Question

Technological innovation is an extended concept of innovation. Technological Innovation, however focuses on the technological aspects of a product or service rather than covering the entire organisation business model. There are both advantages and disadvantages of technological innovation. Briefly present these advantages and disadvantages.

Answer 1

As mentioned in the question, there are many advantages and disadvantages of the technological innovation.These are described below.

ADVANTAGES

1) Cost is reduced.

By the innovation of the product or the services, most of the works that require humans will now be replaced by the products since the innovated product can perform all the tasks that require humans.

Because of this replacement, there will be no need of many employees and hence the money given to employees will be saved.

2)Quick communication.

The innovation in any of the products will make communication easier between the developer and the consumers, since most of the work is done automatically by the product it does not require for the developer to explain much in deep to the consumers.

3)Growth in the market.

The main reason for any kind of business (small scale or large scale) to compete in the higher level is because of the innovation in the technology. The small companies can come up with the innovations in their products and present themselves in the industry along with the top companies.

4)Increase in Productivity.

The services or the products that are innovated can perform the works much faster then the humans, because of which the productivity of any company that uses the innovated product will have higher productivity interms of money, status and use of technology.

DISADVANTAGES.

1)Unemployment state.

Since the innovation in products or the services makes less employe requirements, most of the people lose their jobs and are unemployed because of the technological innovations.

2)Problems during adopting the new techniques of the products.

The companies will always face the diificulty in installing, running or debugging the innovated products. This will lead to time consumption to adopt to the new technologies.

3)Cost management.

As the level of innovation increases in the technology, the cost also increases for such innovative products. It becomes difficult for the middle level companies to buy and adopt to the innovative techniques.

4)Wastage of Infrastructure.

When any of the industry adopts to the technological innovations, there will be wastage of the insfrastuctures both interms or materials that were priviously used and the humans that were previously employed by the company.