INNOVATION , TECHNOLOGICAL

LEDERSHIP AND FOLLOWERSHIP ,

SOURCES OF TECHNOLOGICAL DYNAMICS
, IMPACT OF TECHNOLOGY ON
GLOBALISATION

RAJKUMARI MAURYA
MBA 1 st YEAR
 INNOVATION
The process of translating an idea or invention into a good
or service that creates value or for which customers will
pay.
To be called an innovation, an idea must be replicable at an
economical cost and must satisfy a specific need.
Innovation involves deliberate application of information,
imagination and initiative in deriving greater or different
values from resources, and includes all processes by which
new ideas are generated and converted into useful
products. In business, innovation often results when ideas
are applied by the company in order to further satisfy the
needs and expectations of the customers.
In a social context, innovation helps create new methods for alliance
creation, joint venturing, flexible work hours, and creation of buyers'
purchasing power. Innovations are divided into two broad categories:
Evolutionary innovations (continuous or dynamic evolutionary innovation)
that are brought about by many incremental advances in technology or
processes and
revolutionary innovations (also called discontinuous innovations) which are
often disruptive and new.
Innovation is synonymous with risk-taking and organizations that create
revolutionary products or technologies take on the greatest risk because they
create new markets.

Imitators take less risk because they will start with an innovator's product
and take a more effective approach. Examples are IBM with its PC against
Apple Computer, Compaq with its cheaper PC's against IBM, and Dell with its
still-cheaper clones against Compaq.
 IMPACT OF TECHNOLOGY ON
GLOBALIZATION
Technology has not only played a role in ushering in the age of
globalization, it has been the main catalyst for its
advancement. Major breakthroughs in information
technology, communication and transportation have been the
driving forces behind the early 21st century global market
boom.
helped to improve performance in previously stagnant
services sectors;
facilitated communications; and
reduced the costs of transaction;
enabled more extensive networking and co-operation among
firms.
Perhaps the most significant advancement in globalization has
been the Internet and information systems. Massive amounts of
information and data are available via the World Wide Web, and
there is rarely a question that cannot be answered with a search
engine.
Although the Internet has granted people all over the world the
ability to share information with each other, it has been a surge
in telecommunications technology that has facilitated the global
exchange of data. Before advancements like email, cellular
technology, instant text messaging and broadband
communication, businesses were limited to telephone calls and
postal services for their communication needs. Fax machines
were a major advancement years earlier, but they were limited in
their usefulness. The first decades of the 21st century opened
the doors to instant communication to anywhere in the world.
The world's banking systems have also benefited from the ability
to instantly transfer funds, simplifying long-distance transactions.