Innovation & Technology

Innovation & Technology

1. As explained by economist Joseph Schumpeter, all companies must constantly renew their processes and products, otherwise they will be doomed to disappear

   • "This process of Creative Destruction is the essential fact about capitalism" (Schumpeter, J.) The economic system is sustainable thanks to these constant transformations, the enterprising people will be the ones who take most of the loot since they produce new products and services, they also innovate in the products that already exist
     • Currently all business sectors develop products that are at the forefront of technological advances to facilitate interconnectivity, users seek to control everything in their smart phones

2. How Does an Existing OrganizationAvoid Becoming Obsolete?

   • Companies must specify these improvement actions through investment in specialized areas, they are not only responsible for creating new products, but also trying to review the processes, their quality, and update the products that the company already has
     • Research & Development Department
   • Companies can hire and outsource innovation and development services. These outsourcing are specialized in cutting-edge issues and carry out market studies, among other strategies that offer a finished and innovative product
     • An example of such companies is The Legal Nexus of Forces

3. One of the ways in which this company analyzes and executes innovation is by reviewing four main categories.

   • 1. Client Sophistication
     • Undoubtedly, there are industrial sectors that are forced more than others to innovate according to the type of customer they serve
   • 2. Change in Competition
     • In matters of cost reduction, BPOs or ASPs are a great alternative, in addition, they have technologies that greatly facilitate communication between the client and the company
   • 3. Innovation
     • As already said, companies must constantly improve their products according to the needs of their customers and, have a department exclusively to go in search of innovation
   • 4. Emerging Technology
     • The implementation of artificial intelligence to the business world is booming, because it allows the systematization of processes that have been archaized. These outdated work practices do not allow a single language to be spoken, which would greatly facilitate the feedback given to an assembled system of artificial intelligence.

4. If you are not willing to allow your business to succumb to competition due to lack of innovation, you must be willing to

   • The willingness to change is essential, not only for managers but even the smallest piece of the company should go towards achieving the goal of always staying afloat, which means that occasionally they leave their comfort zone, they are updated so much academically as technologically and always learning
   • Also, businesses must make an important investment in terms of time and money, this is essential when looking for innovation, you must take risks and always be encouraged to try new things within the law

5. Prepared by: Fernando Rodríguez Romero UNAD Group Bibliography: LOWRY, K. M.. (2019). Combining Innovation & Technology for Real Change. AALL Spectrum, 23 (3), 30–32. Retrieved from: http://bibliotecavirtual.unad.edu.co/loginurl=http://search.ebscohost.com/login.aspxdirect =true&db=lls&AN=136411699&lang=en&site=eds-live&scope=site

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