Innovation and Technology Management - Coursework Example

Innovation and Technology Management Contents Executive Summary 3 Introduction 3 Literature Review and Critical Analysis 4 Conclusion 8 Bibliography 9 Executive Summary This report focuses on the determination of some of the factors that are likely to importance of innovation and how innovative practices contribute to the business processes of modern organizations. It is possible to determine that the success of an organization depends on its potential to migrate the transfer resources to innovative business models and processes. Extensive research on innovation management reveals that the process is multi-faced and complex, whose wide scope ranges from the development of effective business strategies, the management of new and existing technologies as well as new product developments. The other consideration is the management of people, as well as different markets, which constitute incremental improvements that are necessary for effectiveness in the manufacturing as well as service delivery sectors. The management of innovation in an organization is a contributive factor that enhances the success of the organization and it should be able to develop every aspect of the organization. Introduction The essential goal of managers in a given organization is to guide the organization towards the achievement of its set goals. Every organization’s existence serves the purpose of the achievement of goals, which is possible through using some of the resources that are likely to make sure that the organizations have the ability to achieve its goals (BoHle et al, 2012, 44). This realization calls for innovation, which is a factor that not only contributes to the competitiveness of the organization in any given industry, but it also assists in the achievement of success (Burns and Stalker, 2001, 45). However, the challenge emanates from the capacity of the organization to become innovative, but with the capability to ensure innovative business models, the processes acquired is likely to ensure the success of the organization. With this determination, this paper looks into the importance of innovative practices, and their contribution to the business processes of modern organizations. The paper presents the argument in consideration of the statement, “Success is easier to sustain when the locus of the capability to innovate successfully migrates from resources to processes and business Model.” Literature Review and Critical Analysis The management of innovation in an organization is a complex process that does not require “quick fixing to ensure that they have an effect on the processes of the organization. The challenges of managing innovation is compounded with the fact that a number of ideas that would be effective are not transferable as managers in a given organization have to adapt them depending with the situation that the company is facing at the time. A number of areas within the operations of a business require improvement when a company aims to increase their innovativeness (Le Masson, 2010, 34). These considerations include the generation of ideas as well as their implementation. In this case, innovative management requires excellent performance in a number of disciplines that are necessary for ensuring the achievement of success in meeting the overall goals of the organization. On this note, it is vital to consider that very many organizations focus on a single area when it comes to innovative management, for instance, the improvement of a new product development, thereby assuming other equally important aspects (Le Masson, 2010, 34). The aspect of innovation management considers several issues, which comprise the generation of ideas, the implementation of the ideas and the development of the ideas into a working business culture. With this consideration, it would be necessary to identify some of the drivers that influence the need for innovation in an organization (Burgelman, 2008, 187). These drivers are inclusive of technological advances, intensified competition, the changing business environment and the customer needs that are always changing. One of the influential factors that influence the need to implement technological advances in the operations of a business is the high rate of knowledge creation and the acceleration of the same. Organizations should be able to monitor new or emerging technologies, which is a factor that has an effect on the transformation of their markets (Allen and Henn, 2007, 100). This does not imply that the organization should stop the implementation of their business processes using the existing technology since they would still be applicable. The management of an organization should be in a position to monitor some of the emerging technologies continually since their implementation is likely to have an influence on the potential transformation of the markets in their specific industries. For example, an organization in the car industry needs to take up new technologies in order to keep up with the sophisticated electronics that are continually being developed (Mann and Chan, 2011, 103). Consequently, it would be necessary for organizations to become efficient at tracking the progress of the numerous technological developments that are taking place in the current business environment. This does not only involve the monitoring of the effectiveness of the current technologies that the organizations might be using, but it also includes the technologies that might replace the existing ones (Wagner, 2008, 99). The other factor to consider in the determination of the importance of innovation, which is a precursor to the development of an effective business model, is the aspect of the changing requirements and characteristics of customers (Souza, 2010, 67). The altercation of the customer requirements means that the traditional market segments are fragmenting or disappearing. Based on this rationale, it would be necessary for the organizations to adjust the product range they offer to the customers accordingly. For instance, the car manufacturing companies are targeting an increased number of market segments as compared to the number of segments that they might have been targeting in the past. On the other hand, the car industry player are looking for other innovative ways of developing environmentally friendly automobiles, which is a consideration that emanates from the growing customer demands on the same. An organization in the car manufacturing industry should be able to consider this factor in determining the methods that might be applicable in the management of innovative practices in the organization (Bessant & Tidd, 2013, 29). Despite the fact that the customer needs are continually changing, the business environment is equally changing. It is possible to determine that the markets in the entire world are becoming more open that it was in the past. This is mainly because many governments embracing the market economy, which means that, they are adopting policies that focus on relaxing some of the regulations that affect specific markets (Goodman and Dingli, 2013, 22). On the other hand, these governments are embracing efforts that reduce tariffs through the formulation of trade groupings like the European Union. This consideration informs the need to emphasize the development of innovative ideas that mainly focus cost-cutting measures that is a requirement for key business processes. It is possible to determine that quite a number of companies have been able to redesign their business process, through which they have been able to achieve significant efficiency gains. One of the symptoms that reveal the magnitude of market change is the increasing levels of new product failures that occur in quite a number of markets. For this reason, companies in the manufacturing and service sectors depend on the continuity of innovation. From a number of studies, marketing managers were able to indicate that the introduction of new products is the perceived challenge that faces several companies in Europe (Bundy, 2002, 56). Consequently, evidence from different surveys reveals that the service sectors require innovation, which is an important consideration that is likely to improve the quality of service delivery that the organizations accord to their customers (Verburg et al, 2006, 109). There is a possibility of indicating that service delivery organizations focus more on the development of innovative approaches that would not only improve their ability to deliver quality customer services, but they can be able to ensure speedy and effective service delivery. This consideration also involves the aspect of looking for new technologies that are likely to enhance the organizational goals (Khosrowpour, 2009, 79). For instance, companies like Mastercard or American Express are looking for improved technologies that will ensure that customers do net have to swipe their credit cards through a reader, which is a factor that is likely to speed up the payment process. On the other hand, there are some hospitals that are applying the concept of process management, for instance the just-in-time management, which were initially developed for organizations in the manufacturing sector (Needle, 2010, 3). Other companies, for instance Nokia, 3M, Renault, Audi and Philips among others have been able to identify three aims that determine the implementation of their innovation management. These include the development of a “seamless innovation process” that breaks down some of the barriers that occur between several departments such as the marketing, manufacturing as well as the research and development departments. On the other hand, these organizations push for the creation of factors that are likely to elevate the commercial awareness of their research and development departments. Consequently, the other aim for fostering the adoption of innovative practices is for the development of more resourceful technology that is likely to improve the business process, which is a factor that aims at improving the success of the organization (Bessant & Tidd, 2013, 32). Conclusion There are several things that determine that the need for innovation in an organization is driven by the business environment that the organization is operating from, the forms of competition that affect the organization in the industry, technological advancements as well as influences from customers. This need informs the influence of some of the dimensions that determines the adoption of innovative business processes by an organization (Van De Ven, 2000, 14). For this reason, the type of innovation or the identification of the factors that are likely to influence the success of the business determines the overall innovative process that the organization will have to adopt. Consequently, the management in any given organizations should be able to consider how to enhance innovation in their respective organizations, which is a consideration that is possibly achieved by looking at the contributions that emanate from the within the organization. This is a factor that is likely to determine whether the creation of a new product or whether the implementation of a new business process can be competitive. Bibliography Top of Form Allen, T & Henn, G. (2007). The organization and architecture of innovation. Routledge. Bessant, J & Tidd, J. (2013). Managing innovation integrating technological, market and organizational change. Hoboken, N.J., Wiley. BoHle, F., BüRgermeister, M., & Porschen, S. (2012). Innovation management by promoting the informal artistic, experience-based, playful. Berlin, Springer. Brem, A., & Viardot, E. (2013). Evolution of innovation management trends in an international context. Houndmills, Basingstoke, Hampshire, Palgrave Macmillan. Bundy, W. M. (2002). Innovation, creativity, and discovery in modern organizations. Westport CT, Quorum Books. Burns, T., & Stalker, G. M. (2001). The management of innovation. Oxford [u.a.], Oxford Univ. Press. Burgelman, R. (2008). Christensen C and Wheelwright S, Strategic Management of Technology and Innovation, McGraw Hill Christiansen, J. (2000). Competitive innovation management techniques to improve innovation performance. Basingstoke, Macmillan. Eversheim, W. (2009). Innovation management for technical products: systematic and integrated product development and production planning. Berlin, Springer. Goodman, M., & Dingli, S. M. (2013). Creativity and strategic innovation management. London: Routledge. Khosrowpour, M. (2009). Best practices and conceptual innovations in information resources management: utilizing technologies to enable global progressions. Hershey, PA, Information Science Reference. Le Masson, P., Weil, B., & Hatchuel, A. (2010). Strategic management of innovation and design. Cambridge, Cambridge University Press. Mann, L., & Chan, J. (2011). Creativity and Innovation in Business and Beyond Social Science Perspectives and Policy Implications. Hoboken, Taylor & Francis. McLoughlin, I., Preece, D., & Dawson, P. (2000). Technology, organizations and innovation: the early debates. Taylor & Francis. Narayanan, V. K., & Oconnor, G. C. (2010). Encyclopedia of technology and innovation management. Chichester, Wiley. Needle, D. (2010). Business in context: an introduction to business and its environment. Andover, South-Western Cengage Learning. Souza, P. A. D. (2010). Innovation in industrial research. Collingwood, Vic, CSIRO Publishing. Van De Ven, A. H. (2000). Research on the management of innovation: the Minnesota studies. Oxford [u.a.], Oxford Univ. Press. Verburg, R., Ortt, J. R., & Dicke, W. M. (2006). Managing technology and innovation: an introduction. London: Routledge. Wagner, S. M. (2008). Managing innovation: the new competitive edge for logistics service providers. Berne, Haupt. Read More