Managing Innovation And Technology For New Companies: Challenges, Opportunities, Essay. (70 Characters)

Review criticaly how new company are able to use innovation and technology management to both overcome barriers and enable them to challengeb long established corporations by using real world exemple of different form of innovation?

Literature review and critical evaluation

Commercialization can be considered as one of the most critical steps in the concept of the technological innovation. It can be stated that it is one of the most little well managed active of the whole process of the innovation process. The launch stage can be seen to be particularly crucial in the market of high technology. This is due to the factor that it is interconnectedness, volatility and the proliferation of new technology they experience. The difficulty which is faced by the organization in order to introduce the innovation are mainly due to the factor of fast moving, volatile and uncertain nature. The proliferation of the new technology and the shrinking of product life cycle directly restricts the opportunity window in which the innovation should be established and introduced. Every organization needs technological advantage in their sphere of working to compete with the competitors and to excel in the field of business orientation. (Camisón and Villar-López 2014).

The main aim of the report is to take into consideration the concept of managing innovation and bringing the new technology into the sphere of the market. It is directly applicable for the new economy.

Technology As the number of user of the mobile subscription is approaching a level of concern, with 40% of the people are already online in the world. Different types of technological innovation are being superimposed to meet the competitive economy. It can be stated that a business organization should always try to create an environment where the client are satisfied. The client satisfaction would directly help the organization to excel in their field of working.

 The following list gives the common effects of the Information Communication Technology.

• Direct job creation: The Information Communication Technology is and it is expected to remain one of the largest employers. Alone in the United States information technology and computer related job are expected to increase by approximately 22% in the year 2020. This would be directly creating 758,800 new jobs.  More than 25000 job annually would be employed in the running of super-fast national broadband network in Australia. Naturally, different segment growth are uneven. In the United States for each of the job in the industry related to Hi-Tech, five additional jobs on an average rate are created in other sector.
• Contribution to GDP growth: various countries finding confirm the growth of the Information Communication Technology and it direct affect. For example, it can be stated that an increase in the broadband penetration would be 10% more in the GDP growth in the emerging market. Taking into consideration of China, the number can reach 2.5%. The concept of the mobile data and it doubling use taking into consideration the 3G connection directly boosts the growth rate per capital by 0.5% globally.3.4% of the accounts in the internet relating to the GDP in some of the economic condition.. The e-commerce, selling goods online and people advertising drive most of the effect.
• Emergence of the industry and new services: There are numerous services for the public, which have become available online and through the concept of mobile phone. One of the key trends which can be related to the modernization is the concept of the cloud computing. The Moldova government can be considered as one of the first countries in the region of Eastern Europe and central Asia to shift the IT governance infrastructure into the concept of the cloud computing. On the other hand, it facilitate the launch of e service and mobile for businesses and citizens.
• Workforce transformation: The micro work platform, which was developed by the companies like Amazon, oDesk and Samasource help to divide the task into small components. These tasks can be outsourced to the contract workers. The contractor are often based according to the emerging economy. The concept of the micro work can directly cut down the cost and get the access to qualified workers. The Information Communication Technology on the other hand had also contributed to the entrepreneurship rise making it much easier for the self-starters to directly access the best practices.
• Business innovation: It can be stated that more than 95% of the business have a presence online. The concept of the internet directly provides the customer to reach out the world. This directly helps to excel in the field of the customers satisfaction and competition for the share market. Over the past few years, the social media has established itself with a tool of marketing which is powerful. Information Communication Technology tools, which are employed within the framework of the companies, help to improve efficiency and streamline the business processes (World Economic Forum, 2017).

It can be stated that companies were mostly aggressive in opening the centers of innovation. The latest research show that 42% of leading financial organization now have centers of innovation compared to 28% in H1 2015. Between the tenure of July 2015 to February 2016, the service, which is related to the financial, experienced the greatest growth in innovation Centre that was 48%. This overtook the manufacturing, which grew by 7% and consumer products, which grew by 20%. It is very much challenging point to make a successful innovation Centre. A seasoned innovation senior executive and expert of a leading bank stated, “About 80% to 90% of the centers of the innovation centers fail and end up being a massive waste of resources”. Such type of rate of high failure results in slippery slope of the challenges that are involved in the innovation centers, which are needed to be overcome in order to get success in the field of digital innovation (Kogan et al. 2017). The concept of the challenges may range from lack of leadership support and an unclear focus towards the ability of the companies to scale the innovation at enterprise level. These factors broadly fall under three categories or phases namely:

• Laying down the vision of the governance and foundation
• Harassing partnership and talent
• Delivering on the promise of core innovation (Digital Dynasties, 2017).

Digital dynasties

In recent times most of the companies are expanding their research and development (R&D) footprints beyond the boundaries of their home country. It can be taken into consideration the economic and political event have raised different questions about whether this aspect of the global innovation and model can be directly be sustained. In the years ahead, the concept of rise of the economy nationalism and the protectionist trade policy can have a huge effect on where and how the R&D would be conducted. It is very much possible that some of the company have already faced it and if the company have faced it earlier than the knowledge of the concept can be directly known. In the 21^st century a number of companies begin their own direction of conducting the R&D inventions, they introduced the concept where the manufacturing and the sales were growing very much fast and where the companies can directly find the right technical talent. It can be stated that the biggest global shift in the R&D investment was from North America and Europe to china and India.  On the other hand, the United States had also benefited from the concept being a part of European and Asian companies seeking to tap into the U.S innovation expertise and talent (Jaruzelski, 2017). Most of the R&D should involve thinking of the future so that the future of the organization is safe keeping in mind the orientation of the business body. An organization R&D department can be stated to be one of the most important departments and whose working would directly affect the financial aspect of the organization and the overall working of the organization.

Most of the companies now a day are stuck between the gap of innovation-galvanizing customer’s interest and propelling the revenue of the growth of the industry. This can be referred as a simple measure of value creation. Therefore, the companies have developed web sites to sell their services and good and spend on marketing millions. These all concepts are incorporated to allow increase the interest of the customer interest and the growth of the revenue to life the profit of the organization. This can be stated as the only gauge of value capture. The ability to sense the potential of the revolutionary about the technology innovation is central to the firm’s prosperity. This ability in turn depends on how the definition is provided by the organization to absorb or adopt to the potentially technology which is revolutionary. Historically it can be seen that most of the large organization and even the whole organizations have directly been well positioned to adapt or absorb the potentially revolutionary technology or business models of the innovation.  For example it can be stated that the General electric company Westinghouse Electric Company, and the AT&T Corporation which together established the America’s radio corporation of in the year 1919. The companies initially believed that they would make profit of it from the sale of the sets of the radio. This view mainly changed ones the federal government sanctioned the commercial broadcasting (Muralidharan, 2017).

Conclusion 

It can be concluded form the report that the form of technological innovation can have varied impact on the organizational overall working. In the report, it is made clear about the concept of the managing the innovation and bringing the new technology into the market environment in order to gain competitive environment. The use of real world example puts direct focus on the concept of the innovation and the management of the technology. The main concept, which is focused, is to overcome the barriers, which are related to the technology. This enables a challenge for the long established corporation. There are innovations that are taking place in the field of technology with it the concept of the security are also involved in it. Therefore, it can be stated that security features to ensure that the organization are safe from unethical activities should accompany the innovation. In order to gain advantage from any technology the best concept is adaptation of technology which best suites the individual business scenario.

References

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

Digital Dynasties (2017). [online] Available at: https://Digital Dynasties: The Rise of Innovation Empires Worldwide (Solis, Brian; Buvat, Jerome; Khadikar, Amol) [Accessed 7 Dec. 2017].

 Jaruzelski, B. (2017). Economic Nationalism and the Future of Global R&D. [online] strategy+business. Available at: https://www.strategy-business.com/blog/Economic-Nationalism-and-the-Future-of-Global-RD?gko=b22a3 [Accessed 7 Dec. 2017].

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

Muralidharan, R. (2017). The Three Phases of Value Capture: Finding Competitive Advantage in the Information Age. [online] strategy+business. Available at: https://www.strategy-business.com/article/10884?gko=f5333 [Accessed 7 Dec. 2017].

World Economic Forum. (2017). Five ways technology can help the economy. [online] Available at: https://www.weforum.org/agenda/2013/04/five-ways-technology-can-help-the-economy/ [Accessed 7 Dec. 2017].