Managing
Technology & Innovation
Resource Person sayings on Managing Technology &
Innovation:
“Management of innovation and technology is of
particular importance right now,” says Sabatier.
“The world has changed so much and is evolving so
quickly with new questions emerging all the time,” Sabatier says.
What
is Managing Technology & Innovation?
Managing
Technology & Innovation includes tools
that allow managers and workers or users to cooperate with a common
understanding of processes and goals. Managing
Technology & Innovation enables the organization to respond to external
or internal opportunities and use its creativity to introduce new ideas,
techniques, or products.
Why Managing Technology & Innovation Matter?
It Helps You Identify and Implement the Best Ideas.
Managing Technology
& Innovation makes it possible to
systematize capturing, refining, and implementing groundbreaking ideas. To
drive innovation, you'll need to
have a process in place to solicit ideas from target audiences (employees,
customers, partners, etc.)
How Can People Manage Technology & Innovation?
An
effective strategy for Managing
Technology & Innovation
usually involves making use of comprehensive analysis tools. They also use
decision-support tools, such as impact analysis and force field analysis, to
examine possible outcomes and choose the best solution.
Besides,
there are five steps to Manage
Technology & Innovation. Those
are given below:
1. Develop clear directions on how to submit ideas and
who they should be submitted to.
2. Create a transparent means of ranking
the ideas. Those who submit suggestions should see what other ideas are being
proposed, and critiques should be based on sophisticated checklists to evaluate
merit objectively.
3. Explain to people why their ideas were
not accepted. Why exactly did the idea not work? How might the person
or team approach the problem next time for better results? It’s especially
crucial at this point to nurture motivation and to prevent discouragement.
4. Make sure all members feel they are
essential to the innovation process. Innovation is not the capability of a select
few. Everyone—whether in a flashy or hardworking way—can contribute to the
innovative approach. Appreciate and openly praise those who contribute behind
the scenes and those who typically get the attention. Innovation can come from
all organizations (at IBM; it even comes from the interns).
5. Tie financial rewards to the
acceptance and implementation of ideas. Koulopoulos says one of his clients, a
huge healthcare organization, awards profit-sharing to a successful idea’s
owner and business unit.
Strategic issues in Managing Technology & Innovation:
Corporations need to continually scan their
external societal and task environments for new developments in technology that
may have some application to their current or potential products; stakeholders,
especially customers, can be a vital participant in the new product development
process.
●
Technological Developments: Focusing
one’s scanning efforts too closely on one’s industry is dangerous. Most new developments
that threaten existing business practices and technologies do not come from
existing competitors or even from traditional sectors. A new technology that
can substitute for a current technology at a lower cost and provide higher
quality can change the competition in an industry.
●
Impact of Stakeholders on Innovation: A company should look to its stakeholders, especially its
customers, suppliers, and distributors, for product and service improvements.
These groups of people have the most to gain from innovative new products or
services. Under certain circumstances, they may propose new directions for
product development. Some of the gathering information from key stakeholders
are using lead users, market research, and further product experimentation.
●
Lead Users: Companies should
look to lead users for help in product development, especially in high
technology industries where things move so quickly that a product becomes
obsolete by the time it arrives on the market. These lead users are “companies,
organizations, or individuals that are well ahead of market trends and have
needs that go far beyond those of the average user. They are the first to adopt
a product because they benefit significantly from its use even if it is not
fully developed.
●
Market Research: A
more traditional method of obtaining new product ideas is to use market
research to survey current users regarding what they would like in a new
product. This method has been successfully used by companies such as Procter
& Gamble to identify consumer preferences. It is especially useful in
directing incremental improvements to existing products.
●
New Product Experimentation: Instead
of using lead users or market research to test the potential of innovative
products, by “probing” potential markets with early versions of the products,
learning from the probes, and probing again.
Conclusion:
The impact of Managing Technology
&
Innovation on modern society is broad and wide-ranging, influencing
such areas as politics, diplomacy, defense, the economy, medicine, transportation, agriculture,
social capital improvement, and many more. The fruits of Managing Technology &
Innovation fill every corner of our lives.
Mohammed Imrul Hasan
Session: 2017-18
Department of Banking & Insurance
