Stategic Management of Technological Innovation Essay

Innovation brings changes, and for bringing desirable and appropriate changes, a clear understanding of innovation is vital. A plethora of discourses indicates what innovation is, but it remains fuzzy because of contextual biases and disparity (Crossan, M. M., and Apaydin, M., 2010). The literature of innovation, on the other hand, refers to innovation as a category covering a wide spectrum of issues that include a source of change (cause), a changing process, and a changed state (effect), which appears ambiguous because the cause, effect and the process in-between cannot be the same.

Innovation is the process by which organizations use their resources and competencies to develop new or improved goods and services or to develop new production and operating systems so that they can better respond to the needs of their customers. Innovation can result in brilliant success for an organization. Apple’s ipod has changed not only the music listening industry but also music purchasing and now they are moving into the mobile phone industry.

Innovation is a term I’ve frequently heard in the realm of business and technology implying new and or different methods leading to

Innovating to deliver value- to be innovate and welcome the changes in the way of things to be done and operate to create values for

The word ‘innovation’ is derived from Latin word ‘innovare’, which means “to change something to new”. In other words, we may say that ‘innovation’ means changing the regular way of doing things and involves doing the regular things in a novel way.

Innovation and change that is brought about by it can completely redefine the playing field, new products and services can be created/built/designed. It can add efficiency to current work processes and services and also has the potential to build a whole new market place. All of this should increase a company’s earnings, profitability and competitive advantages over others

To promote innovative research, creative technology development, encourage the spirit of inquiry for the realization of new ideas, inventions, and furthering

Innovation is something that should be adopted by all companies. Business should be able to innovate constantly and bring changes to its new products or create new products to keep the interest of the customers, or else the customers will be attracted by other company’s products (Fleisher & Bensoussan, 2014, pp. 20). In order the business to innovate or bring new changes to the existing business, it is important for the businessmen to understand the essentials of innovation. This will help in innovating and staying ahead and different from rest of the companies in the business.

In business particularly, innovation results from the application of a scientific or rather the technical idea that can reduce the gap between the expectations and the ideas of the consumers and the performance of the companies' products. On the other hand in a social set up, innovation is also important in coming up with new method such as venturing jointly, creation of alliances, creation of flexible hours of working, and generally creating the purchasing power of the buyers, through various methods such as the layaway plans.

* Innovation – a constant flow of innovative products or services is the basis for on-going company success.

The process of translating an idea or invention into a good or service that creates value for which consumers will pay is called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberal application of information, imagination and initiative in deriving different values from resources, and includes all processes by which new ideas are generated and converted into useful products. In a social context, innovation helps to create new methods for alliance creation, joint venturing, flexible work hours, and creation of buyers ' purchasing power.

A simple definition of innovation is the application of new forms or ideas to elaborate different process, products, services or in a broader level changing an entire organization, aiming to increase as well to attribute value to the business. In a competitive industry this value can represent a large contribution to earn market share and competitive advantage, using the capacity to encounter opportunities and detect connections. Competitive advantage can be accomplished by innovation, approaching it in an ample concept, that includes new forms of doing things and technology (Porter, 1990). In other words, as per O’Sullivan and Dooley (2009), innovation is responsible for the company’s growth, which can be dimensioned by profit and turnover. For them, innovation consists in proposing changes for things already established and in this way creates something distinct. They highlight as well that although this is an important topic for various disciplines, the term is vaguely comprehended and often times confused with other topics, for example: creativity, design, invention and change. As already aforementioned in the definition, although there is a misunderstood relating innovation just to technology, the idea is more embracing them that, whereas include not just to develop novel technologies, but also enclose improvement of process, non-technological products and services as well the knowledge for whole Organization. The types of innovation are generally presented as

Innovation is identified as commencement of a new idea generally refers to transforming or producing more advantageous processes, services, products that can increase the probability of a business to be successful. “Innovation refers to doing something different” in businesses generate more efficient work procedures and have enhanced performances and productions. It turns up that innovation is a resource of at least numerous things to different people any new found invention of services or products, significant creation or a unique “culture of innovation.” The conception of originality is important to understand as a manager and for association overall. The major operation that is projected for innovation is commonly the

Innovation has been in existence since the beginning of time. Like anything else, innovation started growing at a slow pace. The penetration and acceptance of various innovations began to accelerate with the gradual collaboration of science and industry, especially in the 19th century. The partnership between science and industry allowed scientists to produce practical, reproducible technologies, which businesses could reasonably afford. Because of this cooperation, innovation grew very quickly. One thing that is relevant to all sects of business is innovation. Without innovation or innovators within a company nothing new would ever be produced. Innovation can be broadly defined as new products, new processes, new organizations, new management processes, and new strategies. Innovation is typically a result of trial-and-error experimentation. Innovations are being made in production and business processes which are leading to an increase in the productivity of labor and capital, which are boosting economic growth rates. With the growth of international competition innovation is becoming more and more vital to the life of companies.

Alecusan and Dimitrescu (2016) states that innovation is the carrying out of new combinations. It can be carried out by means of a detailed innovation process that can be come up with in different steps. Also, It is defined as how a product or service is come up with in market and how new challenges and opportunities are met. It relies on advanced technology, technological development and exists technologies. Moreover, it is driven by the ability companies has to provide network, to find chances and to get benefits from them (Lopes, Kissimoto, Salerno, Monteiro de Carvalho, and Laurindo, 2016). However, some may have different versions of innovation definition. It shows that there is no common definition of innovation publicly. Moreover,