Management of Innovative Technology
Innovative technologies have become widespread and escalating in the modern world. They can have a positive impact on the growth and development of the company in any industry. However, various problems may arise along with this advantage during this process. This is why organizations develop an effective strategy for managing technological innovations to reduce and eliminate negative consequences. This is a significant step towards the progress and rise of the company. It is also worth noting that a business that uses new opportunities can increase customer loyalty and gain opportunities and prospects. Thus, conducting research on this topic is of particular value, as it will help significantly improve the company’s performance and help in developing an effective technology management policy.
In order to implement changes and avoid undesirable consequences more sufficiently, the company should develop a strategy for the management of innovative technologies. This aspect of functioning includes the essential technical skills to ensure more productive work. Moreover, it includes identifying the necessary changes that may be required after a period of time. Research underlines that “the Innovation Management market will grow from USD 421.6 Million in 2017 to USD 1,519.2 Million by 2022” (Babu, 2018, para. 21). An innovative strategy implies a detailed plan aimed at achieving business goals and gaining value that will attract and retain customers.
Therefore, the management of this area includes a set of specific steps or behaviors aimed at achieving the organizational growth of the company. All organizations should understand that the introduction of new technologies comes with the ever-changing needs of the market and society (Sterev, Rosillo and Gerardo, 2019). First of all, effective innovation management will contribute to building the right goals and a priority path for the development of the company.
The strategy of including innovative technologies in management activities has several significant advantages. Some of the outstanding examples of organizations that effectively implement innovation management are Google, DuPont, Procter & Gamble, Visa, Linux (Babu, 2018). Moreover, it must be mentioned that Google was the pioneer in establishing a business based on such strategy. Hence, as already mentioned, it will help to develop and form business goals and will assist in achieving them. Moreover, such management contributes to a more organized company, where all groups of employees will work for one successful result. It should also be remembered that business cannot stop at one innovation when getting what it wants. On the contrary, constantly changing industries and customer requests require a timely response and the addition of more new technologies to the organization’s activities. Furthermore, in the absence of constant updates and effective technology management, a business may lose its competitive position, which will negatively affect its profits.
The first step for the implementation of the management strategy of innovative technologies in the business is to bring changes in accordance with the existing policy of the company’s functioning. This is due to the fact that it is necessary to avoid cases when the decisions are taken differ from the way the organization works, as many problems and difficulties may arise. An important aspect is the preparatory measures and the confidence that all the company’s staff and departments understand the business’s primary corporate purpose. This aspect also includes analysis and awareness of the functioning of a particular market, the needs of buyers and customers, the need for a particular service or product.
Moreover, the company must understand the strategy of competitors so that the management of innovative technologies brings as many positive changes as possible. The next step should be to identify such an offer, which will be especially valuable for all company stakeholders, especially customers. The most important thing, in this case, is to determine the unique contribution that a business can bring to the selected market. This aspect also includes identifying those innovative technologies that will be the most successful in solving this issue.
This is followed by an analysis of consumers and their unsatisfied needs, which must necessarily be fulfilled. Innovation management is required because it will help meet the desires and requirements of potential buyers, which contributes to their retention and maintaining the level of loyalty (Davis, 2017). Moreover, it is necessary to conduct surveys directly of business employees. They can become a source of valuable information, as they have direct contact with the target audience and know what upsets them and what changes are needed. A practical approach, in this case, can be crowdsourcing, which will also help identify innovations that need to be used in the functioning of the company.
The last stage is monitoring, evaluating, and adjusting the implemented strategy to manage innovative technologies. This requires significant time costs, but this activity seems to be one of the most important. Finding weaknesses and changing them promptly can increase productivity and profit. Moreover, monitoring and adjusting the technology management functionality will help increase feedback for a better understanding of the effect of the strategy being implemented (Batkovskiy et al., 2016). Thus, the company must be ready to adapt to the needs of customers and the market and apply or remove certain innovative technologies in time.
There are many justifications for the use of innovative technology management. These include improving business efficiency, providing support and security, and the ability to store more information while maintaining its integrity (Kaur, 2016; Aithal and Aithal, 2016). Additionally, the primary purpose of this study is to show the importance of using innovative technologies in business and how to apply them effectively in this environment. The main objects of the study are to substantiate the use of information technologies in the business environment, determine a plan for the implementation of a management strategy, and consider possible difficulties.
Methodology and Ethical Considerations
Effective management of innovative technologies plays one of the decisive roles in the functioning of the business. However, before proceeding with its implementation, it is necessary to conduct a detailed study of this area (Patnaik et al., 2021). To do this, it is crucial to determine the methodology of scientific work, as it significantly impacts obtaining the desired results (Pandey and Pandey, 2021). Most companies are interested in measurability and flexible input strategies for technology management and control. Moreover, such changes become a resource for innovation and solving many modern problems.
Technological innovation management implies a well-coordinated process of planning, monitoring, and coordinating the implementation of technological updates. Sources state that “another typical example of a product innovation example was used by Apple Inc. with the introduction of iPhone series which are more attractive and classic to the customers” (Examples of innovations, no date). These steps give the company the opportunity to form and achieve the desired goals. In this case, the research methodology implies the choice of correct research methods for collecting and analyzing the necessary information. It can be as data about the necessary innovations, their characteristics, obtaining information about the market, the results of implementation, and the necessary changes. Moreover, the research methodology can be defined as studying possible or existing problems and finding practical and timely solutions. In addition, it helps to determine the necessary stages of the study and predict possible positive and negative consequences upon completion of the implemented policy.
The main advantage of developing a research methodology is accurately determining the structure of the work and which methods will be the most productive. Among the methods of collecting information in research there are quantitative and qualitative ones. In this case, a qualitative approach may be practical since it provides explanations for studying a specific phenomenon. Moreover, this method of collecting information and subsequent analysis is less costly in financial terms than the quantitative one and will provide more in-depth data.
In this case, research methods mean a way to collect the necessary information for conducting scientific work on the management of innovative technologies. The main advantage of this type of research is also that it provides information about the most valuable source for the company – employees and customers (Smith and Smith, 2018). The inclusion of these indicators in the strategy provides complete knowledge of the necessary changes within the company, how the staff adapts to new technologies, and most importantly, what kind of response from the applied strategy the business receives from consumers. A qualitative research method reflects how the requests, trends, and attitudes of the target and potential audience of the company are changing.
Moreover, this data collection method helps predict the occurrence of possible problems and obstacles in the implementation of a management strategy. It is also the most economical way to get maximum profit and essential information. One of the methods that can be applied to the topic of this study may be monitoring. It is a longitudinal study of strategy, which is repeated after a certain period of time. It is most productive after making changes and will help to find timely solutions to emerging problems.
Another method of qualitative research that can effectively contribute to scientific work and the implementation of the management policy of innovative technologies can be a survey. This method is effective both at the preparatory stage for assessing the current situation and during and at the end of the study. The central positive aspect of this method is the detail and reliability of the information received (Braun, Clarke and Gray, 2017). The disadvantage of the survey may be significant time costs, but it contributes to regular reporting and prompt analysis of performance results. Another method that has already been mentioned is crowdsourcing (Garcia-Molina et al., 2016). This method consists in transferring certain functions to employees to use their knowledge, experience, and abilities (Sanidas, 2018; Ghezzi et al., 2018). Among the advantages of crowdsourcing are rapid design, increased efficiency, better staff involvement, and lower costs.
The application of ethics to the innovative technologies being introduced is of particular importance. This is because new technologies provide a large number of business opportunities. This is what causes the need for correct and reasonable choices and decision-making. Ethical issues primarily affect all stages of technology management implementation (Sandler, 2016). In particular, this aspect affects intellectual property and the confidentiality of information (Purwanto et al., 2019). In addition, the ethics of the company’s technologization affects such points as informed consent, voluntary participation, and anonymity.
Ethical considerations also include factors such as risk management and individual rights. Digmayer and Jakobs (2016, p. 1) state that “complex technologies often require multi-layered, highly complex scientific exploration beyond many people’s vision.” This aspect of functioning is precious and should be of primary importance, as it creates a culture of trust and responsibility in the use of various resources. Ethics also prevents and reduces such adverse consequences of using innovative technologies as unauthorized access and hacker attacks. Therefore, new technologies often facilitate the company’s work, which can negatively affect the decisions made, and ethics will help the right choice in strategic terms.
|Preparation||2-3 weeks||At this milestone, it is necessary to order a survey to assess the company’s current state in the market, the attitude of staff to the introduction of new technologies, and the analysis of customer experience. Based on the data obtained, it is possible to adjust the technology management strategy. At this stage, it is also important to analyze the necessary time or resources. The main limitation may be the time spent on obtaining the necessary data.|
|Implementation||3 weeks||At the stage of implementation of the chosen strategy, it is essential to monitor further and evaluate the reaction of both staff and consumers to changes. Then, a survey can also be conducted to identify weaknesses and make the necessary, timely alterations. Moreover, crowdsourcing will provide significant assistance at this stage and give greater efficiency.|
|Ending||1 week||At the end of the study, a survey with stakeholders is also conducted to obtain the final results of the detail. Furthermore, the evaluation of the starting and final indicators is carried out to assess the effectiveness of the management strategy of innovative technologies. A limitation may be the lack of frankness and reliability of the data received from staff or customers. This time interval is optimal, as it will provide fresh and authentic data.|
Word count: 2040
Aithal, P.S. and Aithal, S. (2016) ‘Nanotechnology Innovations & Business Opportunities in Renewable Energy Sector’, International Journal of Engineering Research and Modern Education (IJERME), 1(1), pp. 674-692.
Babu, S. (2018) Innovation management: Importance, ideas, and examples. Available at:
Batkovskiy, A.M., Kalachikhin, P.A., Semenova, E.G., Telnov, Y. and Fomina, A.V. (2016) ‘Component methodology for creating and implementing organizational innovations in business companies’, Indian Journal of Science and Technology, 9(27), pp. 121-134.
Braun, V., Clarke, V. and Gray, D. (2017) ‘Innovations in qualitative methods’, The Palgrave Handbook of Critical Social Psychology, pp. 243-266.
Davis, E. (2017) ‘The effects of technological and organizational innovations on business value in the context of a new product or service deployment’, 2017 IEEE Long Island Systems, Applications and Technology Conference (LISAT), pp. 1-6.
Digmayer, C. and Jakobs, E.M. (2016) ‘Risk perception of complex technology innovations: perspectives of experts and laymen’, 2016 IEEE International Professional Communication Conference (IPCC), pp. 1-9.
Examples of innovations (no date).
Garcia-Molina, H., Joglekar, M., Marcus, A., Parameswaran, A. and Verroios, V. (2016) ‘Challenges in data crowdsourcing’, IEEE Transactions on Knowledge and Data Engineering, 28(4), pp. 901-911.
Ghezzi, A., Gabelloni, D., Martini, A. and Natalicchio, A. (2018) ‘Crowdsourcing: a review and suggestions for future research’, International Journal of Management Reviews, 20(2), pp. 343-363.
Kaur, M. (2016) ‘Perspectives on Innovations and Development’, Seoul Journal of Economics, 29, pp. 431-437.
Pandey, P. and Pandey, M.M. (2021) Research Methodology Tools and Techniques. Romania: Bridge Center.
Patnaik, S., Wang, T.S., Shen, T. and Panigrahi, S.K. (2021) Blockchain Technology and Innovations in Business Processes. Singapore: Springer.
Purwanto, R.M., Mukharrom, T., Zhilyakov, D.I., Pamuji, E. and Shankar, K. (2019) ‘Study the importance of business ethics and ethical marketing in digital era’, Journal of Critical Reviews, 6(5), pp. 150-154.
Sandler, R. (20160 Ethics and emerging technologies. Boston: Springer.
Sanidas, E. (2018) ‘The role of knowledge in determining innovations, technology, business, management and economic development: an expansion beyond knowledge’, International Journal of Economics & Management Sciences, 7(01), pp. 1-7.
Smith, R. and Smith, L. (2018) ‘Qualitative methods’, Research Methods in Human Rights, pp. 70-93.
Sterev, N., Rosillo, H.G.T. and Gerardo, T. (2019) ‘Technology, innovations and industrial development’, Economic Alternatives, 4, pp. 549-559.