A PRESENTATION ON “TECHNOLOGY AND INNOVATION DRIVES SUCCESS” BY – KONARK GUPTA JKPS\PGDM\09\20

Innovation is a change in the thought process for doing something, or the useful application of new inventions or discoveries. It may refer to an incremental or radical and revolutionary changes in thinking, products, processes, or organizations.

Distinguishing from invention While both invention and innovation have "uniqueness" implications, innovation also carries an undertone of profitability and market performance expectation. Invention is the conversion of cash into ideas. Innovation is the conversion of ideas into cash.

Examples of some innovations : Touch screen 3G technology D2H service Camera in mobile Wi-Fi Plug to serve device for the internet Latest processors for the systems 3-D Technology in T.V etc

Diffusion

Goals Programs of organizational innovation are typically tightly linked to organizational goals and objectives, to the business plan, and to market competitive positioning. One driver for innovation programs in corporations is to achieve growth and success objectives.

"Companies cannot grow through cost reduction and reengineering alone... Innovation is the key element in providing aggressive top-line growth. In general, business organizations spend a significant amount of their turnover on innovation, such as making changes to their established products, processes and services. The amount of investment can vary from as low as a half a percent of turnover for organizations with a low rate of change to anything over twenty percent of turnover for organizations with a high rate of change.

The average investment across all types of organizations is four percent. In a survey across a large number of manufacturing and services organizations found, innovation are most frequently driven by : Improved quality Creation of new markets Extension of the product range Reduced labour costs

Improved production processes Reduced materials Reduced environmental damage Replacement of products/services Reduced energy consumption Conformance to regulations

Eg. In which success lies in innovation INTEL MICROSOFT APPLE GOOGLE ETC.

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