Question

Subject: Innovation and technology management

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

Technological innovation :- It is the term in which organization begin in a journey where the importance of Technology is a source of Innovation. It is recognize as a critical success factor for increased market competitiveness.
Technological innovation ,however focuses on the technological aspects of a product or service rather than covering the entire organisation model. But in real sense, innovation is not only limited to technology.

Advantages:

- Technological innovation is an extended concept of innovation and carrying out of new combinations like the introduction of new goods, new methods of production , etc.

- Communication: With the arrival of new technologies like Mobile, internet communication has become very easy, fast and cheap.

- Globalization : With the arrival of new technologies diffrent countries get attached with each other very closely. The businesses have come under one system i.e. online to a greater extent.

- Cost effectiveness: With help of new technology the bussiness has become online and due to this reason the cost for running the business is reduced. With help of innovation business owners keep costs to a minimum.

- 24/7: Organizations have switched to online business with the help of new technologies, hence globally. This feature helps in working of bussiness for 24/7 due to this Organization grows and earn faster.

Disadvantages:

- Scope of unemployment: With the innovation of new technologies, there is no need for large group of members in the business due to this there is reduction of staff and machines have replaced human . This leads to Unemployment for humans.

- Lack of security: As the technologies have made communication easier and faster but the level of risk has been increased too like data leakage , email hacking , etc.

- Adoption:  Many customers are unwilling to change, particularly when it requires re-training or re-thinking.

Summary:-

So it can be concluded that innovation is important for any organisation to grow and to face the competition in the market . As a coin has two sides it also have pros and cons.