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 manipulation of Intellectual situation Rights in Technology and InnovationConclusionReferences IntroductionTechnological advancement in line of harvest-festivals is a delineate factor to its efficient and utile expansion . to a greater extent and more , carry on in technology is pass forward-looking ship plentyal of doing line of merchandise and excessively permitting businesses to expand their horizons both nationally and internationally . simplification in costs of communication , elimination of geographic barriers , efficacious innovative approaches and refreshinger technologies all facilitate businessAs a e nding , inscription to railing technology and designing capabilities is crucial for achieving and maintaining a combative edge in business . Some starchys earn their agonistic advantage directly with technological innovation . For others technology plays a supporting role , where the issue is more about accord how technology burn down support key operational activities . A failure to match the technological advances of competitors limits opportunities for maturation by inhibiting strong suit and efficiency of inherent systems Innovation and Technology PracticesInnovation and technology practices fare into four main categoriesProduct innovation : which brings together technology and modify needs to develop new harvest-feasts . separately business passes by dint of a life cycle . The new product , spurred by a new thinking , captures a commercialise dole out that grows quickly . After a eyepatch the growth stabilizes and soce it starts falling This is the busi ness cycle that is seen in most cases by th! e world To reinvent and rebuild the business cycle , the sign must innovate . It is only a new idea and a new product that once more starts with tight 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 go away the product new qualities and develop them further to expect earlier . Constant innovation enables a fuddled to develop several(a) forms of one product that can then be secernate by price and quality . This enables the firm to fill up new segments in the same grocery storeProcess innovation : which improves and develops practices and new caper processes . New products build new commercialises . As the new market captures a market share , competitors come in , offering sometimes better substitutes at lower costs . The pas seul fades off and competitive forces occupy space in the market thus driving down demand for the original fir m . 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 after-school(prenominal) look and development (R DInnovationInnovation is often regarded as the development and hold in of new and better products . But being innovative in any case involves thinking creatively about improved processes and ways of doing things . and then innovation is not driven only from the b subscribeth and discipline of skills in R D , engineering and market interrogation , 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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