Tuesday, May 5, 2020

Innovation and Modern Management Technology - Myassignmenthelp.Com

Question: Discuss about the Innovation and Modern Management Technology. Answer: Introduction Innovation and technology are one of the key aspects of gaining competitive advantage in the modern business industry. The recent global trends show that the developing countries are growing at a rapid rate and this has been possible due to the use of technology and innovation. Technology is one of the essential components of globalization and the developing countries are competing at equal level with global giants because they are able to gain competitive advantage due to innovation and technological prowess. This is very evident from the economic growth, gross domestic product and per capita income (Johnston and Marshall 2016). The new economies have taken a front seat in the global market by using creation, acquisition, dissemination, adaptation and knowledge use. Therefore, the organizations in developing economies have been able to adapt to the global context by using the restructuring their business and exploiting the available market opportunities by changing the global contex t (Jarle Gressgrd et al. 2014). The emerging giants are competing in various countries with established global giants. Several countries with time have opened up to foreign competition and it has altered the challenges faced by the companies. Thus, survival in such a market was tough but provided the local organizations with opportunities that were very lucrative (Camgni 2017). This review would be looking into four articles to find out about the different views of authors regarding this extensive topic of innovation and technology, and the way the organisations have been able to use it for overcoming hurdles and enabling them to challenge organisations that has been in business for long. Literature Review and Critical Evaluation The organizations that survived and had been able to capitalize on that opportunity have become among the top competitors in the market. Mahindra Mahindra won car of the year in SUV category when they launched Scorpio in the market and were the best sellers globally leaving behind the major players in the market. This was the advent of a new era which completely transformed the global market scenario and the present market scenario is the evidence that will prove it. Technology has been a major contributor in this aspect as technological superiority, research and developed is essential for competing with the bigger players in the market. As stated by, Kvochko (2013), information communication technology is the fastest growing industry which has created jobs for the populations in emerging countries. On the other hand, information communication technology is important for development and innovation of the businesses. There has been a rapid growth in using online media so leveraging n ew technology is very important for maintaining the competitiveness in the industry. The author has mentioned few impacts of technology on a growing economy, first is creation of jobs, second is advent of new industries and services, third is the growth in GDP, fourth is innovation in business and fifth is workforce transformation. Infosys, a multinational organization, is providing consulting, outsourcing and information technology services to the various clients. The emergence of information technology in a developing country like India has increased the GDP from 1.2 to 7.5 in a decade which shows that how positively the technological market can impact the economy of a developing country. The unemployment rate has decreased significantly which has in turn improved the disposable income and lifestyle of majority of the population. Studies have found that globally, innovation centres are a rise, as more and more established corporations are looking for a more proactive approach to bring in competitiveness and build complete strategic defence and offense as an answer to digital disruption, says Solis, Buvat and Khadikar (2016). Organisations have prepared themselves to be transitioning to the subsequent levels of their innovative empire building. Limited experimentation days are over and the organisations are looking out in the world for building genuine partnerships and turning inventive ideas into substantial results. It has become a situation of innovating largely or face the risk of falling far behind. Since, the founding of Henry Fords assembly line innovations, Ford has moved forward towards another fundamental revolution: changing from automobile to mobility services. The transformation has been driven by the organisations innovation centre at Silicon Valley. The centre swiftly became the audition platfor m for technological start-ups which are looking for displaying the way interface technologies have the capability of enhancing the experience for the customers of Ford. This innovation centre has employees who are concentrating on providing innovative solutions in the domain of mobility, automotive vehicles, connectivity, big data and customer experience. The capability that has arisen from these innovation centres help building successful relationships that have a wider spectrum of technology start-ups. Silicon Valley has continued their stance of being the centre of the worlds most dominating innovation empire a thriving location which is an innovative ecosystem having a cluster of innovation centres. The author has found out that Singapore has become the Fintech hub of Asia. On the other hand, India has fast risen to be the country hosting the maximum innovation centres. Bangalore in India is the Silicon Valley of the country. Australia is the latest entry in the list, with loca l companies setting up innovation centres. The authors previously found that the manufacturing companies have become aggressive in setting up innovation centres. In this research they have found that even financial companies have joined the bandwagon, competing against Fintech start-ups. Their research even found out that the dominant model for innovation centre rest in the accelerators. Organisations have started moving from experimentation towards a more structured model looking for large investments, management and engagement. Companies are now looking to get associated with latest trends. In this context, Big Data has stepped back, giving way to Internet of Things, Fintech and Digital Healthcare (Solis, Buvat and Khadikar 2016). As stated by Jaruzelski (2017), the recent trends in the market shows the global hub of research and development are shifting from developed countries to developing countries such as India and China. It has been common practise where organization spent on research and development in foreign nations. However, there is relative decrease in corporate innovation in Europe and United states has been benefited from. However, after Donald Trump came in to the picture, there has been strictness in immigration and the foreign students are preferring to study in universities in Canada. Thus, this will lead to a decrease in talent acquisition in the country and the similar thing is happening United Kingdom due to it exit from the European Union. Thus, the companies will conduct their research and development in countries where there is hub of talents and is a fast-growing economy. Thus, the growing developing economies come in to the picture and the hub of global research and development are sh ifting at a rapid rate. India and China have become the global hub of research and development, this trend will keep on shifting because the organizations like to spend in economies that are rapidly growing. Rolls- Royce, Ericsson, Bosch, Coolpad, Foxconn, Michelin, LeEco and Delta are few of the companies that have made huge research and development in growing nations like India. India and China have been dominating the global superpowers like United States in this respect and have sealed more than 57 ERD projects form the foreign investors. This because of the talent hub of both the countries and the market economy which is quite stable for the organization. Moreover, these engineering technologies are available in these countries at a cheaper price which is even more lucrative for the global companies. Moreover, the growth in economy has increased the disposable income of majority of the population so these organizations are getting better response from the companies in the market. According to Germany and Muralidharan (2001), the concept of value capture is already known to all the major companies in the global market. However, the companies are more focused on creating value rather than on capturing value. Thus, the organizations are more focused on generating revenue than on gaining profits. Thus, fine tuning of the business model will be an appropriate and continuously improving the lacking in their value chain will be the factor for increasing the profit margin. The concept is flawed where the organizations think of spending more on investments in order to generate more amount of revenue from the market. Thus, finding the key choke points will be the necessary for improving the profit margin for various organizations. Value capture consist of three important phases and they are proving value and feasibility of innovation, defining the game rules and maximization of value. In this context Amazon is an organization which has changed the thought process of all its competitors. Amazon has been able to create and capture value for it consumers which has made them the market leader. There has been immense transformation in the organization as the organization uses innovation to continuously make improvements to the overall processes. Thus, the gap within the supply chain and the overall business model is improved to capture value. It can be understood that by decreasing the overall cost structure Amazon has been able to capture value and increase their profit margin by keeping the investment constant. Conclusion Innovation and technology have become one of the key aspects of gaining competitive advantage in the modern business industry. The recent global trends show that the developing countries are growing at a rapid rate and this has been possible due to the use of technology and innovation. Technology is one of the essential components of globalization and the developing countries are competing at equal level with global giants because they are able to gain competitive advantage due to innovation and technological prowess. This review has looked into four articles to find out about the different views of authors regarding this extensive topic of innovation and technology, and the way the organisations have been able to use it for overcoming hurdles and enabling them to challenge organisations that has been in business for long. From the review it has been understood that globally innovation has been adopted by a lot of organisations, making it the most important element in their business processes. Different organisations have adopted innovation in different ways, either by changing their business model, or their approach to customers and competitors, improvement in work procedures, or something in the similar line. With the help of research and development, organisations and countries are growing, and more organisations are spending on economies that have showed signs of development. The idea is capturing as much value as possible from the market. References Camagni, R., 2017. Technological change, uncertainty and innovation networks: towards a dynamic theory of economic space. InSeminal Studies in Regional and Urban Economics(pp. 65-92). Springer, Cham. Germany, R. and Muralidharan, R., 2001. The three phases of value capture: finding competitive advantage in the information age.Strategy And Business, pp.82-93. Jarle Gressgrd, L., Amundsen, O., Merethe Aasen, T. and Hansen, K., 2014. Use of information and communication technology to support employee-driven innovation in organizations: a knowledge management perspective.Journal of Knowledge Management,18(4), pp.633-650. Jaruzelski, B., 2017.Economic Nationalism and the Future of Global RD. [online] strategy+business. Available at: https://www.strategy-business.com/blog/Economic-Nationalism-and-the-Future-of-Global-RD?gko=b22a3 [Accessed 15 Dec. 2017]. Johnston, M.W. and Marshall, G.W., 2016.Sales force management: Leadership, innovation, technology. Routledge. Kvochko, E., 2013, April. Five ways technology can help the economy. InWorld Economic Forum. Solis, B., Buvat, J. and Khadikar, A., 2016.Digital Dynasties: The Rise of Innovation Empires Worldwide. [online] Capgemini.com. Available at: https://www.capgemini.com/consulting/wp-content/uploads/sites/30/2017/07/the_rise_of_innovation_empires.pdf [Accessed 15 Dec. 2017]. Andriole, S.J., 2011.It's All about the People: Technology Management that Overcomes Disaffected People, Stupid Processes, and Deranged Corporate Cultures. CRC Press. Cetindamar, D., Phaal, R. and Probert, D., 2016.Technology management: activities and tools. Palgrave Macmillan. Christensen, C.M., Burgelman, R.A. and Wheelwright, S.C., 2008. Strategic management of technology and innovation.McGraw-Hill/Irwin, Columbus, OH. Goffin, K. and Mitchell, R., 2016.Innovation Management: Effective Strategy and Implementation. Palgrave Macmillan. Owen, R., Bessant, J. and Heintz, M. eds., 2013.Responsible innovation: managing the responsible emergence of science and innovation in society. John Wiley Sons. Roper, A.T., Cunningham, S.W., Porter, A.L., Mason, T.W., Rossini, F.A. and Banks, J., 2011. Forecasting and management of technology, John Wiley.New York, NY. Tidd, J., Bessant, J. and Pavitt, K., 2005.Managing innovation integrating technological, market and organizational change. John Wiley and Sons Ltd.

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