The importance of innovation and technology

Innovation-and-Technology

When products lose their appeal or services become too undifferentiated, buyers tend to become indifferent in their purchase.  Loyalty to a specific product brand or service provider is reduced until the time that buyers become too indifferent that they would not mind buying or availing services from a new industry player.  When something is “cooking fresh” in the market, people become interested.  There is a tendency to leave old products behind and try the new one until a bandwagon effect is established.  The so-called bandwagon effect concept is basically based on the analogy that everybody wants to come inside a train when this train is gaining its speed.  Applied to individuals, the bandwagon effect generally makes the idea of a “fad”, that is people want to purchase a particular product because everyone else has it, or almost everybody is using it.

What is the importance of innovation in business? Innovation expert, Josef Martens, answers this question and offers four-part video series to managers, leaders, and innovators. Watch the video below:

 

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The bandwagon effect which makes trends and fads operate does not necessarily mean that followers of the concept or those who “jump on the speeding train” gain something substantial from it.  For instance, the emergence of the Silly Bandz which is basically a brand of silicone rubber bands that are formed into various shapes e.g. letters, animals are not necessarily useful or important.  In fact, despite the appeal of the cheap product to the market which includes celebrities and young people, it has been banned in some schools in several states in the United States because they were considered distracting.  The general appeal of the Silly Bandz, however, was most beneficial to the firm that manufactures it.  Such gains are even made bigger by the fact that the silicone bands are made from cheap rubber materials and manufactured at a low cost.

In a business organization, the concept of innovation is not merely about the creation of new products or the addition of new product lines.  Rather, innovation extends to the operations of the organization.  An organization can also be innovative in its hiring, recruitment, and personnel management procedures.  It can make use of technologies to record the attendance of its employees, track their performance, and manage their data.  Such infusion of technology can reduce the need for labor, which is a very expensive resource.  Moreover, efficiency is greatly enhanced through the use of information technology.  Relative to manpower, computers can be said to be more accurate and faster when it comes to data storing, encoding, computing, and other similar processes.  Note, however, that the presence of these technological innovations does not make the significance of human labor any less important.  In general, technology was proven to be important to businesses since it serves as the foundation of today’s rapidly evolving companies that provide high-wage jobs to employees, promote consumption, and fuel economic growth of industrialized countries. In our proposed e-learning program, we will see how technology will play a vital part in worker empowerment and knowledge and skills development that can make them better members of the organization. Because of the improvement in their competencies, these trained individuals will become better than their counterpart workers employed in other organizations that chose not to adopt e-learning programs.

Online communities: A fresh key to organizational success

Traditional communication involves personal discussion requiring the physical presence of the people involved, snail mail, and telegrams.  Later on, communication became even more convenient with the emergence of electronic mail (e-mail).  With continued demand for easier communication means, online forums or online communities began to establish its presence in the market.  Online communication became more interactive, almost making personal interaction unnecessary in some cases.  Several individuals can communicate altogether through online forums, real-time.  For some business enterprises, online forums allow them to discuss their agenda through computers.  The presence of web cameras further supported the growth of these online communities.  Demonstrations can be done via the web camera.  The significance of these technologies extends up to academic organizations.  Electronic or e-learning is basically an online cooking program intended to teach its users how to cook.  On this note, it is worth pointing out that the perspectives on quality of our design will vary according to whom might be using the computer-based learning materials, for what reasons and how.

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One Comment Add yours

  1. Cedric Pitpit says:

    For me, Innovation is important at all stages of development; specifically, the creation and diffusion of technologies are important for economic growth and welfare across all economies.

    Like

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