Innovation and technology management Essay Example | Topics and Well Written Essays - 2750 words

Innovation and technology management - Essay Example During the recession in 2008, the owners of different companies worldwide were focused towards growth and they predicted that technological innovation would be the main source of success for the companies. In such a situation, The CEOs of the companies employed technology to gain success and differentiation simultaneously (Orcale, 2012, p. 1-10; Jaruzelski, Loeher and Holman, 2012, pp. 16-24). According to the survey conducted by PricewaterhouseCoopers (PwC) in 2011, about 80% of the CEOs of the companies operating globally believed that innovation is main driver for organisational efficiency and aims at building competitive advantage. From the survey results, it was observed that about 70% of CEOs had invested in undertaking technological up gradation to reduce the cost of the companies and in return became more efficient (Orcale, 2012, p. 1-10; Jaruzelski, Loeher and Holman, 2012, pp. 16-24). However, it is also evident that even technological advancement cannot deliver success until and unless business goals and strategies are developed and focused. Thus, it is pivotal to understand the condition of the company before undertaking any innovation process. The role of innovation is evaluated so as to ensure that it will lead to profitable growth. The changes in the company operation are evident when technological innovation is required (Orcale, 2012, p. 1-10). Innovation can take place in a number of ways; in a technological change highlights the types of products and services that can be produced by the company or change in business model that aims at delivering the initial value of the company (Jaruzelski, Loeher and Holman, 2012, pp. 16-24). Hence, it is quite evident that the companies should recognise the type of innovation that is required for the development of their business so as to sustain in the long run. The types of innovation are incremental, radical and breakthrough innovations. These innovations are