Innovation And Technology Management Assignment Sample

Introduction To Innovation And Technology Management Assignment Sample

AS 1

Introduction

Innovating within the business is very necessary for the success of the company. With good innovation, it is also very necessary for the person to learn effectively. The reason underlying the fact is that the present learning will be implemented effectively then it will be affecting the working of the project. The current study will outline the reflection relating to learning which have been implemented with help of the current project.

Reflecting on learning and personal experience

With the evaluation of the technological innovation system within the company it was analyzed that it was a good learning experience. With the help of this task of meaning the poster relating to technological innovations system I enhanced my knowledge and experience relating to the innovation and technology. This was a good learning experience because while working over these posters I was able to develop much different kind of skills. The most common skill which I learned with help of the current poster making was the researching skill. This was the most common skill which I learnt during working on this module. This is particularly necessary because researching is very crucial for success of any project. In the present case I was allowed to make a poster relating to the technology innovation within the company (Basile and et.al, 2021). Thus with help of the good researching skill I was in a position to outline the innovative products which the company is using and what all changes can be implemented in order to innovative in better way. Thus, the whole learning experience was good and it assisted me in developing much other different kind of skills as well. With help of the present project I was also in position to develop the time management skills. This is particularly because the project needs to be completed on time and with help of the current analysis I was in position to accomplish the objectives on time. With the personal experience I learnt that setting deadline is very important. While working on the project I missed a particular task and because of this the project would have been delayed. But after this mistake I set deadline for each and every task and time to time schedule helped me in managing project. Ultimately, this whole project was undertaken on time and as a result of this the overall efficiency of the project was improved.

Reflective report on the basis of the GIBBS reflective cycle

Description

The current study included the making of the poster relating to technology innovation system. In the current competitive environment technology is increasing and to face the competition it is necessary for the company to innovate continuously. The reason behind the factors that when innovation will not be implemented them company will be working on the basis of the obsolete technology and product and services (Ilyash and et.al, 2021). Hence, it is necessary for the company to continuously innovate. Thus, with help of this poster making I evaluated that effective learning is very necessary so that the working can be improved.

Feelings

With the current study I felt that working on the poster was a very good learning experience. This was particularly because of the reason that the poster making included many different aspects and as a result of this the overall working efficiency and learning improved. Along with this, poster making included the use of technology and this increased the working efficiency and level of knowledge is well.

Evaluation

For the evaluation of the poster making activity it was analysed that collaboration and coordination skill is very necessary. This is particularly because of the reason that for each and every activity collaboration and coordination is important (Rhee and Stephens, 2020). The coordination ensures that each and every activity is interconnected and is being implemented in appropriate manual. Moreover the current project was also helpful in learning the fact that team working is also very necessary. The poster was a team working experience and it evaluated that team working is very necessary.

Analysis

Further with the analysis it was evaluated that the effective compliance with the poster making activity was also in developing self. The reason underlying the fact is that with help of this project I was able to analyse that I am weak in communication skills it is very necessary for me to improve the communication skills. In addition to this I also analysed that decision making skill is also lacking and this also needs to be improve the so that I can go effectively within the corporate environment.

Conclusion

In the end, it is concluded that the whole project making was a good learning experience. It assisted in evaluating self and analyse the areas which needs to be developed. With the help of the above evaluation it was analysed that communication and decision making skills are the one skills which needs to be improved.

Action plan

For improving the communication skills, the action need to be taken includes simulation and viewing online videos of experts and professionals. In order to improve the decision making the use of simulated working environment needs to be implemented so that demo decisions can be taken for improving this particular skill.

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Conclusion

Overall in the end, it is concluded that the whole poster making was a good learning experience. With the working, it was evaluated that there are different skills already present within. These major skill included team working, researching skill and many other different skills. In the end it was analysed that communication skill and decision making skill needs to be improved so that I can develop as a good employee.

AS 2

Introduction

Innovation is referred to as bringing in something new and trying to improve the older products and services of the company. For any company to be successful they must bring innovation and creativity. The present study is based on Recykal which is a tech start-up created for managing waste and channelling it in making recyclable products, the current study will outline the need to manage innovation in the current environment. In the end, the evaluation of the importance of innovation and technology will be outlined and its impact on the performance of the company will be highlighted.

Managing innovation and technology in a dynamic environment

In this highly competitive environment, it is very essential for the company they effectively manage the portfolio relating to innovation and technology. The reason underlying the fact is that the competition within the market is very high and the company must implement good innovation so that it attracts the consumers (Liefner and Losacker, 2020). For the success of the company, it is necessary that they appropriately bring innovation and try to use all the latest technology so that consumers are attracted towards the products and services provided by the company. For the management of innovation, it is necessary for Recykal they implement and comply with the innovation system which includes 4 fundamental components. This includes policy framework, knowledge, businesses and effective funding. In case all these elements will not be focused by Recykal then it will be affecting the performance and development of the company. For proper management of innovation, effective funding is needed and as a result, this company must keep and manage the funds so that appropriate work can be managed.

In addition to this, for the effective management of innovation and technology within the working of Recykal, the compliance with the regional innovation system. This is a system of innovation based on the technology and it is assistive in improving the overall working efficiency of the business (Leceta and Könnölä, 2021). Furthermore, when this system is implemented in the working then it will be improving the overall working and more consumers will be attracted towards the company. This model assists in using the knowledge from the market and trying to implement it in the business. For instance, in the current working environment, people are very interested in using products which do not harm the environment. Thus, by keeping in mind the current trend, the company Recykal was developed and as a result of this, the overall working is improved (Hanifah and et.al, 2020). Similarly, it is the responsibility of the company they continuously research the market and try to implement all the changes into practice so that it enhances the overall working capability of the company.

Evaluating the importance of innovation and technology relating to the performance of the company

The competition within the current environment is very high and it is the responsibility of the company they take steps to improve the working capability. This is necessary because when the company is working well then automatically it will result in improving the efficiency of the company. This is because of the reason that when the company focuses on bringing innovation then it will be improving the overall working capability of the company.

The major importance of innovating within the business is that it assists in differentiating themselves from other companies. This is about the fact that when the company is innovating then this will provide a competitive advantage to the company. The company will be in a position to work in a better manner and differentiate the working in a better and more effective manner.

In addition to this another importance of innovation and technology within Recykal is meeting the needs of consumers and keeping them engaged with the company. The reason for this fact is that when the company is continuously innovating then it will increase the interest of the consumers and as a result of this they will be loyal to the company. Furthermore, when proper and continuous innovation is provided to the consumers then they will be more loyal to the company. Ultimately it will increase sales of the business and will provide a competitive advantage to the company as well.

Furthermore, another importance of innovating and implementing the latest technology is that it assists in attracting and retaining better talent. This is necessary because of the reason that when the company will be implementing the latest innovation and technology within the working then ultimately it will attract employees as well (Sayginer and Ercan, 2020). The reason underlying the fact is that when the working of the company will be good and the number of consumers will be increasing then it will improve the loyalty of the employees as well towards the company. Thus, employee engagement will be improved and ultimately it will increase the working capability of the company in a better and more effective manner.

Moreover, when the proper focus is laid on innovation and creativity it also enhances and promotes resilience and sustainability. This is very essential for the company because when effective innovation is implemented within the company then automatically it increases the profitability of the company (Karimov and Karimova, 2021). When the profits are increased then the company invest in sustainability more and as a result of this the overall working is improved. Moreover, the innovation assists in protecting the environment as well and this in turn will assist Recykal in improving the overall working in a better and more effective manner.

Further, the environment is dynamic and there are many different types of changes taking place within the external environment. Thus, it is the responsibility of the company they effectively comply with all these changes. In case these changes will not be implemented then it will be affecting the overall efficiency of the business. Thus, to improve the working efficiency and performance of the company it is very necessary that innovation and the latest technology is being implemented into the working of the company. Hence, to improve the working efficiency of the company it is necessary for Recykal that they evaluate the business environment effectively. It is because of the reason that business exist in external environment and it is necessary for them to evaluate the changes taking place in the external environment. All the relevant changes need to be implemented so that the latest working can be improved.

Further with the evaluation it was evident that innovation is very necessary for the success of the company. This is particularly necessary because when appropriate innovation and creativity will be implemented then it will assist the company in developing themselves. The major example of innovation includes the example of James Dyson. He is the UK is most innovative living inventor who have made the appliance of vacuum cleaner (Jackson and et.al, 2020). With these surroundings he found that dusting was the major issue which the people within the household faced. Thus, as a result of the problem Dyson invented vacuum cleaner which is helpful and assistive to the people within the household for effective use. Thus, as a result of this Dyson created many new different products for the convenience of the customers and to support them in their everyday life.

In addition to this another example of innovation is the H&M who is innovating by providing a virtual fitting room. This virtual fitting room will provide the customer with the facility of trying the clothes according to the personalised avatars. The customer will be provided with their personalized avatar and according to the convenience they can dress. Thus, with help of this customer will be in position to view themselves how they will look when they will wear the products being customised by them (Haefner and et.al, 2021). This will assist the customer in analysing the fact that whether the clothes will be looking good over them or not. In case it will not be looking good then they will not buy the product of the company. Hence, this innovation of virtual fitting room is very effective for attracting more of the customer and to increase the sales of the company.

Conclusion

In the end, it is concluded that innovation is very necessary for the success of the company. In case time to time innovation will not be implemented then it will be affecting the overall working. The above study highlighted that Recykal needs to innovate effectively and as a result of this the overall efficiency will be improved. Furthermore, the study highlighted that innovation can be implemented with help four fundamental components which included knowledge, business, funding and policy framework. In addition to this it was evaluated that innovating continuously is very important for success of the company. The major importance outlined within the discussion included providing competitive advantage increased employee engagement and customer loyalty and many other different benefits of innovating.

References

Books and Journals

• Alzamora-Ruiz, J., del Mar Fuentes-Fuentes, M. and Martinez-Fiestas, M., 2021. Together or separately? Direct and synergistic effects of Effectuation and Causation on innovation in technology-based SMEs. International Entrepreneurship and Management Journal, pp.1-27.
• Basile, C., Davenport, A., Mitra, S., Pal, A., Stamatialis, D., Chrysochou, C. and Kirmizis, D., 2021. Frontiers in hemodialysis: innovations and technological advances. Artif Organs, 45(2), pp.175-182.
• Galanakis, C.M., Rizou, M., Aldawoud, T.M., Ucak, I. and Rowan, N.J., 2021. Innovations and technology disruptions in the food sector within the COVID-19 pandemic and post-lockdown era. Trends in Food Science & Technology, 110, pp.193-200.
• Haefner, N., Wincent, J., Parida, V. and Gassmann, O., 2021. Artificial intelligence and innovation management: A review, framework, and research agenda✰. Technological Forecasting and Social Change, 162, p.120392.
• Hanifah, H., Halim, H.A., Ahmad, N.H. and Vafaei-Zadeh, A., 2020. Can internal factors improve innovation performance via innovation culture in SMEs?. Benchmarking: An International Journal, 27(1), pp.382-405.
• Ilyash, O., Lupak, R., Vasyltsiv, T., Trofymenko, O. and Dzhadan, I., 2021. Modelling of the dependencies of industrial development on marketing efficiency, innovation and technological activity indicators. Ekonomika, 100(1), pp.94-116.
• Jackson, J.A., Hungnes, I.N., Ma, M.T. and Rivas, C., 2020. Bioconjugates of chelators with peptides and proteins in nuclear medicine: historical importance, current innovations, and future challenges. Bioconjugate Chemistry, 31(3), pp.483-491.
• Karimov, U.U. and Karimova, G.Y., 2021. The importance of innovative technologies in achieving educational effectiveness. Журнал естественных наук, 1(1).
• Leceta, J.M. and Könnölä, T., 2021. Fostering entrepreneurial innovation ecosystems: Lessons learned from the European Institute of Innovation and Technology. Innovation: The European Journal of Social Science Research, 34(4), pp.475-494.
• Liefner, I. and Losacker, S., 2020. Low-cost innovation and technology-driven innovation in China's machinery industry. Technology Analysis & Strategic Management, 32(3), pp.319-331.
• Rhee, M.U.N.S.U.N.G. and Stephens, A.R., 2020. Innovation-orientated technology assimilation strategy and Korean SMES'enhancing innovation capability, competitive advantage and firm performance. International Journal of Innovation Management, 24(06), p.2050081.
• Sayginer, C. and Ercan, T., 2020. Understanding determinants of cloud computing adoption using an integrated diffusion of innovation (doi)-technological, organizational and environmental (toe) model. Humanities & Social Sciences Reviews, 8(1), pp.91-102.