The Development Of New Technologies

1566 Words7 Pages
Introduction Historically, most managers equated innovation primarily with the development of new technologies or products. However, innovation is increasingly seen as the development of new service offerings, business models, pricing plans, distribution channels, or management practices. There is a greater recognition that great ideas can transform any part of the value chain and those products and services represent just a small segment of innovation. This broadening of focus has implications for those who are responsible to innovate. It used to be just a selected group of employees, usually within R&D: designers, engineers or scientists, whose job was to generate and pursue new ideas. Nowadays, organizations are trying to induce an innovative culture across the hierarchy to achieve holistic transformations. Making innovation everyone’s business sounds intuitively appealing but is hard to implement. Employees face capacity issues, time constraints, and motivation issues that restrain them. There is often a lack of consistent follow-through of well-intentioned schemes. Additionally, there is typically some level of disconnection between the priorities of senior management and the efforts of those lower down in the organization. This becomes more evident in large corporations where established processes are already in place and leave very little room to innovate. Large companies, according to Gartner (2014), have over 1,000 employees and revenues over $1 billion, often
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