Concept explainers
How do we define technology and innovation, and how are they related?
To explain:
The relationship between the concepts of technology and innovation together with their definitions.
Introduction:
Out of the common words widely heard within the business context, technology and innovation could be considered as the factors fueling organization to steer ahead. Managing technology and innovation prudently shall lead organizations to success.
Explanation of Solution
Technologies used in organizations could be defined as the mechanism through which a set of contributions or inputs are converted into an anticipated outcome. It further facilitates the functions of evaluating and control.
Innovation involves in bringing in novelty to the organization or an industry, in relation to the products or methods followed. Inventing, development of novel products and process enhancements are some examples for innovations.
Innovations and technology are seen as going hand in hand within an organizational context. The inclusion of novelty in products and workflows is innovation and the explanation as to how it is done is technology. For example, a new organizational structure is an innovation in the technology of how organizational resources and responsibilities shall be allocated among various employees at different levels of the hierarchy.
Want to see more full solutions like this?
Chapter 18 Solutions
Principles of Management
Additional Business Textbook Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
Principles of Accounting Volume 2
Principles of Accounting Volume 1
Horngren's Accounting (12th Edition)
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
- How do you keep up with a constantly evolving environment of technology and innovation?arrow_forwardHow does knowledge management impact the management of technology and innovation?arrow_forwardExplore the concept of "innovation ecosystems" in the context of business models. How do they facilitate innovation and value creation?arrow_forward
- What are the key considerations in selecting and implementing innovation management tools?arrow_forwardExplain the concept of disruptive innovation, and critically assess using competitor, risk, and impact analysis of how innovation has impacted the market sector.arrow_forwarddiscuss how can firms build partnerships and collaborate with external organizations to drive innovation?arrow_forward
- How can Organizations be tools for innovation, depending on the organization’s values and purpose?arrow_forwardDiscuss with relevant examples the four (4) different types of innovation in theautomotive industry.please provide detailed answer.arrow_forwardWhat is the role of technology in innovation? How important is technology in innovation? Cite the CONCRETE Example/s of how a future entrepreneur will personally apply it in their life.arrow_forward