The increasing trend for a healthy lifestyle and attention to one’s state of mind and body is an excellent base to find the targeted audience and the market for this product. Young people who surround themselves with technology would be the first to buy the product as it is modern, appealing, and helpful for each person’s health. Moreover, some people need constant doctoral attention, but with the new smartwatch that tracks all the indicators live, it will not be required as frequently.

Additionally, these smartwatches have a high potential of being bought by major companies with similar devices such as Apple or Samsung. The innovative technology for this accessory would interest high-tech global companies, continually seeking to incorporate something new to outrun their competitors. Therefore, a real-time health tracker smartwatch is a feasible business idea that is highly probable to be sold to major tech companies and bring significant revenue.

Lastly, smartwatches with the ability to track health indicators in real-time could be sold to hospitals, allowing doctors to monitor their patient’s health online without the need for people to appear in their offices. Such a business start-up is especially helpful at the time of the pandemic when many are too scared to attend hospitals but need constant check-ups. An initiative to cooperate with health institutions could become a profitable business idea, which serves several purposes of improving people’s health and modernizing the current wellness system.

Scaling Methods and its Challenges

The first essential step in scaling the idea of health tracking smartwatches is evaluating the market and determining competitors with similar products. Knowing the opponents is the first step to identifying the device’s main strong features and downsides, which might need improvement. The market of smartwatches is broad nowadays; however, none of the companies have features of tracking health indicators in real-time. Secondly, the development of the business strategy and the determination of the main goals is crucial. A clear plan sets all the milestones and strict timeframes, as well as helps structure the future development objectives. Lastly, finding funding and sponsors is the central part of launching the business. Each start-up requires significant money investments, which move the project forward. There are many ways to acquire financial support; however, it is essential to find the ones that will be the most efficient for this business.

With the idea of scaling methods often come challenges that can threaten the potential of the project’s existence. There is a possibility of product malfunctions or incorrect display of the health indicators. Therefore, it is crucial to hold as much testing as possible to improve the device and determine any possible defects. Additionally, there are thousands of potential innovations on the market that need funding. Hence, the developers must assure the investors of the business idea’s importance and apply for as many grants as possible to have a high chance of receiving money for the future advancement of this unique smartwatch. Looking for a manufacturer can become one of the primary challenges that might threaten the project’s progress. Once the product is developed, and funding is found, there could be an issue of looking for a mass-producer ready to fabricate smartwatches.

Innovations in my Field of Study

My current field of study in accounting, which is an extensive area with many available job positions. Some of the possible career paths I may follow include jobs as a financial analyst, an actuary, a management accountant, or a financial advisor. The most prominent outbreak that improves with each day is Cloud-Based Accounting, which allows handling every accounting demand with the possibility of an error. Such innovation allows keeping all the crucial documents in one place without losing them, which is the most significant impact.

The beginning of the artificial intelligence era impacted the accounting sphere and invented real-time reporting. Such a technique allows tracking all financial operations as soon as they are completed in detail, which is a major benefit and a significant impact. Lastly, Optical Character Recognition (OCR) has become one of the best technically advanced methods in the accounting industry. OCR allows scanning documents and receipts with scanners or phone cameras into digital files. This system provides precise accuracy and a near-impossible error rate, with future, more efficient updates to come[4]. Therefore, the financial industry is developing and improving as fast as any other technologically advanced sphere.

Conclusion

Innovations are an inevitable part of life in the 21st century, where each industry fights for the most advanced business. The development of a smartwatch that can track all the health indicators in real-time is a breakthrough for the health field, which has high potential on the market, especially at the time of a pandemic. Moreover, the accounting field is also dynamically developing, constantly atomizing the process, which makes the work less meticulous and more precise.

Bibliography

Global Banking & Finance Awards Review. “Pathway to Growth: Innovations in Accounting Firm.”Global Banking & Finance Review, 2020. Web.

Lin, Shuyu, Wenzhuo Yu, Bo Wang, Yichao Zhao, Ke En, Jialun Zhu, Xuanbing Cheng, et al. “Noninvasive Wearable Electroactive Pharmaceutical Monitoring for Personalized Therapeutics.”Proceedings of the National Academy of Sciences, 2020, 202009979. Web.

University of California. “Smartwatch Tracks Medication Levels to Personalize Treatments.” techxplore.com, 2020. Web.‌

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