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The Age of Fast Advancing Technology - Coursework Example

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This essay stresses that in the age of fast advancing technology and rapid globalization, the business has become extremely competitive. The organizations need to be highly innovative in their products and approach to maintaining a competitive edge over their rivals…
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The Age of Fast Advancing Technology
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Download file to see previous pages Recently in MINPD1 course module, a Lego car prototype, called CityCar, was developed, which could be programmed to some extent. The students were divided into four groups as per cross-functional background of the specialized area of study. Each group had developed the prototype of CityCar, which they had demonstrated at an in-house event called Geneva Show. Teamwork has become of the most crucial factors for the successful development and launch of an innovative product. The evaluation of analysis of the teamwork of our group would be carried.
Our team comprised of students coming from diverse areas like Physics, Mechanical and Chemical engineering, and product design. Each of the members of the team was an expert in his or her field and therefore, everyone expected a highly creative new product which was a prototype of a lego car called CityCar. CEO of AXA Ireland believed that ‘all employees could contribute good ideas that would make AXA Ireland more innovative’ (Smart et al. Session 11). Hence, each of the members of the group was capable of creativity. But the team’s performance in the CityCar simulation was not a huge success as despite having a surfeit of new ideas, the team dismally failed to implement those ideas into the simulation exercise.
There were many reasons for the lukewarm simulation of the new product. The members were highly motivated and focused and were enthusiastic to work towards our targets with utmost sincerity and enthusiasm. The team had organized the innovation strategy as per the broad criteria: critical performance dimensions; the technology areas that would be crucial for development in future; look at linkages between technology, features, and drivers; and resource implications like competence, skills, alliances etc. The main reasons for our team’s mediocre performance were that we lacked leadership who could make concerted efforts for collective decision making that made each of us accountable. ...Download file to see next pagesRead More
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