Innovative Technology Management - Assignment Example

Innovative Technology Management Assignment Introduction In the current business scenario global economy has been taken into consideration for long term sustainability In this regard, it can be stated that innovative technology is an important aspect in the global market for the business to sustain and for the end users to enjoy wider range of innovative products and services (Economic Watch, 2010).Contextually, innovation refers to creation of something new in the economy in order to maintain the competitive advantage along with organisational growth. In order to integrate innovative technology in an organisation, it is important for employees to have sound knowledge about the various dynamics of technology along with innovation. The technological innovation is the part of overall process that focuses particularly on the technological aspects in order to become successful introducing quality product, delivering services and overall process. On the other hand innovative technology management is the way through, which organisation manages its entire process of innovation. Innovation management allows the team members of organisation to have proper understanding of the goals and object of business units and allow them to avail the external and internal opportunities in order to innovate new ideas, product or process (Betz, 2011). This discussion intends to address the key role that the intellectual property plays in the diffusion of innovation and technology and critically discuss the importance of appropriate technology and employees for the succession of the business. Role of Intellectual Property in Innovation and Technology Diffusion Intellectual Property (IP) refers to legal recognition for the creation of something new in the economy, which includes inventions, creative works, designs or symbols, names and images that are generally used by organisations. In order to protect the IP, law creates an Intellectual Property Rights (IRP) through the use of patents, trademark and copyrights, which helps and enable the owner of IP to get significant recognition and financial benefits for their innovation or creation. Additionally, there are various persuasive factors and the reason due to, which IP needs to be protected. IP plays an important role in the innovation and technology diffusion in order to protect the humanity ground of the innovator. Moreover, in respect to the progress of people the capacity to create and invent innovative work in the field of the technology is continuously increasing. Legal affiliation and protection of the new creation and innovation facilitates and encourage their commitment towards further innovation. However, the protection also enables to spurs the overall economic growth and development by creating new job opportunities and business units, which assists to enhance the living standard and quality of life. Furthermore, an efficient and effective intellectual property system not only enables the business unit but also to enables every country to cater economic development, social along with cultural well-being. IP helps to create a degree of uniqueness and value adding formation of organisation or human intellect, which was the consequence of human ingenuity, inventiveness and creativity (Holgersson, 2012; Falvey, & Falvey, 2006) Contextually, Coe et al (1997) identifies that globalisation in the market has led business to conduct their business activities across the world or beyond their national borders along with minimal amount of barriers. In this context the knowledge that is developed in one country is conveyed or surpassed through the process of imports and exports to promote growth in other nations. The technology diffusion in the global context takes place in the form of transmission of the capital goods, through cross-border learning methods, organisational structures, and product design along with market conditions. Furthermore, in regards to the international trade the transmission of a strong IPR helps to enable a significant trade flow between the nations by protecting the rights of the innovator (Coe et al, 1997). IP system assisted in creating a balance among rights of innovators and community interest, which enables to create an environment of creativity and invention, for the public welfare. Furthermore, IP provides patent rights, which are exclusive and unique, and are provided for the invention of product that provides people a new way of doing something or offer new technological solution to the underline problem. It also reflects the fact that forgoing invention will not be commercially utilised, made, distributed or sold without the prior knowledge and permission of the patent owner. Patent provides authority to company or the individual to decide to who shall use the secured invention or creation during the stated period. The owner provide permission or license on the basis of mutual agreement and also transfer or sell the right to the other party for using the innovative product for a certain period of time. Additionally, with the end of the enforced period of patent rights the innovative product enters into the public domain. Nevertheless, in order to attain the right the owner must reflect the element of the novelty or the new characteristics in the innovation (McJohn, 2009). Trademark is also an important IPR that provides a distinctive sign, which indicates and identifies goods or services and is particularly produced or provided through the said individual or a company. It ensures that owner of the IP have the exclusive right in respect of goods and service to authorise others in return of the monitory benefits. The time of protection varies although it can be renewed in correspondence to the payment of fees. Furthermore, it provides the authority to discontinue any trademark infringement through providing recognition and financial benefit to the real owner. Besides, it also helps to hinder any attempt of creating unfair trade practice or competition and play an important role in producing, marketing the good or service in a fair manner through facilitating the overall international trade. Whereas, copyright and other rights related to IP, provides the rights related to ‘authors of literary’, ‘performers’, and ‘producers of phonograms’ and ‘artistic works ’with the objective of providing protection to encourage the creative work. Thus, the role of IP and its management is to govern and provide an open innovation systems in the environment (Barrett, 2008). Keeping in view the profound competition and liberalization, IP facilitates in undertaking business around the world along with involvement of many players. In this regards an effective use of IP significantly play an imperative role in declining risk and treats from the involvement of various players. Additionally, IP also plays a major role in assisting the progression of innovative technology into the marketplace and community to avail the benefits. At the same time, it also helps in increasing the technology-based enterprises competitiveness, in respect of commercialising innovated products with a new or improved technology. Moreover, a successful invention results to perform the things or new commercially product in further efficient manner. Besides, this it helps to improve profitability of the enterprise through increasing the revenue or higher productivity (Kalanje, n.d.). Process Innovation helps Organisations to Build a Sound Platform for Success In order to gain competitiveness and competitive advantage in the global market organisation needs to constrain their continuous focus over creating innovative products and services. Along with the rapid innovation they also need to ensure that the entire process of innovation is cost-effective. Even during the time of recession and slow down in the market economy many organisations highly focused towards the growth by keeping technology as the main enabler in the process of innovation. Advancement in technologies with the changing scenario has led to the creation of more dependence on innovative means of products and services in order to succeed or maintain the market position in the global context. As a result, the demand for the more advanced and new technology have gained new heights in recent times, which in turn would increase the way organisation performs its work in earlier condition and now. Technology plays a vital role in current workplace and creates huge difference in the overall business operations through saving time and money. In order to create successful foundations in the long run it will be needful that company should identify the trend of technology and utilise the opportunities, which the new technologies proposes for product innovations (Fraunhofer IAO, 2014). In the current scenario, in order to maintain the competitive scope organisation needs to effectively create and share their knowledge and expertise with others. Technology is amongst the crucial aspects for the success of the business. However, technology alone cannot help the business to sustain in the long run but requires the help of other variables such as expertise employees and relevant knowledge. It is observed that sometimes improved technology fails significantly as it is not aligned with organisational objectives and goals. In this context, prior to Innovation Company needs to strategise its plan with regards to for the enhancement of the organisational structure to gain for profit global market. Moreover, organisation with proper strategy needs to incorporate new ideas and create opportunity to intimate and implement technological aspects to enable innovation. However, most of the highly innovative organisation agrees to the fact that they put their major emphasis on technology in order to support the overall process of innovation. Implementing appropriate technology enables to provide new method and way to develop, promote product, interact, compete and succeed in global market. Each technology has its own unique impact and advantage that assist to provide complementary support and run the entire process in right direction. Moreover, for the certain factors like wider dynamics nature of progression in the technological aspect, creates complexity for the organisation to comprehend and identity the technology that significantly provides opportunities to succeed and progress in proper pathway. In this context, it can be stated that success in innovation heavily relies on appropriate technology adaptation and implementation. So, it is prerequisite that in order to innovate through maintaining organisational reputation and growth they need to effectively match the requirements and potential benefits that adopted or adopting technology will offer. The method in which organisation resolves the issue of proper match of technology with the other aspects in innovative process will directly affects its succession in the market. Companies that significantly adopted and implemented the same through proper planning will be able to achieve high growth and enhance its competitive edge and explore profitability. Furthermore, in this regard it can be stated that a proper development and implementation of innovative process and technology strategy helps to increase the business capacity for further innovation, which congruently have a multiplier effect on the goodwill and succession of organisation as whole (Business Case Studies LLP, 2014; PWC, 2012). In the changing dynamics of the technical nature organisation has to constantly transform with the changing technological advancement. In order to manage the change effectively there should be high necessity of employee’s involvement and engagement. Working collectively and in a collaborative manner with various group members help to develop particular solution for the organisational problem. Research has evidently proven that with the increase in employee commitment towards the job role will significantly increase their efforts, which correspondingly facilitates organisation to become effective leader in the marketplace. Improving and enhancing employee morality and motivation is one of integral part in increasing employees to commit harder in the work (Business Case Studies LLP, 2014). Organisation in order to succeed in the long term needs to evolve continuously in changing dynamic of the global scenario to strive for transformation in a right time to secure their survival (Janssen, 2000). As described earlier, innovation is a process through which new, technically prospects product or process helps to generate overall economic value. Employee engagement is the key variable in the innovation process, as they backed the overall innovation activities. In the innovative process employees may encourage innovation or even can hinder the entire activity. In regards to innovation it was only the knowledge of the employees that were used to solve the challenging situation. Employees in the organisation have different background and knowledge regarding different disciplines (Scott & Bruce, 1994). Various researchers concluded the fact that some employees having extraordinary skills of creating innovative ideas and knowledge. Identify those employees in order to boosts their capabilities, which ultimately leads to overall growth of organisation. Engaging proper technology with expertise employees helps in creating and achieving organisational goals with high commitment towards work for the growth of the organisation. The success of the firm depends directly on the technological adaptation and employs engagement as in terms of productivity, profit and efficiency. In order to conclude this fact IBM is a proper example, which remains highly conscious regarding the technology adoption aspects and program. This enables company to encourage its employees to share their ideas and develop the prototype through making and providing collaborative efforts in their activities. This is why IBM is known to be one of the leading innovative leaders in the global market (Cutrone, 2012; FCB Partners, n.d.). Finally, it can be concluded that “by implementing appropriate technology and enabling employees to capture the company’s reputation for process innovation, organisations could build a sound platform for success”. Conclusion From the above discussion, it can be comprehended that innovative process begins from conceptual development of ideas of launching new product/process in marketplace. IPR plays an effective role in facilitating successful innovation. Additionally, IP significantly helps to provide a well-built negotiation prospect in maintaining commercial partnerships in the global context. Furthermore, in this regards it can also be stated that innovative technologies requires high involvement in the process of innovation for the organisation to sustain it reputation and succeed in the global market. Besides, all the above mention information it can be comprehended that the entire innovative process is highly influenced by employee involvement and adopted technology. Hence, it can be concluded that an IP system helps to enable the real owner and organisation by aligning rights and obligation in the practices in attaining the use of innovated products for maintaining organisational competitive advantage. Assignment 2 Introduction Automobile sector is one of the largest revenue gainer in economic market. During global recession massive pitfall was created for every sector however the automobile sector retrieved its business from this tide situation. The main reason of this retrieval by the automobile industry is due to the need and passion for automobiles among the people of different region. The objective of the paper is to discuss about the global market of automobile. In this context, we have discussed about Lamborghini, a well-known automobile company from Italy. In the year 1963, Automobili Lamborghini started its business operation, with it’s headquarter in Sant’Agata Bolognese Lamborghini. Lamborghini is also known as the maker of super sports cars. Lamborghini is the first maker of super sports car in the world. In the automobile industry, Automobili Lamborghini is the first successful maker of luxury sports car (Automobili Lamborghini S. P. A. 2014) In the present scenario, Automobili Lamborghini due to innovative products has attained success in the global market. Due to Global recession, most of the automobile companies have stopped producing new model and capture the market with remaining successful models of the past. For instance, General motor is one of the biggest examples of this economic pitfall. One of the successful products of automobili Lamborghini is “Lamborghini Reventon Roadster”, which has been selected for the stated study. Lamborghini Reventon Roadster has been launched in the year 2007. It is the most expensive car, which has even made by the stated company. The company has used best innovative technology while making this car. Lamborghini Reventon Roadster is one of expensive and highly mechanised car, in the automobile sector with high technical features. Lamborghini Reventon Roadster is named as “fighting bull” by the company, because it has a highly configured engine for better sustainability (Automobili Lamborghini S. P. A. 2014). Significance of Innovation In the present global market, innovation plays a significant role. Companies in order to withstand the global pressure emphasizes on innovation of new products with high technological attributes to meet the changing demand of people. In this regard, it is evident to state market leaders are those companies, which tends to have demonstrated leadership in technology along with development of new innovative products. Every company establishes new product to satisfy its prospective consumer as well as to sustain in the competitive market. Likewise, Lamborghini have implemented innovative technology to develop highly mechanised cars for better sustainability in the automobile sector for the long run (Automobili Lamborghini S. P. A. 2014). However, before making any product every company needs to develop or frame certain plans and program for better sustainability of the product. Contextually, every kind of innovation leads to certain strategy, which helps in fulfilling the needs of the company. Therefore, the stated company also follows some kinds of strategy before introducing new product in the market. In the automobile industry, innovation is a key word to sustain in the market. Innovation implies to the generation of better idea as well as bigger thoughts and most importantly wider strategies to make the new products or services more acceptable by new consumers. Consumer acceptance is the biggest challenge for every industry and providing consumer best quality product as per their requirement is another significant necessity of the company. Lamborghini is one such company, which has been trying to provide best quality products to its prospective consumers every time it wants to make new consumers through innovations (Automobili Lamborghini S. P. A. 2014). In this regard, it can be ascertained that technological innovation is changing the world of the service industry. Nowadays, every respective company implements highly improved technology for developing innovative and dissimilar product for future market. Therefore, sustainability is one of the prime aspects of automobile companies, and to fulfil that aspect company uses high-tech instrument and mechanism for delivering modified product. In this context, Lamborghini Company is the major example, every time it implements advance technology and mechanism it creates exceptional products, which are completely different from its previous product. Lamborghini Reventon Roadster is one of exceptional innovation by the company, its interior and exterior is completely diverse than other models and it equipped with high-tech mechanism. This features helps in attracting new customers and make them loyal towards the company. Contextually, whenever, an automobile company wants to make innovative products, it might undergo some strategies for successful completion of the product. During the process of making new product, company faces different kind of strategic issues, which sometimes hamper the innovation process. Company has been facing varied strategic issues, such as financial issues, operational issues, technical issues and departmental issues that delays the process of production and hampers the innovation procedure. Therefore, it can be witnessed that innovation plays a major role in the process of production and any strategic issues within the firm make the entire process of production and service deliverance slow (Automobili Lamborghini S. P. A. 2014). Implications of innovation Technology is an important aspect, which has entirely changed the mode of production of every sector. In the automobile sector technological innovations has played an important role, without the help of this technology new innovations cannot take place in the company. Innovation is an important facet not only for the companies but also customer as the trend and preferences of people change with time. Contextually, being a technological leader, the biggest challenge for any company is to produce innovative products every time and rule the market. In this competitive age, to sustain in the market is the biggest concern for every company, for this reason every company comes up with new innovated products. Therefore, to compete with the rival companies, the prior company has to use advance technology and in order to shine in the market. Innovation strategy and innovative products in design, engine and mileage is important for the automobile sector. With the changing demand of people, every consumer requires new products and to satisfy their demand companies offers new products (Jolliffe & Willared 2004). The competition to provide innovative products as per the demand of the customers creates a new product. Sometimes this kind of changes raises implications for the technological leaders for producing highly equipped quality product in a minimum range. Thus, this way technology has brought changes and implications for the companies. Critical Evaluation in relation to people and technology Globalization made the corporate houses more professional and in the 21st century automobile sectors wants to survive in the industry through making good relations to prospective consumers, enhanced technology and creates a positive impact among marketplace. These three basic aspects help the particular automobile company to flourish in the global market. Therefore, Lamborghini Company is the selected company for this discussion (Automobili Lamborghini S. P. A. 2014). Contextually, Reventon Roadster is one of the eminent products of the company as it was the first car, which has a power of bull as stated by company. In the 21st century, different automobile companies have come up with new innovative cars, which equipped with new technology as well as offered quality service in a minimum price. Nowadays, human beings need quality products in a minimum price. Return on investment is the key word for every consumer, and automobile companies have been focusing on this thought. In this context, Lamborghini Reventon Roadster is the most expensive car in the automobile sector and it has created its own numbers of consumers (Automobili Lamborghini S. P. A. 2014). On this global recession period, Lamborghini main aim is to retain its customers as much as possible and deliver them quality product with highly equipped technology. Therefore, Lamborghini has generated its own set of consumers and its products are acceptable by the marketplace. Innovative quality product is the main Unique Selling Proposition (USP) for the company and it have its own set of consumers in the present scenario. The stated company has never compromised with the quality of its products. However, due to unbalanced financial conditions most of the renowned automobile company change its working pattern. For instance, General motors’ is the prime example as it has stopped one of most important range of car due to global economic pitfall. In the 21st century, most of the people eagerly wait for new products of premier brand, and never hesitate to buy expensive car. Lamborghini is a global brand, for these reasons most of the people around the world are willing to buy its highly equipped cars. Technical innovation is another major part for the company to sustain (Jolliffe & Willared 2004). In the automobile sector, especially Lamborghini use innovative techniques during designing the cars. Lamborghini has always presented cars, which are equipped with advance technology. Implementing innovative products creates risk for the company. In this regard, Lamborghini has always been taking a risk before introducing new product, and nevertheless it has always succeeded in this process. On the other hand, Lamborghini has created a positive image among the people that every consumers has been embraced its efforts relatively. Furthermore, communication is one of the important aspects to maintain liaison and keep updating about the products to create a positive impact among the mind of consumers. Communication through social networking site, and social app is the emerging trend in the contemporary society, as every company has develop its own websites and through this websites consumers can easily interact with the company (Jolliffe & Willared 2004). The websites are important form of promotion of the new products as the people can easily provide their views regarding the product. In this regards, most of the multinationals break information about the upcoming products, to generate an interest among the consumers. Similarly, technology manages the marketplace, and creates a bond between company and consumer. In this regards, technology is an important element, which helps the company internally as well as externally. Technology is used at the time of making the car that is called internal help, and on the other way, when it is used for developing communication with the consumer is called external help. Therefore, Lamborghini has been using technology for internal as well as external use, which seems to be very useful for the current market situation. Consumer need is the top most priority for the company, and to fulfil the need of the prospective consumers is an important aspect. In this context, modern technology and its innovation led Lamborghini to attract more consumers. Conclusion At the end of the discussion, it can be comprehended that, Lamborghini cater its market skilfully and have delivered high tech cars to its prospective customers. Global economic pitfall has not restricted the growth of the prior company. Contextually, correct marketing strategy and planning makes the company more improved and enhanced. In the 21st century in order to retain the consumers and updating about the new products is a major mechanism to build the image of the company in the market. Lamborghini has a strong image in the automobile sector and people trust its products and spend money for its products because of its innovation and quality. References Automobili Lamborghini S. P. A. (2014). Company profile, Retrieved from http://www.lamborghini.com/en/company/company-profile/ Barrett, M. (2008). Intellectual property. United States: Aspen Publishers Online. Betz, F. 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