Through innovation, the companies foresee these technological factors to deal with competitors to become successful. Nonetheless, innovation requires innovation planning and design process, which are essential for company growth. Innovation and Design in Today’s Business World: Organizations and businesses in the global environment are forced to permanently look for the most effective techniques to maximize their innovation management initiatives (Liem & Brangier, 2012, p.5244). Companies seek for such efforts or measures because of increased dynamism of the business environment. The innovation management efforts adopted by organizations and businesses are through new techniques and paradigms that serve existing and new markets efficiently including those with new and modified products and/or services.
The dynamic workplace causes to leaders who have to cope with many complex issues change their strategies to lead and motivate a diversified group of people while they have to work across the organisational boundaries (William, 2015). Global leadership is claimed to be a major issue in the literature of world business by Chuang (2013). Punnett (2004) demonstrates that efficiently leader is an essential key component of all organisations in this century to gain more business performance through using the benefits of globalisation and technology development. Chand (2014) states that leaders are key human resource in the organisation who are able to influence the subordinates to generate their high performance and bring the organisation achieve its goals. Leadership states to be an issue in this century because of extending economy by technological advances.
It is the current state of knowledge about the production of goods and services in an industry. Innovation has rapidly assumed a position of prominence in world competition on a global scale. To compete in this environment, organizations need a level of innovation. As competition becomes more global and time-based, organizations must develop and deliver new and superior products or services in less time. The challenge for modern organizations is to revitalize them so they can successfully and continuously develop newer products and enhance business development.
For industries and organization, developing and introducing new service is very crucial and become the significant method to increasing competitiveness. According to the literature, many of the companies are product–focused and there is a need for better understanding of innovation in the service sector, especially because of globalization companies try to shift from product –oriented toward service –oriented (Spohrer & Maglio, 2008), as an important factor at a micro-level. Build a sustainable source of
In an effort to streamline and improve processes, Mr. Hugh McCauley, COO has requested the development of specific system changes that will improve the inventory and manufacturing process. It has long been said that the Information Revolution will change the way organizations do business. In a world where time and information is money, information technology is critical to an organization's success and longevity. In order for Riordan Manufacturing to establish the organization as a leader and provide added value to customers, Riordan needs to evaluate their current business processes and learn how technology can scale operations in a cost effective manner at the same time focusing on using technology in areas that would provide immediate results.
Introduction This paper will analyze both internal and external factors related to designing innovated strategies in today’s industries. The continuous changing marketplace in the business world imposes great challenges for the company to maintain stability, productivity and profitability in the industry. In order to keep track on the competitive environment, every company should develop innovation to acquire competitive advantage. However, acquiring just a competitive advantage will only be for the meantime due to the fast development of technology, total modernization of the market and rapid changes of customer preferences. In addition, this paper will describe how these factors relate to one another and to the overall innovation process.
This article explores the concept of technological innovation and its effect on modern economies. Throughout the article there are a number of course related concepts and principals present, the most relevant and important being: innovation itself, the general environment of organizations, and Tech IQ. Innovation is the process of applying a new idea, and in today’s world innovation is closely associated to technology. This is an important concept due to the fact innovative companies tend to be leaders in their industries, while those who struggle with innovation tend to be the lagers. The general environment of organizations is a concept related to external factors that can affect an organization’s management decisions.
Hence, it is essential to understand external trends that promote performance which is known as Contingency Theory (Rider, 2009., Yukl, 2006). This theory depicts an importance of accepting technologies and innovation in highly competitive markets provide cost effectiveness and efficiency (Levasseur, 2004). It focuses on external determinants of organization structure and behaviour. Contingency means one thing depends on other things (Daft, 2013). It become very important to an organization as it continuously promote widespread technological innovation and radical shifts in design in which organizational systems are increasingly interacted because implementation of IT not only improve the communication system, but also establish good record keeping system (Warsaba, 2006).
The ability of organizations to manage and survive change is becoming increasingly important in an environment where competition and globalization of markets are ever intensifying (Cao and McHugh, 2005: 475). Organizational change involves, by definition, a transformation of an organisation between two points in time”. It is crucial for organizations to “Accept that undertaking change is a natural part of business life in order to keep in line with the need for improvements or customer or fashion demands”. The IBM report (2008 ) on Making Change Work states the ``effects of globalization , technology advances, complex multinational organizations , enable... ... middle of paper ... ...e-fits-all approaches. For example, they attempt to combat resistance to change by involving employees in the initiative’s design even when employees don’t have the information needed to provide useful input” We need to beware of pat formulas or off-the-shelf improvement packages.
Technology and Management Functions Working for a company where the single most paramount objective is to maintain the networks of other organizations makes it clear that management expects not only technology but cutting edge technology and cutting edge leadership to improve business. The company’s current technology is indeed meeting business needs everyday with its processes, systems, distribution of data, database management, telecommunications, and digital electronics. The Information Technology (IT) industry is one that is becoming increasingly important in the global economy and globalized world. Management in most companies expects technology to improve production, innovation, effective and efficient decision making, critical thinking, as well as its competitive advantage. The bottom line of revenues and profits are also expected to be improved with new and improved technology being infiltrated in the organization.