Question

1. Discuss What is the Role of Technology and Big Data in Innovation & Entrepreneurship

Answer 1

Technologies are 'laws and ideas that guide the production of products and services.' Technical innovations are new rules and ideas about what to manufacture and how to do so. Technological advances emerge when new laws and concepts are applied and/or commercialized by entrepreneurs and find practical application.

Today we live in a 'age' of technology and a global economy where competition has become based on knowledge. Technological progress has taken center stage in current ideas about growth and development. Therefore our love for novelty and new gadgets is based on practical and theoretical grounds. In addition , the relationship between technological innovation (and entrepreneurship) and how it can promote global growth and development is becoming increasingly of interest.

Nowadays, many startups have emerged through the exploration of new and innovative technology, and are dedicated to using the same to further their growth. Many entrepreneurs have been able to recognize emerging trends with comprehensive market analysis that could help improve this form of technology for both companies and customers.

The growth of big data and analytics firms has changed the environment for the company considerably. Big data and the use of data analytics are more frequently adopted, especially in companies pursuing new methods to build smarter technologies and solve challenges in complex processes. Operating with big data and applying a range of techniques for data processing includes strong multidisciplinary competencies and knowledge of mathematics, econometrics, computer science, data mining, law and business ethics, etc.

Companies may use analytics to deliver new goods , services, or processes to their current partner network, such as providers. For example, a company might give suppliers and partners analytics to help them make better choices. "In another sense, with the Internet of Things, businesses almost always have to exchange sensor data with their ecosystems and set standards to incorporate and evaluate the information

Innovation in the product system: An company and its partner network can use analytics to sift through the enormous amount of data that sensors generate.
Innovation in service: Analytics will drive or calculate the innovation in service Companies that create complex products such as cars, computer hardware or jet engines may use analytics to track how the devices work and predict when maintenance will be needed.