There are several ways that companies can manage and develop innovation and technology strategies. We currently live in a world where the history of technology and innovation has been incredible, its emphasis on competition between employees which helps them to think out of the box or differently . Innovation is an introduction of a new product and process of production, open a new market. Technology may be referred to as practical and theoretical knowledge which can be used to develop goods and services. Cross-pollination is the procedure of exposing employees to new ways of thinking by sharing knowledge. Moreover, the paper discusses the need and importance of technology and innovation strategies and their competitive advantage in the firm.
Keywords- Innovation, Technology, Strategy, Cross Pollination, Competitive
We live in a world where the records show that technological innovation and change have been nothing short of extraordinary. It has long been acknowledged that these two forms of innovation sit at the very core of capitalism and greatly account for the success of capitalist societies over other forms of economic and social relations. As many of us would likely accept that technological and organizational innovation is frequently something of a double-edged sword, since new developments occur, they naturally impair the persisting technological and organization all arrangements and occasionally social and economic relations more broadly. A broadly deployed model to understand technology builds on the notion of the technological life cycle, the life cycle of the same can be divided into stages, from invention, by research, development and circulation and market development, to commercial dissemination. If a firm is willing to develop a successful management of technology and innovation strategy, the firm must be readied for the effort. This requires alertness since the changes and accommodation to processes and results are filled with risk and unpredictability.
TECHNOLOGY AND INNOVATION
We see technologies not simply as technological artifacts like smartphones, computers, or laptops, but also as means to knowledge. It is a fact that almost all innovations have technological components or dimensions . Accordingly, most of the examples of both technology and innovation can be regarded as similar. Innovation is a good or service which is new or improved significantly, this is what we think most often when we talk about innovation. The most recent examples of innovations are smartphones, tablets, laptops. There are several types of innovations namely, process innovation, product innovation, organizational innovation, marketing innovation. Now the question which arises here is, how innovation happens- the answer to this is ‘the process by which new ideas are successfully exploited’. The new idea or innovation is not enough by itself rather it is required to be a part of a wider process that realizes its value and worth. This value is essential that it may be realized in economic terms but potentially even in social and environmental terms, these areas are seen as domains of innovation.
BALANCING CONFLICTING DEMANDS
There are certain things that a firm can do to balance the conflicting demands of being agile in a lively environment. Design systems and processes in such a way that it can identify, assess, and develop technology-based chances. The processes and systems must be able to sense what is coming. Identify communication needs and effectively turn data into information hence the correct information can be available to make the best decision promptly . Develop employees through training programs , this would become more crucial as the competitive environment of the firm becomes dynamic. Moreover, the management of technology and innovation needs that all the organs of the company are involved and attempts are made to make sure that the employees are permitted to intensify their skills, thus more dynamic the environment more essential skill improvement would be for the firm and the individual. The use of good change management processes is essential in a firm so that it can succeed in introducing freshness and newness into the organization .
CROSS – POLLINATION
Cross-pollination is the process of revealing employees to the latest ways of thinking through sharing knowledge. It is about merging the intellectual capital of individuals with many ways of thinking to reach innovative solutions. In businesses cross-pollination is when different organs or individuals are thrown into the similar blend, of which the result can be an exciting combination of new and fresh ideas, a shift in thought patterns, and can also build a lasting bond between departments.
Cross-industry innovation is a competent way to jump-start your innovation attempts by drawing analogies and shifting approaches between contexts, beyond the borders of your domain, industry, area, sector. Such analogies can be drawn at different levels, from products to assistance, to processes, to strategies, to business models, to culture and leadership.
Some examples of cross-pollination are; as we know that a company of carbonated energy drinks and a firm of portable camera business do not share much in usual, although Red Bull and GoPro formed a collaboration and the same has gone from strength to strength. Even, Nike and Apple collaborated. As we know that they both have a wealth of hardcore customers who are committed loyalists of their respective brands. For the past many decades, these two trading giants have collaborated on innovative goods of which both sets of customers can enjoy. Nike and Apple have produced everything from fitness trackers to fitness apps, to trainers, and much more, all linked to exercise and keeping healthy.
BENEFITS OF CROSS POLLINATION FOR A FIRM
Some benefits of cross-pollination for a firm are-
- It solves problems – When one introduces team members from different departments into the fold, then they will get a fresh outlook while tackling any hindrances, such type of cross pollination is a fairly new notion.
- It saves money- External experts will likely be charging by the hour, they may incur expenses, and they might even stipulate the split of intellectual property. Hence there would be no need to hire an expert when there could be an in-house solution.
- It leads to unforeseen innovation- New minds can also lead to unexpected innovations and solutions, the confronting of opinions and the mixing of thought processes can both re-examine old ideas and make new ones.
STRATEGY OF MANAGING INNOVATION AND TECHNOLOGY
Despite massive investments of management time and money, innovation and technology remain a frustrating trail in many companies. The instant flow of information and stable technological advancements during the past decades has made economic and social environments even more competitive and complex. Considering the relation and importance of technology with the companies hence wide competitive strategy and technology should be connected and aligned with business strategy. In the current world, the strategy of technology has become the key characteristic in conceiving business strategy and to assist a competitive advantage. Technological items include investment, licensing, and technological policies whereas innovation management areas consist of the development of new goods and services, new development processes, and policies for innovation. have an innovation strategy in a firm, there must such an environment where opinions and thoughts of employees are encouraged, the company should be proactive in appreciating creative thoughts. Companies are adopting new technological strategies, advancements, and innovations because of the globalization of the markets all over the world.
As distinct from technological disciplines, innovation is such which is generated by social and economic field. The management of technology and innovation must stabilize short-term coherence with long-term effectiveness in the market if the company is to add value and thrive in a replacing environment. Strong dynamic competencies are required if the firm is going to be able to address the challenges of innovation and dynamic competition. In the current era, the building blocks of a business are obtained from both technology and innovation. Innovation and Technology have not just affected the organizations but the society as a whole. All the organizations have to plan, define, and then execute the strategy in such a way that it develops the necessary capabilities to meet consumers and stakeholders’ requirements.
Bartol, K.M. and Martin, D.C. (1998) Management, 3rd edn, Boston, MA, Irwin/McGraw-Hill
BIS (2012) Innovation [online], http://www.bis.gov.uk/partnerabc/sitecore/content/BISCore/Home/policies/innovation (Last visited on 16th March, 2021)
Teece D., Peterar M., Leih, S. (2016) “Dynamic capabilities and organizational agility: Risk, uncertainty, and strategy in the innovation economy” California Management Review. 58(4). Pp. 13-35.
Cross Pollination in Business: Why it’s the Secret to Innovation, Growth Engineering Blog (December 18, 2019), https://www.growthengineering.co.uk/cross-pollination-in-business/
Z. Mahmood, A. Amir, S. Javied&Dr. F. Zafar, “Strategic Management of Technology and Innovation”, Volume 13 Issue 12 Version 1.0, Global Journal of Management and Business Research Administration and Management, 2013