Importance of Technological Innovation

Strategic Management of Technological Innovation Textbook Cover 6th Edition

Melissa

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Chapter 1

Introduction

 

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Importance of Technological Innovation

Technological innovation now the single most important driver of competitive success in many industries

 

Many firms earn over one-third of sales on products developed within last five years

Product innovations help firms protect margins by offering new, differentiated features.

Process innovations help make manufacturing more efficient.

 

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Importance of Technological Innovation

Advances in information technology have enabled faster innovation

 

CAD/CAM systems enable rapid design and shorter production runs

 

Importance of innovation and advances in information technology have lead to:

 

Shorter product lifecycles (more rapid product obsolescence)

More rapid new product introductions

Greater market segmentation

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Figure 1.2 GDP per Capita, 1969-2014

 

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Impact on Society

Innovation enables a wider range of goods and services to be delivered to people worldwide

 

More efficient food production, improved medical technologies, better transportation, etc.

Increases Gross Domestic Product by making labor and capital more effective and efficient

However, may result in negative externalities,

 

E.g., pollution, erosion, antibiotic-resistant bacteria

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Designer babies

 

Innovation by Industry: The Importance of Strategy

Successful innovation requires carefully crafted strategies and implementation processes.

Innovation funnel

 

Most innovative ideas do not become successful new products.

E.g., The New Product Development Funnel in Pharmaceuticals

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5,000 Compounds

125 Leads

2-3 drugs tested

1 drug

 

Rx

 

Discovery & Preclinical

3-6 years

Clinical Trials

6-7 years

Approval

½-2 years

 

 

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Chapter 1 Summary

Technological innovation is now often the single most important competitive driver in many industries. Many firms receive more than one-third of their sales and profits from products developed within the past five years.

The increasing importance of innovation has been driven largely by the globalization of markets and the advent of advanced technologies that enable more rapid product design and allow shorter production runs to be economically feasible.

Technological innovation has a number of important effects on society, including fostering increased GDP, enabling greater communication and mobility, and improving medical treatments.

Technological innovation may also pose some negative externalities, including pollution, resource depletion, and other unintended consequences of technological change.

While government plays a significant role in innovation, industry provides the majority of R&D funds that are ultimately applied to technological innovation.

Successful innovation requires an in-depth understanding of the dynamics of innovation, a well-crafted innovation strategy, and well-developed processes for implementing the innovation strategy

Research Brief

How long does new product development take?

 

Study administered by the Product Development and Management Association found:

 

Length of development cycle varies with innovativeness of project

Incremental projects took 6.5 months from concept to market introduction

“More innovative” projects took just over 14 months.

New-to-the-world products took 24 months.

On average, firms reported 12% to 40% shorter cycle times than they reported in 1995.

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The Era of Open Innovation

 

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The Strategic Management of Technological Innovation

Part One: The foundations of technological Innovation

 

Sources of innovation

Types and patterns of innovation

Standards battles and design dominance

Timing of Entry

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The Strategic Management of Technological Innovation

Part Two: Formulating Technological Innovation Strategy

Defining the organization’s strategic direction

Choosing innovation projects

Collaboration strategies

Protecting innovation

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The Strategic Management of Technological Innovation

Part Three: Implementing Technological Innovation Strategy

 

Organizing for innovation

Managing the new product development process

Managing new product development teams

Crafting a deployment strategy

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Discussion Questions

1. Why is innovation so important for firms to compete in many industries?

 

2. What are some of the advantages of technological innovation? Disadvantages?

 

3. Why do you think so many innovation projects fail to generate an economic return?

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Part One: Industry Dynamics of Technological Innovation

The sources from which innovation arises, including the role of individuals, organizations, government institutions, and networks,

 

Types of innovations, and common industry patterns of technological evolution and diffusion,

 

The factors that determine whether industries experience pressure to select a dominant design, and what drives which technologies dominate others,

 

Effects of timing of entry, and how firms can identify (and manage) their entry options.

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Artificial Neural Networks Nine Steps

It is believed that the development process of Artificial Neural Networks (ANN) is similar to the structured design methodologies of traditional computer-based information systems, some phases are unique or have some unique aspects. Development process for an ANN application includes nine steps.

List these nine steps in conducting a neural network project and discuss them briefly.

Additionally, post some examples or find a related topic on the Internet and comment on it in the discussion post.

Reference: Sharda, R., Delen, Dursun, and Turban, E. (2020). Analytics, Data Science, & Artificial Intelligence: Systems for Decision Support. 11th Edition. By PEARSON Education. Inc. ISBN-13: 978-0-13-519201-6

Create Entity Relationship Diagram With At Least Two Tables And Their Attributes

Create and submit an ER Diagram with at least two tables and their attributes.  Your diagram should include:

  • Table Names (for each entity)
  • Attributes (first name, last name, city, etc.)
  • Primary Keys
  • Foreign keys
  • Relationships
  • Field types  (text, currency, numeric, date)

Your tables should be should be normalized (first, second and third normal forms)

You can use the attached form or upload your tables in Excel or create and link them in an Access database file.

For information on how to use Word to create and ERD, go to: https://vimeo.com/18244802

You can upload your tables in Excel, Word or create and link them in an Access database file.  If you use another tool please create a PDF file of the results.

Resources for Building ER Diagrams and Normalization:

What is an ER Diagram: http://databases.about.com/od/specificproducts/l/blentity-relationship-diagrams.htm

Video Tutorial Entity Relationship Diagram (ERD) Training Video:  https://www.youtube.com/watch?v=-fQ-bRllhXc

Video: How do I normalize a database: https://www.youtube.com/watch?v=xoTyrdT9SZIcle

Article:  https://support.microsoft.com/en-us/help/283878/description-of-the-database-normalization-basics

Sample of a Diagram with many tables:

ER Diagram

Database Project Charter/Business Case

Khalia Hart

University of Maryland Global Campus

February 21, 2020

 

 

 

 

 

 

 

 

 

Introduction

A database is an electronic collection of data that is built by a user so that they can access, update particular information in the database coherently or rapidly. Today firms employ integrated technology to increase their capacity to serve more clients, keep information well or effectively, organize activities according to the urgency or priorities, accounting records (Tüttelmann F, 2015). Most of the integrated technology depends on multiple databases that supply information relevant in making the decision. Since the business started using databases, their performance increase because the business decisions they make are sound and practical.

Business Problem

The supply chain management is one of the most complicated processes in the business and often at times due to need of detail it gets hard for the supply chain manager to keep the record of the work covered effectively, have enough data to make the decision and also have enough data to monitor the chain of operation (William, 2019). The supply chain has been so crucial for the business because it determines the performance of the company in the industry by assessing the quality of the product produced in the organization, cost of production, the time and effectiveness of distribution network, and overall production operation of the organization.

Operation management has been named as the leading cause of business failure caused by a lack of a system, which the manager or the supervisor can use to monitor the whole system. This is the problem to solve using the database (William, 2019). Using a database, the manager can observe or watch the entire chain from their office, make better decisions by fore- planning approach of the database also make changes within the system when there is the need to cut costs or making the process effective.

Project Scope

Most business organizations are spread in operation, and this is the challenge that makes the supply chain management complex (Tüttelmann F, 2015). This is because the chain is in different localities, and therefore, coordination of operation among the user or the workers becomes a challenge. Through the database system, the business will enjoy proper coordination using the wide Area Network (LAN). Through the LAN network, the company can link computers and cost-effectively share data and communication. Through this system, the company will have a connection and coordination of the processes within the organization. The number of connected devices will range from 10 to 1000, depending on the type of tools and system that is set to facilitate this connection.

Goals and objectives of the system

The purpose of the system that I want to install in the supply chain management is to;

· Monitoring of the supply chain– the system will enable the manager to monitor the system and every process in the order (Gattorna., 2015). This monitoring will allow the company to make active correction and block loopholes that will lead to cutting costs that will improve the revenue for the organization.

· Make proper supply chain decisions– with the use of a database, and the manager should make a correct decision because the database will keep a record of the information made (Gattorna., 2015). They can refer to it in the future while making the decision.

· Coordinate the supply chain process– with the use of the database, and the manager can coordinate the operations. This will, in turn, cause a rise in quality produces cost-cutting, efficient distribution, and more revenue to the organization.

Constraints

However, the use of the database user will be relevant to the performance of the organization; it will come with a financial and human resource burden. The purpose of the database requires funding when implementing the process (Becker, 2014). There will be a need to purchase material, devices, and training of staff on the use of the computer system.

Description of Solution

My friends would need to know about the benefit of the installation of the whole system. Therefore, I would tell them that the system reduced the paperwork of the organization by keeping information digitally in the organization database (Becker, 2014). The system would allow the manager to make a supply chain simulation plan that will tell them how the strategy will perform and therefore make any changes to improve the system. Through the database, the manager can refer to the past decision while making strategic decisions and understand what the outcome and factors would be involved.

Project Description

The project involves the use of database systems to overcome the challenges encountered in supply chain management (Becker, 2014). This technology is meant to solve the three most common supply chain problems that are the problem of coordination of strategic plan implementation, the question of monitoring the system, and the problem of deciding for the supply chain.

Through the system, the manager can observe the whole supply chain and make changes where they are necessary to reduce costs or make the process effective (Tüttelmann F, 2015). Monitor the performance of every participant in the supply chain and use the previous information stored in the database and use simulation of the process to see the effect of the decision to make the overall chain. This means that the effectiveness of the supply chain will be established.

Business Process Impact

The impact of the use of the database system in the organization will be an increase in the profit for the organization (Tüttelmann F, 2015). This will be caused by the reduction in the cost of the supply chain, production, and management. Besides, an increase in quality, therefore, a rise in demand for the product.

Technical Feasibility

The implementation of the technology will require the purchase of both the hardware and the software devices (William, 2019). The software includes programs like the oracle cloud that will be used to host the database and accessibility. In contrast, the hardware consists of internet cables, computer machines of all those workers who will need to have access to this database, network provider.

Resource Estimate

The size of the organization will determine the implementation cost and human resource, the number of the user to be connected with the database. However, for this analysis, we will utilize a middle-sized office with five workers who are to access the database. The cost will be as follows.

facilities Working workers for installation Cost of installation Time of installation
Purchase of computers and devices 2 5x $300= $15000

Internet cables=$1000

Ten days of purchase
Installation of the devices 3 $1500 Five working days
Connection with a service provider 1 $2000 5days
Training of the workers on how to use the system and computer 3 $3000 10

 

 

 

 

 

 

References Becker, S. A. (2014). developing Quality Complex Database Systems: Practices./. Techniques and Technologies, (p. 81). London: Macmillan. Gattorna., J. L. (2015). Strategic Supply Chain Alignment. In Best Practice in Supply Chain Management (p. 54). New York: Springer. Tüttelmann, F, L. C. (2015). Optimizing workflow in andrology: a new electronic patient record and database”. Asian Journal of Andrology, 8(2), 235–41. William, Z. (2019, July 21). What is SCM (Supply Chain Management System)? Retrieved from Oracle cloud sup[ly chain management system: https://www.oracle.com/applications/supply-chain-management/what-is-supply-chain-management-system.html

CMGT/445: Case Study: Appliance Warehouse – Use Case Analysis

Assignment Content

  1. Continue your work to support the development and implementation of the new Service Department for Appliance Warehouse.

    For this week’s assignment, be sure to refer to the Appliance Warehouse Resources: Organizational Staffing document and the Organization Chart created in Week 1.

    Directions
    In MindTap, review the Appliance Warehouse Case, and do the following:

    • Read the Before You Begin Message and the Module 4-7 Appliance Warehouse Webmail Client Emails. Read the messages to help determine the tasks you must complete.
    • Review and analyze the weekly Appliance Warehouse case study content and resources.
    • Create a 3- to 4-page document (to submit in Blackboard) that includes the following:
    • Business Case Investigation
    • Identify 4 employees you would interview to support your business analysis. For each employee, state the topic(s) you will use for questioning. The interview topics and responses will be used to influence your future design.
    • A possible use case diagram for making an appointment and verifying parts availability
    • Identify the users of the system and requests into and out of the system.
    • Implementation resources needed for the project
    • Identify people and hardware. Human resources may include internal or external resources.
    • Submit your document.
  •  Resources will be provided upon request if a resources has been omitted and is required to complete theRunning head: APPLIANCE WAREHOUSE 2

     

    APPLIANCE WAREHOUSE 2

     

     

     

     

     

     

     

    Appliance warehouse

     

    Name

    Institution

    Affiliation

     

    Introduction

    Data warehouse appliances have in the last two decades become a common phenomenon in the world of business as an enabler of processing a wide range of data within an organization. A data warehouse appliance is hence an embedded system that is built purposely to enable advanced analytics to meet demands within an organization and the business world in general. On a deeper insight, a data warehouse appliance is a combination of software and hardware incorporated together to create a data warehouse as well as for analytic purposes. Data warehouse appliances provide data solutions to entities by providing a flexible computing platform as well as seamlessly integrating open source tools and analytic applications on one platform (Imhoff, 2017).

    Organization of the appliance warehouse

    Building a data warehouse is quite a monumental task as it ought to be positioned conveniently to gather data and information from varied sources and subsequently transform it to into a common form. This can be done by configuring the data warehouse to serve a specific need by setting a standard that will convert all obtained data into a given format. Data is then cleaned and summarized based on preconditioned settings allowing the analyst with the help of the infrastructure to predict future variables based on the data collected. Based on the required outcome, the infrastructure can be logically organized hence requiring further designing and analysis. The figure below is a demonstration of the organization if a data warehouse appliance (“Data warehouses”, 2017).

    Data mining collects personal information about customers in an effort to be more specific in interpreting and anticipating their preferences.

    Mission statement

    A data warehouse appliance has in the past and also currently been used in mining of data from various sources as earlier articulated. This has hence earned the system the name knowledge data discovery. This system is of great assistance in the making of decisions and it helps find patterns of various variables. Information can hence be gathered and analyzed based on preset conditions for a given outcome. The system identifies relationships between two variables, clusters, sequences, and trends in information for better and accurate decisions. An analysis is done based on past behaviors as a predictor of the future (“Data warehouses”, 2017).

    Problem statement

    The system is primarily used in the business environment to collect client information and other variables in an organization. Clients have often felt that their privacy is being infringed upon. These systems are rather costly to implement to achieve its data mining capabilities. This is majorly discovered after huge financial burdens are accrued over time and still no tangible results can be obtained. Clients have in the past felt that by obtaining data regarding them from different sources, the system still does not adequately create an accurate image of their being (“Data warehouses”, 2017).

    SWOT analysis

    A SWOT analysis seeks to identify the strengths, weaknesses, opportunities, and threats of a given system or aspect. For a data warehouse appliance, the strengths and weaknesses are primarily dictated by the environment in which the system is set up while the opportunities and threats are determined by external factors. The strength of a data warehouse is that it significantly adds value to business operations. It provides a rather unique ability and resource to organizations hence providing a competitive advantage over competitors. The system is however greatly inconvenienced as are in which the organization is less efficient subjectively affects the functionality of the system rather than providing a bridge to cover gaps and inconsistencies in the firm (Harvard University, (n.d.)).

    Opportunity is an aspect of advantage over other systems as data warehouses are efficient driving forces for organizations. A data warehouse appliance hence provides convenience in helping an organization achieve its objectives and goals hence subsequent growth. The IT infrastructure is however threatened by common factors that affect both the internal and external structure of an organization. This hence articulates that unfavorable situations that affect the organization making it rather difficult to achieve its set goals similarly affect the functionality of the system hence jeopardizing the competitive position of the firm over its competitors (Harvard University, (n.d.)).

     

    References

    Data warehouses. (2017, August 22). W3computing.com – A Developer Reference Website.  https://www.w3computing.com/systemsanalysis/data-warehouses/

    Harvard University. (n.d.). The Data Warehouse Harvard Case Study Solution & Online Case Analysis.  https://caserighted.com/the-data-warehouse/#:~:text=The%20acronym%20The%20Data%20Warehouse,and%20management%20in%20many%20organizations.&text=The%20Data%20Warehouse%20SWOT%20analysis%20mainly,dimensions%20internal%20and%20external%20dimensions

    Imhoff, C. (2017). Data Warehouse Appliances and the New World Order of Analytics. IBM.  https://www.ibm.com/downloads/cas/K7ADXAXA