Why innovation is essential for business?
- Posted by: TPL-Trakker
- Category: Blogs
The dire need for innovation in recent times.
Innovation refers to a practice undertaken by organizations for the development of concepts, processes, and execution for new as well as existing products. While many organizations pursue products, processes, workflows, and business models of individual products separately, we at TPL Trakker believe in embracing all of them in our efforts to spearhead meaningful change through innovation and stay on top of the diverse market we operate in.
To shape our corporate philosophy, we have entered an era of innovative risk-taking that has led to the advent of products and solutions now considered staples for our business, as well as our consumers. This effectively reshaped the asset tracking, IoT, and digital mapping realms within TPL Trakker.
Businesses are being forced to adapt and expand due to the expansion of technology, and AI has been increasingly mainstream in the past decade. But this need for growth comes with opportunities to meet consumer demands more efficiently. Hard work isn’t the only factor to stay afloat in rapidly evolving times; command over our industry and the consumer’s benefit at the heart of everything ensure our organization stays relevant.
Incremental growth has been a key factor for Trakker in the past two decades. What started as a vehicle tracking company is now Pakistan’s largest IoT and tracking services provider with a 42% market share. We constantly augment our product offerings via the latest cloud-based solutions and APIs to aid the connected car experience.
On the other hand, actively seeking growth through merging our business offerings with others has played a pivotal role in reshaping the dynamics of our position in the industry. One of our more celebrated milestones in recent times has been acquiring TPL Maps under Trakker’s umbrella as a foremost business unit to sell digital mapping and field force management systems with the help of home-grown APIs. This resulted in scaling up our product offerings as well as diversifying our capabilities to propose multiple solutions from a single outlet. It’s important to point out that all these focused efforts on technology and development are an ode to the fact that Trakker values the positive impact of innovation.
To meet new realities face-to-face, we have to stay relevant and profitable, and adapting is a constant task at hand. In times of change, technological prowess is the instrumental driving factor to quantify loss and profitability impacts. The new age of innovation across industries will allow local conglomerates to lead the market with digital disruption. We believe in fending off competition with the help of innovation and staying relevant in an evolving environment.
Being the market leader, our core strategy is to do everything right, however time-sensitive it may be. We use innovation on products and processes alike to secure time, resources, and financial impacts. This, in turn, gives us a competitive advantage over other players struggling to make the right impact. Sticking to the status quo is not our thing, our innovations have helped us differentiate among saturated players for years.
All of this leads to delivering value to our customers, and customers today are well informed. Willingness to innovate is not the only ingredient for success; however, as a market leader, we always stress the understanding of ‘how to bring that innovation to life’.