In today’s world, a lack of innovation can cost your company a lot. A lot of revenue, visibility, and even your reputation. Before you re-read those first sentences and freak out, you should also know that in many ways, innovation can be simple. You can be well researched and adopt strategies that have been designed by others, or you can work to create your own, either way, as long as you are moving onwards and upwards, you should be in good standing. As you start your journey you should know that business terms and vocabulary has changed quite a bit recently. Below are some of the most common phrases you will likely come across, and a breakdown of how to better understand them.
Basic Definition
Before you do a deep dive into some of the most modern business value added terms, you should be sure that you understand what business value added is in the first place. This term can take on two meanings, on marketing forward, and the other economic based. In terms of economics, business value added means the difference between all sales within an industry and the total cost of materials, products, and services bought from other businesses. Within the marketing sector, value added is a competitive advantage that a product or service obtains by combining, packaging, or bundling benefits to it.
Telematics
As the boom in the logistics industry shows no signs of slowing down, the term telematics is making its way into other sectors of business as well. Referring to a field that encompasses telecommunications, vehicular technologies, and computer science, telematics is definitely essential. You can utilize vehicle telematics for technology that goes beyond GPS tracking and the need for a solution for managing your fleet of vehicles. This software can provide detailed reports and data analysis that will help propel you forward in an incredibly efficient manner.
Sales as a Service
SaaS refers to using software, as a service, hence the abbreviation. This is a software licensing model that allows access to software subscription using external servers. In this instance, multiple users can access programs via the internet and continue to collaborate without having to be logistically unified. And also, without having to install software onto each individual computer. Programs like Dropbox, Salesforce, and DocuSign are all great examples of SaaS. As a business owner this also increases your opportunities for recruiting talent, because you are no longer limited to people local to your headquarters.
Mobility as a Service
Frequently notated as MaaS, mobility as a service alludes to digital transport service platforms that provides users the opportunity to access, pay for, and get real time information on, public and private transport options. This is very high up on the list of customer focused solutions because MaaS allows the user to have most, if not all control, in a very user-friendly forum. Companies like Uber and Lyft are pioneers in ridesharing and are great examples of businesses that will need to continue to innovate as MaaS gains popularity if they want to remain relevant.
