Using Technologic Innovation as a Competitive Advantage

There are various internal and external factors that can influence the development of innovations positively or negatively. External factors may include firm size, market structure, degree of industry concentration, and macroeconomic factors. Size of the firm tend to be more positive related to innovation in manufacturing and profit-making organizations as compared to non-profit making organization, and relationship that involves size and innovation will become stronger if a non-personnel or a long transformation measure of size has been applied, as compared to application of a personnel or a raw measure of size. Depending on the competition within the market for example a positive competition with favorable atmosphere, the firm will be successful in its kind of innovation. The way industries have been structured and how they change over time may have effect to the innovation among organizations. Their standards, the institutional setting and the process of liberalization and privatization also affect innovation.

The technology is the revolution to all industries it takes a wide variety of services into every industry in one way or the other, from cell phone service to software services, to medical services such as imaging to electronically medical records are just to name a few items on how technology has expanded and used every day.

The technological revolution spanned many decades, but for the scope of this paper will be limited to the 1990s through the

Technology management (TM) for companies is about sustaining and improving a company’s competitiveness in the long-term; being able to think out-side-the-box of what will be the new best thing before its competitor. There are three main aspects that fall underneath the umbrella of TM, leadership, motivation of employees, and last appropriate management technology. A company’s goal of what they have in mind for TM is to create a synergy among all factors (i.e. research, development, planning, engineering, machines, software, productions, and communications) to make them countersink together

Technology can greatly improve the industry through new ways of producing its products. The use of an innovative technology can improve the overall efficiency of the industry which can dramatically improve the supply of its finished goods. New technology may also be a source of competitive advantage as advanced technologies may minimize production costs which will translate to competitive prices.

Technology is the application of scientific knowledge for practical purposes, especially in industry. It can be argued that skills and other factors are considerably more important than technological change, for the future success of UK manufacturing businesses. Yet I disagree, I view technological change to be the most significant. In this essay, I am going to talk about several companies in which technology is vital.

Technological Forces — probably the most rapidly changing environmental force for all industries. How important is technology in your career choice? Do you have the most current technical skills that employers in your career field are seeking? Do the companies you are targeting have the resources to stay technologically competitive? How can you continually improve your technological skills to both avoid being replaced as well as keep your skills as marketable as possible?

In modern society with technology being so closely tied to having a competitive advantage, a lot of industries compete to keep up to date with new developments. The invention and increased use of computers, internet, and phones have all made a major impact on organisations around the world.

Change and development in technology takes place at almost every second. Even the slightest change in the industry can cause a massive outbreak of invention, directly adding to the huge technological developments.

Incremental innovations are small modifications process and products that already exists Incremental innovations often go unnoticed but they can accumulate over a period of time. Radical innovations are sporadic events that have the ability to drastically change a process or a product. To have a pervasive effect in the economic system a collection of innovations is needed. Changes of technology system are widespread and they impact different parts of the economy in addition to the creation of new sectors. Changes in the techno-economic paradigm: are massive changes that are represented in new systems of

Technological change is a fundamental driver of economic development and performance, not only at the level of firms and industries but also economies. Innovation is the organizational process through which new

The knowledge and understanding of technology is very high in this industry as technological innovation is necessary for the success of the firm in an

Technology is like a river and can change its direction completely. It can move in a different direction from what once was considered to be true and into one expected logically in the future. The cost and accessibility barrier is lowered with every new technology arriving and therefore the competition is increasing (Peter Alexander, 1994).

These technologies grow and develop within the company over time, and are utilized in successive products. The collective body of the company's technology experience broadens with the emergence of every new product. This broadened experience has turned out to be the base for appraising the "incremental newness" of the technology personified in the subsequent new product.

- Adaptation: to be survived, after suffer through several money-losing and facing bankruptcy, in 1964, the firm moved forward from the nuclear industry to steel industry.