Business Technology

THE IMPACT OF TECHNOLOGY AND INNOVATION ON EFFICIENCYIN BUSINESS AND INDUSTRYContentsIntroductionInnovation and plan science PracticesInnovation engine roomImpact of Technology and Innovation on EfficiencyThe character reference of Intellectual situation Rights in Technology and InnovationConclusionReferences IntroductionTechnological advancement in line of harvest-festivals is a delineate factor to its efficient and potent expansion . to a greater extent and more , keep in technology is pass forward-looking ship plentyal of doing tune and excessively permitting businesses to expand their horizons both nationally and internationally . reducing in costs of communication , elimination of geographic barriers , effectual innovative approaches and sweeter technologies all facilitate businessAs a ending , loyalty to rail ing technology and designing capabilities is crucial for achieving and maintaining a free-enterprise(a) edge in business . Some starchys earn their combative advantage directly with technological innovation . For others technology plays a supporting role , where the issue is more about catch how technology great deal support key operational activities . A failure to match the technological advances of competitors limits opportunities for maturation by inhibiting forte and efficiency of inherent systems Innovation and Technology PracticesInnovation and technology practices precipitation into four main categoriesProduct innovation : which brings together technology and commercialize needs to develop new harvest-feasts . separately business passes by a life cycle . The new product , spurred by a new belief , captures a commercialise percentage that grows quickly . After a eyepatch the growth stabilizes and consequently it starts falling This is the business cycle that is seen in most cases with the world T! o reinvent and rebuild the business cycle , the mansion must innovate . It is only a new idea and a new product that once more starts with riotous growth on the business cycleProduct development : which brings a new product concept through and through development and manufacturing to the trade . As product life cycle fade it is historic to pass by the product new qualities and develop them further to expect forrader .

Constant innovation enables a solid to develop confused forms of one product that can accordingly be severalize by price and quality . This enables the firm to fill up new segments in the same foods tuff placeProcess innovation : which improves and develops practices and new blood line processes . New products build new markets . As the new market captures a market share , competitors come in , crack sometimes better substitutes at lower costs . The magnetic declination fades off and competitive forces occupy space in the market thus driving down demand for the original firm . This again can only be solved through innovation and the development of new products that would again build a new market for the firmTechnology acquisition : which acquires the technology necessary for product and process innovation through internal or international look and development (R DInnovationInnovation is often regarded as the development and run of new and better products . But being innovative also involves thinking creatively about improved processes and ways of doing things . and then innovation is not driven only from the b usherth and teaching of skills in R D , engineering an d market investigate , but also an atmosphere in whi! ch people can be creative...If you want to get a full essay, read it on our website: OrderCustomPaper.com

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