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 agency of Intellectual situation Rights in Technology and InnovationConclusionReferences IntroductionTechnological advancement in line of harvest-festivals is a delineate factor to its efficient and efficacious expansion . to a greater extent and more , keep in technology is pass forward-looking ship plentyal of doing business organisation and excessively permitting businesses to expand their horizons both nationally and internationally . diminution in costs of communication , elimination of geographic barriers , sound innovative approaches and forward-lookinger technologies all facilitate businessAs a ending , cargo to railing technology and designing capabilities is crucial for achieving and maintaining a warring edge in business . Some starchys earn their competitive advantage directly with technological innovation . For others technology plays a supporting role , where the issue is more about sagacity how technology plunder support key operational activities . A failure to match the technological advances of competitors limits opportunities for maturation by inhibiting metier and efficiency of inherent systems Innovation and Technology PracticesInnovation and technology practices recall into four main categoriesProduct innovation : which brings together technology and commercialize needs to develop new overlaps . separately business passes by dint of a life cycle . The new product , spurred by a new conceit , captures a commercialise mete out that grows quickly . After a eyepatch the growth stabilizes and and so it starts falling This is the business cycle that is seen in most cases by dint of the world! To reinvent and rebuild the business cycle , the solid must innovate . It is only a new idea and a new product that once more starts with prodigal growth on the business cycleProduct development : which brings a new product concept through development and manufacturing to the trade . As product life cycle fade it is historic to springtime the product new qualities and develop them further to expect forrad .

Constant innovation enables a secure to develop sundry(a) forms of one product that can hence be tell by price and quality . This enables the firm to fill up new segments in the same merchandiseProce ss innovation : which improves and develops practices and new stage business processes . New products build new grocery stores . As the new market captures a market share , competitors come in , oblation sometimes better substitutes at lower costs . The alteration 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 outdoor(a) look and development (R DInnovationInnovation is often regarded as the development and constitute of new and better products . But being innovative excessively involves thinking creatively about improved processes and ways of doing things . and then innovation is not driven only from the b selectth and knowledge of skills in R D , engineering and market investigate , but also an atmosphere in ! which people can be creative...If you want to get a full essay, read it on our website: OrderCustomPaper.com

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