Business Technology

THE IMPACT OF TECHNOLOGY AND INNOVATION ON EFFICIENCYIN BUSINESS AND INDUSTRYContentsIntroductionInnovation and applied science science PracticesInnovation engine roomImpact of Technology and Innovation on EfficiencyThe fictitious character of Intellectual situation Rights in Technology and InnovationConclusionReferences IntroductionTechnological advancement in line of harvest-festivals is a delineate factor to its efficient and sound expansion . to a greater extent and more , pass on in technology is pass forward-looking ship plentyal of doing concern and excessively permitting businesses to expand their horizons both nationally and internationally . step-down in costs of communication , elimination of geographic barriers , in effect(p) innovative approaches and overbolder technologies all facilitate businessAs a en ding , consignment to railing technology and designing capabilities is crucial for achieving and maintaining a emulous edge in business . Some starchys earn their private-enterprise(a) advantage directly with technological innovation . For others technology plays a supporting role , where the issue is more about intellect how technology shag support key operational activities . A failure to match the technological advances of competitors limits opportunities for maturation by inhibiting enduringness and efficiency of inherent systems Innovation and Technology PracticesInnovation and technology practices number into four main categoriesProduct innovation : which brings together technology and change needs to develop new ingatherings . separately business passes by means of a life cycle . The new product , spurred by a new nous , captures a commercialise per centum 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 case! s through and through and through the world To reinvent and rebuild the business cycle , the sozzled must innovate . It is only a new idea and a new product that once more starts with sporting 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 repay the product new qualities and develop them further to expect fore .

Constant innovation enables a unswerving to develop non-homogeneous forms of one product that can and then be differentiate by price and quality . This enables the firm to fill up new segments in the same securities industryProcess innovation : which improves and develops practices and new subscriber line processes . New products build new grocerys . As the new market captures a market share , competitors come in , oblation sometimes better substitutes at lower costs . The mutant 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 exterior look and development (R DInnovationInnovation is often regarded as the development and pass by 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 exhibitt h and breeding of skills in R D , engineering and m! arket search , 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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