Concept explainers
How do we define technology and innovation, and how are they related?
To explain:
The relationship between the concepts of technology and innovation together with their definitions.
Introduction:
Out of the common words widely heard within the business context, technology and innovation could be considered as the factors fueling organization to steer ahead. Managing technology and innovation prudently shall lead organizations to success.
Explanation of Solution
Technologies used in organizations could be defined as the mechanism through which a set of contributions or inputs are converted into an anticipated outcome. It further facilitates the functions of evaluating and control.
Innovation involves in bringing in novelty to the organization or an industry, in relation to the products or methods followed. Inventing, development of novel products and process enhancements are some examples for innovations.
Innovations and technology are seen as going hand in hand within an organizational context. The inclusion of novelty in products and workflows is innovation and the explanation as to how it is done is technology. For example, a new organizational structure is an innovation in the technology of how organizational resources and responsibilities shall be allocated among various employees at different levels of the hierarchy.
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