Management of Technology and Innovation Departing Level

Question: Discuss about the Management of Technology and Innovation for Departing Level. Answer: Introduction The current report focuses on the implementation of the innovation in business enhancement. It is evident that innovation is required to develop the business and lead towards the desired direction. In this context, Davenport (2013) commented innovation is usually understood as the introduction and implementation of the new things. Innovation can be divided into two different sectors that includes in the technical knowledge and transfer of knowledge. Another sector is administrative technique for technology management. Innovation is regarded as the fuel to organizational development to gain the future success. Innovation is considered as the technique as well as outcome of creating something that is new. It is observed that innovation process could involve the entire process from the opportunity identification, invention to development. As added by Chesbrough (2013), emphasis that innovation does not revolve around the luck; appropriate methodologies are needed to assure the consistency, predictability as well as sustainability.The aim of this report is understand the importance of innovation in business and how innovation can be applied to an organization to gain future success. The report also focuses on the importance of innovation and the process of innovation. This helps to learn how an organization access two kinds of knowledge, which is technical as well as the administrative to develop the system develop of innovation. Discussion and Analysis The term invention and innovation are sometimes used interchangeably, although the concept is distinguished. An innovation is an idea, whichhas largely been adopted into the practical reality. For example, for a business, innovation comes in the form of a product, process, business concept, or the combinations that have been applied in the market placed as well as to produce new profits and growth for organization. Definition and concept of innovation Innovation is considered as the technique that helps to bring new ideas, new technique or new product to an organization. Some authors or the scholars have limited innovation to look for a big idea to enhance an organizations competitive position.As mentioned by Boons and Ldeke-Freund (2013), innovation is consisting of invention and exploitation. This refers to a new way of implementing things, which are commercialized. In addition, it has also been identified that the technique of innovation cannot be differentiated from organizations strategic as well as the competitive context. Importance of innovation If an organization cannot compete on price, it has to differentiated, and to differentiate, the organization has to focus on the innovation. For example, it can be mentioned that western business could no longer assure to compete in a global environment on price alone. The expense of doing the business, particularly in the manufacturing industry are far larger than the organizations in Eastern Europe (Baden-Fuller and Haefliger2013). Another example state that regarding the economics of scale, which for years was a differentiating factor for many business organizations. In such context, the nations such as Brazil, Russia, India and China widely acquire internal markets than UK. Hence, the organizations apply the principles of innovations. The innovation process There have been certain steps or the phases involved in getting the most from the innovation in business. The first step comes with generating the ideas. In this context, Frankenberger et al. (2013) added that the foundation to relevant innovative technique is the number as well as the quality of ideas it generates. This may require the organization to consider both internal as well as the external sources of the ideas. As mentioned by Boons, Montalvo Quist and Wagner (2013), one of the potentially significant channels for new ideas could come from those working or involved in the business; thereby, the organization needs to make every effort to increase their input into identifying new as well as effective way of doing activities. Nevertheless, this could be an obvious consideration. There have been many businesses use the level of soliciting concept from the employees in the wrong way and as the consequence, the organization observes little long-term profits in the generated ideas. On the contrary, many organizations are observed to be using the suggestion box approach to collect ideas from employees. However, Baden-Fuller and Haefliger (2013) mentioned that this is certainly a common technique; it may not work effectively. Conversely, Christensen, Anthony and Roth (2013) added that the manager or the HOD need to meet the employees at least once in a month to discuss the matters related to work. This already happens in a business as it certainly brings profits. Figure 1: Steps involved in the innovation process (Source: Davenport 2013) The next step of innovation is to evaluate the ideas. If one could generate the ideas, the person could maximise the number of ideas identified in the first step. However, the evaluation of ideas should take place through a number of stages. Department Level: Small business ideas can be implemented shortly within the department. On the contrary, the bigger ideas, which require input as well as decision from the large management and the ideas, which are not effective for implementation. The next step of innovation process is the implementation of the ideas. As discussed above, the small ideas are generated at the departmental level, once approved should be implemented as the subject of course without much concern. Thus, for the large ideas, which need the approval of the senior management; the manner in how those ideas required to be applied could only be decided on the cases since the route to application could generally depend on the ideas involved. Nevertheless, it can be mentioned that when a big idea is approved that influences the business whole, it could usually be relevant to build a cross-functional application team to lead the process effectively. Thereafter, the step of innovation process comes in the form of impact of the ideas. As mentioned by Chesbrough (2013), when a particular idea or the concept is approved for the execution, attention should be provided to how it influences will be measured in the coming ideas. Thus, the advantage of the ideas implemented could be measured over time. Figure 2: Impact of the ideas in the innovation process (Source:Boons and Ldeke-Freund 2013) Recognition of the ideas- In respect to planning a new or reconstructing the existing approach to innovation in the business, the issue of recognition is very significant. On the contrary, while generating new ideas, the manager or the HOD must have to acknowledge each idea, as the executed suggestion makes a large contribution to the business performance. Integrated innovation framework Integrated business innovation is nothing but a systematic process of implementing innovation planning, performance of the employees, providing a suitable platform to the employees and finally maintaining appropriate business process within the organization. In order to run an organization successfully the employees have to play a major role. Implementing innovative planning: Implementing innovative planning within a business organization include implementation of unique business strategy and policy, use of advanced technology such as surveillance camera or video, utilizing global positioning system for keeping a constant track within the process of business (Marjanovic, Fry and Chataway 2012). With the changing progress of civilization, the needs and demands of the customers are changing gradually. Therefore, this kind of innovative business planning and strategies help the organization to maintain a market demand. Performance of the employees: The success of a business organization is highly dependent on the service provided by the employees. Business managers of a particular organization should make an effective communication with the employees in order to know their problem regarding meting the business goal (Chesbrough 2013). A strong communication in between the employees and the managers renders the success of business. Providing suitable platform to the employees: Employees need to get a suitable platform in order to provide their innovative endeavour towards the business goal (Georghiou et al. 2014). The business managers should implement a friendly environment within the workplace so that employees do not hesitate to perform well. The employees should maintain a strong communication with the managers so that they can make a collective decision regarding the business goal. Therefore, while making an integrated innovation framework, business organizations have to be concerned about these factors for building the image and reputation of an organization (Mason and Brown 2013). The business organizations should implement those strategies and policies with the business process that have never been used before. Figure 3: Integrated Innovation Business Framework (Source: Franks and Vanclay 2013) Models and theories of innovation Distributive innovation is the innovative theory that primarily focuses to create a new market value as well as value networking by eliminating the existing business strategies and policies. As per the concept of this particular theory, the needs and desires of the customers are gradually changing. Therefore, the business organizations love to implement unique strategies and policies for drawing the attention of the customers. For an example, B2M Solution initially stared their journey by following low cost strategy for creating a marketing demand. The services providers liked to deliver the products to the customers in low cost without hampering the product quality (Boons et al. 2013). As a result, the organization had t face challenge in order to maintain a balance in supply and demand of the products at a time. In order to overcome this kind of temporary crisis, the product managers have decided to implement brand value strategy with the process of business. B2M Solution decided to focus on developing android software only. As a result, the target customers have been segregated after reforming the business strategy and policy. The organization was able to maintain a balance in between supply and demand of the products. Automatically, this policy created a market value at the particular time. Research Limitation This particular study has primarily focused to deal with the impact of implementing innovation plan for the success of a business organization. While discussing the impact of innovation planning, the study has primarily focused to deal with the positive impacts of innovation plans and policies within the process of business (Hargroves and Smith 2013). Therefore, innovative plan is not devoid of some of its negative impacts as well. If the customers do not get satisfied with the innovation planning and policies of a particular business organization, the entire rhythmic flow of business is destroyed. Therefore, the study could make detailed discussion on the negative impacts of implementing business innovation plan (Katz 2012). In addition, some of the important aspects of business innovation plans and policies have not been discussed in detail in this particular study. Recommendation Business innovation strategy and policy is one of the major parts of management based on which the organization creates a special attention in the mind of target customers. Innovation policy comes as a major threat for the competitors as well. Therefore, before implementing an effective business innovation plan, it can be recommended that the managers should make a risk analysis. With the help of risk analysis, the organization makes an alternative plan always so that the strategy can be replaced at once after receiving a negative feedback from the customers. At the same time, the marketing executives can be suggested for making an effective market survey in order to know the competitors market strategy and policy. After collecting the necessary feedback from the market, the management should implement relevant innovative plan and strategy with the entire process of business. Conclusion The entire study has provided an in-depth analysis regarding the impact of innovative plans and tactics for the enhancement of business process and policies. The overarching term business innovation implies implementing unique strategies and policies within the process of business that have never been used before. While dealing with this particular topic, this study has focused to deal with the positive impacts of innovation policies for rendering the success of a business. 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