Business and Technology

Since technology and innovation are household concepts in the business world of today, the question is no longer whether businesses should advance technology and innovate, but how much innovation should be embarked on and the manner in which it is done. With the advancement of technology at mind boggling speeds, business must either adapt and innovate or face dire consequences. The changing competitive landscape has landed business in a technological race to bring innovative products to consumers (Roffel, 1999). Given this scenario, managers are faced with unprecedented challenges which include the management of technology and innovation.

When speaking of innovation in an organization, there are three 'dimensions' than must be considered: 1) formalization, 2) standardization, and 3) centralization- (Fouke, 2006). The degree to which each of these dimensions is exercised has a proportional relationship to the degree and direction that innovation takes. Each of these, though important, can be restrictive to innovation. Formalization, like standardization has to do with the extent to which employees have to conform to rules and follow set standards and centralization has to do with the which individuals are responsible for making decisions. Each of these dimensions can be restrictive when applied with indiscretion. Because creativity is the fuel for innovation, and can come from anywhere, it makes sense that creativity should not be stifled. Instead, such creativity should be encouraged and rewarded- (Roffel, 1999).

For innovation to thrive there must be a strategic approach that is consistent with the business and its objectives. The strategies employed should be inclusive of the following:

* Recognizing the core competencies of the organization. Each organization has its unique core competences that set it aside from competitors within the industry. These core competences have been developed over time and have been forged from the collective efforts of different departments within the organization to form the foundation of the operational success -(Fouke, 2007). Management therefore cannot focus on advancing the innovative and technological aspects of the business without integrating such with the core competencies of the organization. Creativity should in its self be considered a core competency of the organization (Naiman, 2011) and should be seen as integral to the whole concept of innovation. It is also critical that management not only recognize the organization's current core competencies but determine what they will be in the future. Of course, in order to do this, there has to be a thorough assessment of the organization's internal and external operations.

* Conduct a GAP Analysis. There are three areas that need to be measured and compared in this analysis. These are 1) the present position of the organization, 2) where the organization should be and the reasons for the disparity and 3) What can be achieved with specific innovations. On a wider scale, a gap analysis should be done on the business with regard to the industry. Folke (2007) believes that the organization should look at its' competitors and their standing in the industry and devise a strategic plan to be as good as or better than those competitors. This approach would be effective in determining what needs to be put in place to become more competitive.

* Research. The organization should