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Discuss About The Mobile Commerce Within Technological Innovation.

Most important milestones within technological innovation

The aim of this report is to discuss one of the major types of innovation that play avital role in the smooth business of the global organizations. This report will discuss the technological innovation which is a concept developed within the scientific area of innovation studies that explains the nature and the rate of the technological changes. A technological innovation system of the organizations can be defined as the dynamic network of agents interacting in the particular economic or industrial area under a specific institutional infrastructure. This report will discuss the most important milestones technological innovation, how technological innovation has affected organizations management approach and three future developments for technological innovation.

In this technologically advanced business world, the organizations cannot survive if they do not introduce or use these technologies for gaining competitive advantage. This type of innovation is helping the organizations to understand the people’s interests in the market, smooth running of the companies. The most important milestones within technological innovation are the introduction of mobile technologies in m-commerce innovation, designing process in the product development and introduction of artificial intelligence in the business setting.

In the designing process of the products of the companies, technological advancement has shown direct connection in the recent business settings. For instance, recently, the 3D modeling or imaging technology are being applied in the product designing which is allowing the customers to visualize the product more efficiently before it is actually produced (Kogan et al., 2017). This incorporation of the technological advancement based on the 3D modeling as well as additive manufacturing on the performance of the firm along with the value co-creation of the customers are developing. This has increased the efficiency of the designers in one hand and satisfaction of the clients on the other. The two phases of elaboration and verification of the products therefore have been taking less time and reduced the cost due to product wastage.

M-commerce has changed the world of retailing business as this have properly utilized the internet system and focused on the digital marketing idea. This has given scope for online stores to flourish and gain popularity that those of the traditional store. It has made the products and process operative round the clock which gives competitive advantage to the firms. This has also managed the problems of locations and the customers can order their demands all over the world for which the companies do not need to enter the market of that particular country. In addition to this, the mobile friendly websites have enabled the customers to explore the options from huge variety. Starting from the payment options and user-friendly communication have brought boon to any type of business (Camisón & Villar-López, 2014). Digital marketing is an important facet of technological innovation that convinces the buyers to get attracted to the offers of the organizations. This help the customers to compare similar products from other companies then choose the best fitted for them. This method of digital marketing helps the companies to get instant reviews about their products and services which affect their future operations.

Technological innovation and organizational management approach

M-commerce creates the virtual reality that makes the shopping method more exciting but in low cost. The number of inline customers is sharply increasing and the new generation has been the main target of these companies. E-commerce therefore is mandating the business to have a strong online process because of this high competition among the global companies. They are introducing their own applications to attract more global customers which is increasing their brand name and fame (Bergek et al., 2015). Thus m-commerce has changed the entire dynamics of global business which have also helped the companies to bring innovative design so that the customers get scopes to have exceptional experience in their buying process. For example, the retail companies like Walmart, Coles, eBay, Flipcart and Amazon are taking help from this new technology.

Finally, the artificial intelligence introduced in the manufacturing market where the capital investments are higher but profit margins are reduced. This is the reason why the manufacturing industries are reaching for the developing markets where the labor cost is much lower than the developed ones. However, it is not possible for the organizations to enter these low wage countries so these companies are trying to inclining towards more usage of technology especially the AI for e-commerce and manufacturing (Binz, Truffer & Coenen, 2014). AI in this context is automating tasks and eliminating the need of the human labors in the factories. In addition to this, it is making the business process ore feasible entirely such as it is custom configuring the products to the individual customer demands. For example, Amazon has now initiated to use Artificial Intelligence to detect every object in the video content of the customers. Amazon’s AI will turn audio into text, translate text and will even analyze text for sentiment and key phrases. Tesla, one of the biggest car manufacturing companies has developed its self-driving cars which will effectively change the future of the transport industry.

Technological innovation and organizational management approach are closely connected in the global business. Technological innovation is linked with the sense of knowledge field which directly links the knowledge growth process of the firms. Secondly, it helps to innovate new products or artifacts and bring some changes of an old product and present it as new in the market (Markard, Hekkert & Jacobsson, 2015). Finally, technological innovation can effectively explain why and how the sustainable technologies develops and gets diffused in the social settings. Technological innovation helps the management of the firms to efficiently focus on the challenges for instance in the poor product designing or the poor communication among the sales and operations (Tolentino, 2017). Technological innovation also helps the management to achieve the strategic plan. This eases the problems of getting feedback from the employees, suppliers as well as the customers about their needs and expectations from the companies as thus improve the communication system among the higher authority and the other associated stakeholders like Waitrose and Partners.

Future developments

Technological innovation helps the management to track performance based on which the companies can understand the areas of improvement. This helps the management to monitor the performance metrics so that the management can target innovation efforts better. Moreover, it helps in the team management by fostering flexibility and stimulating workplace (Lee et al., 2018). There is idea management software which help the organizations to systemize the innovation efforts. these tools hep the employees as well as managements to work together on ideas and choose the most promising one so that the process of developing new products and operation improvement can be attained. Therefore, it can be said that that technological innovation gives a strong capability to the organizations by bringing and mangling changes in the procedure to the traditional process of firm management.

Technological development has a prominent future aspect. Within few years, all the leading business companies can implement the voice and visual products searching for their platforms. They must use the AI technology as well as larger online stores so that they ca understand the desires and demands of the customers (Quitzow, 2015). Thus, they can increase the market place revenue by more than 25%. This will also help the companies to approach individually to the customers. These companies with their large online stores may be able to shoe their products individually to the individual consumers depending upon their behavior and search preferences.

Secondly, the large online store may take help from the logistics automation process. The demand of web-based system supply chain management has a bright future prospect. This cloud services will help the companies to automate their logistics system which will definitely bring them in trend. This will not only help the optimization of process of goods delivery for the large online stores will be benefitted from this particular solution.

Finally, the use of big data is another method of utilizing the technological innovation. The analysis of big data is already broadly used by the various companies. Due to the fact that AI evolution is developing and growing amount of information, big data will be developed and adapted to be applied to different sphere of business. Big data in the near future will be one online tool which will allow quick processing of a large amount of data about the purchasing behaviors based on which the companies will serve their customers.

Conclusion:

Therefore, it can be concluded that the technological innovation can change the process of the organization. They will design and offer the customers new range of products with the help of automation and use technology in the supply chain also. Moreover, the self-driving cars will also mitigate the logistics problems of the companies and they will be effectively delivering their goods in any part of the world. These will also help the companies to manage various issues.

References: 

Bergek, A., Hekkert, M., Jacobsson, S., Markard, J., Sandén, B., & Truffer, B. (2015). Technological innovation systems in contexts: Conceptualizing contextual structures and interaction dynamics. Environmental Innovation and Societal Transitions, 16, 51-64.

Binz, C., Truffer, B., & Coenen, L. (2014). Why space matters in technological innovation systems—Mapping global knowledge dynamics of membrane bioreactor technology. Research Policy, 43(1), 138-155.

Camisón, C., & Villar-López, A. (2014). Organizational innovation as an enabler of technological innovation capabilities and firm performance. Journal of business research, 67(1), 2891-2902.

Kogan, L., Papanikolaou, D., Seru, A., & Stoffman, N. (2017). Technological innovation, resource allocation, and growth. The Quarterly Journal of Economics, 132(2), 665-712.

Lee, V. H., Ooi, K. B., Loong, A. C. Y., & Sohal, A. (2018). The effects of supply chain management on technological innovation: The mediating role of guanxi. International Journal of Production Economics.

Markard, J., Hekkert, M., & Jacobsson, S. (2015). The technological innovation systems framework: Response to six criticisms. Environmental Innovation and Societal Transitions, 16, 76-86.

Quitzow, R. (2015). Dynamics of a policy-driven market: The co-evolution of technological innovation systems for solar photovoltaics in China and Germany. Environmental Innovation and Societal Transitions, 17, 126-148.

Tolentino, P. E. (2017). Technological innovation and emerging economy multinationals: the product cycle model revisited. International Journal of Technology Management, 74(1-4), 122-139.

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