Need For Appropriate Processes to Manage Technology and Innovation in Organization

Need For Appropriate Processes to Manage Technology and Innovation in Organization

Introduction

This paper provides a critique on the need of using thorough and appropriate processes for managing technology and innovation in the organization. It describes the need of managing technology in addition to the importance of using efficient and thorough processes for managing technology and innovation in order to remain competitive.

Discussion

Technology has turned out to be an integral part of the daily life of the people. Business organizations are not an exception in this regard, technology is increasingly becoming an important part of every business' corporate strategy. Right from determining the needs of consumers and choosing a target market till the production and delivery of the product and services, technology has become an integral part. Owing to the integration and importance of technology, it is equally important to manage the technology in order to utilize it appropriately to result in innovation that provides the organization a competitive edge (Betz, 2011).

An organization cannot manage technologies in an effective and efficient manner unless it utilizes appropriate processes for doing so. Appropriate processes allow the organizations to perform internal and external analysis to determine what new technologies and customer needs are emerging, what are the existing capabilities and weaknesses of the organization for creating or adopting new technologies, what marketing mix will best integrate the technologies that lead the organization to gain competitive advantage (Erickson et.al, 1990).

An organization's corporate strategy sets the direction for its future. It determines the goals that the company wants to achieve as well as the product and the marketing mix that the company should pursue to accomplish its goals (Narayanan & O' Connor, 2010). However, the product and marketing mix cannot be effectively identified in the modern day ...