Management Of Technology Case Solution And Analysis, HBR Case Study Solution & Analysis of Harvard Case Studies

Introduction

Innovation has become one of the most discussed concept in business world today. Most of the organizations competing in any industry have been trying to push itself towards innovation. Organizations of the modern era have innovated themselves and have been trying to put in efforts where they can outclass the rivals in the market by creating new ideas and business methods.

Innovation has become a necessity in the fast moving world. Each and every industry has made the industry players to invest upon innovation. If a firm cannot offer new ideas, technology, or methods then it cannot survive in the market. Therefore, it can be said that innovation is an elementary part for any firm. In recent years, many firms have actually tried to find the right mix of concepts and ideas that lead to technology (Strumsky, 2010).

However, it is quite evident and clear that none of the firms can actually innovate until or unless it makes investment upon the R&D and moreover, innovation comes through ideas. The ideas generated within the firm actually lead to innovation. It is a two way method or a process that leads the organization towards accomplishing its core objectives.

Innovation is the process which makes the organization stay ahead of the rivals in the market. Most of the times, innovation makes the firm gain a competitive edge which becomes the unique selling proposition of an organization. Innovation comes through constant efforts and investment in R&D.

The major sources of innovation are the process of generating idea. Secondly, once a firm generates an idea, it conducts initial screening, after which the innovation is reviewed. Once it is successful in the above mentioned step, the organization actually implements it within a firm.

The primary reason actually confirms the fact that some organizations find it easier to sustain and introduce innovation within the organization through constant check and balance of the current technology. Once the company spends and invests upon innovation methods, it becomes more attractive and eventually becomes a sustainable firm in the industry.

The paper basically explores the different sources of innovation that helps a firm become an organization that is widely considered as an innovative firm. Some firms innovate more than the rivals because they try to lead the market through actions rather than investing upon marketing efforts (Ellstrom, 2002).

Moreover, the paper also tries to find different methods of innovation that helps firm achieve their target of becoming innovation and rather technology oriented. Some of the examples that shall be discussed in the paper regarding innovation process shall be of Apple Inc, Virgin Group, etc.

Moreover, the paper also discusses the advantages of innovation, the process of innovation, the cost incurred by firms to sustain themselves as innovative, technology oriented firm. The paper shall also discuss the future of innovation process where firms might outclass competition through tempering in the overall process of innovation.

Discussion

Innovation is a basic tool for organizations where the firms look to find different opportunities with which they can outclass the rivals and stay ahead of the rivals in terms of the services or the product it offers. However, one basic thing which needs to be understood over here is that, innovation does not necessarily mean that the firm shall bring in new products and services for the customers in the market.

In fact, innovation sometimes is the process also. For instance, a company might bring in new ideas to retain employees, to improve the manufacturing capacity, reduce employee turnover, attain customer satisfaction, etc. Therefore, it is a fact that innovation does not necessarily mean that the company attains new technology and brings in a concept within the company or the industry that is not developed by the rivals (Ellstrom, 2002).Management Of Technology Case Solution

Sources of innovation

The sources of innovation which helps the firms bring in ideas that lead to success for the firm at different levels are as follows:

Investment in Research and Development:

The first and most obvious source of innovation within firms is the investment in the R&D of the company. The major source of innovation that has led firms to the level where they can overcome competition has been the major investment in the R&D section of the company. In the recent past, most of the firms that have become innovative have actually invested in R&D.............................

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