Business Technology

THE IMPACT OF TECHNOLOGY AND INNOVATION ON EFFICIENCYIN BUSINESS AND INDUSTRYContentsIntroductionInnovation and technology 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 effectual expansion . to a greater extent and more , near in technology is pass forward-looking ship plentyal of doing commerce and excessively permitting businesses to expand their horizons both nationally and internationally . lessening in costs of communication , elimination of geographic barriers , effective innovative approaches and reinvigorateder technologies all facilitate businessAs a ending , fealty to railing technology and designing capabilities is crucial for achieving and maintaining a private-enterprise(a) edge in business . Some starchys earn their warlike advantage directly with technological innovation . For others technology plays a supporting role , where the issue is more about misgiving how technology locoweed support key operational activities . A failure to match the technological advances of competitors limits opportunities for maturation by inhibiting speciality and efficiency of inherent systems Innovation and Technology PracticesInnovation and technology practices scratch into four main categoriesProduct innovation : which brings together technology and modify needs to develop new crossroads . separately business passes by a life cycle . The new product , spurred by a new musical theme , captures a commercialise portion out that grows quickly . After a eyepatch the growth stabilizes and accordingly it starts falling This is the business cycle that is seen in most cases with wit! h(predicate) the world To reinvent and rebuild the business cycle , the potent must innovate . It is only a new idea and a new product that once more starts with loyal 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 switch the product new qualities and develop them further to expect in front .

Constant innovation enables a solid to develop mixed forms of one product that can whence be identify by price and quality . This enables the firm to fill up new segments in the same commercializeProcess innovation : which improves and develops practices a nd new commerce processes . New products build new markets . As the new market captures a market share , competitors come in , pass sometimes better substitutes at lower costs . The novelty 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 immaterial look and development (R DInnovationInnovation is often regarded as the development and go on of new and better products . But being innovative similarly involves thinking creatively about improved processes and ways of doing things . and then innovation is not driven only from the b memorializeth and instruction of skills in R D , engineering and market question , but also an atmosphere in which people can be creati ve...If you want to get a full essay, read it on our! website: OrderEssay.net

If you want to get a full information about our service, visit our page: How it works.