Technological Innovation In Business

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Technology in business context is referred to as transformation of the business as usual to become more effective; the transformation can be in any area of the organisation. There were days when people used to look at a flock of birds and dream to fly in the air which came true when Wright Brothers invented Airplane and revolutionized the transportation industry. “Necessity is the mother of invention” but did people really find it necessary to fly in the air? May or May not be. Some inventions and innovations come from imaginations, inspirations from the work of others. India’s Mangalyaan Mission costing $74 Million became a success and made India to be the 4th Nation to achieve this attempt. At every stage due care was taken to transform the…show more content…
An Innovation which has the potential to change the traditional way of conducting business is said to be disruptive. Usually, established firms do the profitability analysis before investing in new technologies. Many instances prove that even though established firms have the resources and capabilities prefer sustainability over disruptive as they don’t want to allocate their main resources on the technologies which don’t yield good profits, they don’t want to lose their market share. On the other end, start-ups come with disruptive technologies but lack the learnings and capabilities to handle it which make them stumble, if the disruption occurs established firms try to catch the pace and adapt to newer technologies or go out of the market. Organisations’ hiring consulting firms to develop strategies for their business is steadily decreasing. The share of strategy work has been steadily decreasing and is now about 20%, down from 60% to 70% three decades ago, according to Tom Rodenhauser, the managing director of advisory services at Kennedy Consulting Research &…show more content…
The availability of humongous data about the customer buying patterns, discussions about the products on social media etc. are making the clients of consulting firms to seek implementable and successful solutions. This made the new entrants to come up with disruptive technologies and big consulting firms to build new development centers working on this domain. One such example is KPMG that has seen a change in business model, to embed technology based analytics tools to serve the

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