The company employs data technology to collect a large amount of consumer information, which improves the fit between consumer preferences and product features, allowing for precise innovation. Companies are competing more fiercely with each other due to rising incomes, more diverse and personalized customer needs, and mining sitean increasingly abundant supply in the market, making the introduction of new products that meet customer needs a key to success and quality. Traditional R&D activities rely on organizational and personnel experience, making it difficult to truly understand potential consumers' true preferences. In the digital economy, digital technology can help companies gain access to a large amount of information about their customers by lowering the cost of collecting and processing consumer information. Companies can also use digital technology to track customers' online shopping clicks, visits, purchases, and comments, as well as obtain information traces of consumers' choices. Companies can more accurately estimate customers' true preferences and predict consumer behavior by comparing a large amount of data and information about customers, and they can more accurately target consumer groups in product development to better meet the needs of different groups of people, thus improving R&D accuracy. Big data transmits customers' true preferences to businesses, improves supply and demand matching, effectively connects consumers and businesses, facilitates the transition from traditional R&D to data-driven R&D, and improves R&D innovation performance.
Digital technology lowers the cost of trial and error in innovation, allowing companies to bring new products to market quickly and affordably, as well as engage in "iterative" innovation. Digital technology has increased the company's production and sales efficiency, allowing it to produce and sell products quickly while also receiving a large amount of customer feedback and other information in a timely manner. As a result, digital technology hastens the pace of production and sales, reduces the distance between businesses and consumers, and facilitates the flow of information between them. Digital companies can quickly release new products that meet consumers' core needs but are not yet sufficientlyUsed miner sound to quickly capture the market, and then carry out rapid iterations based on immediate customer feedback to continuously innovate sound goods and finally gain a competitive advantage in a fierce market competition. As you can see, digital technology lowers the cost of testing new products on the market, allowing businesses to pursue a "iterative" innovation strategy. Furthermore, the platform enables a direct connection between market supply and demand, reducing the intermediary link, and the company can receive timely and direct feedback from users after the product is launched on the platform. As a result, the digital platform lowers the cost of innovation even further, allowing businesses to take small steps of trial and error, iterate quickly, and then capture market share.
The company stimulates multiple resources to conduct joint R&D and open innovation through digital technology. Digital technology can reduce the cost of information transmission and storage, make communication and exchange more convenient, make it easier for multiple parties to interact with each other, and make the overall environment more open and organizational boundaries blurred. Companies gradually break down the original organizational boundaries in the R&D process with digital technology, and open innovation is carried out by universally and continuously acquiring various innovation information and knowledge based on two-way real-time interaction with multiple parties such as customers, suppliers, competitors, and virtual communities. The emergence of innovation platforms such as crowdsourcing platforms and open communities has enabled businesses to draw resources from a broader external environment, increasing the value of open innovation. As a result, businesses have created an innovation ecosystem using digital technology and have access to a wealth of complementary resources based on open resource integration, resulting in value co-creation. The greater the breadth of open innovation, the more diverse the sources bitmainof outside knowledge from which the company obtains; the greater the depth of open innovation, the greater the company's reliance on the outside world to obtain knowledge. The challenges and opportunities of open innovation coexist, and open innovation benefits the company's overall use of external knowledge resources, though care must be taken to avoid the risk of innovative ideas and knowledge leakage.