Management of Technology and Innovation in Business
Create a 7 pages page paper that discusses management of technology and innovation in business. In fact, it is other companies and particularly competitors that quickly learn the new technological ideas, improve or implement them as they are and make the best of value from the competitive advantage. A good example here would be the emergence of management consultancy where consultancy firms have faced fierce competition and put in jeopardy as clients and the market finds comfort on the conventional knowledge-based systems because of the convenience derived from it both in business and social circles.
Essentially, firms that are originators or creators of new technological advancements can capture value from those technologies by effectively incorporating the technologies in their current business or/and through launching new ventures aimed at exploiting the technology in the new business arena. The paper aims at fully examining the past and emerging technological model innovations in terms of how these have affected the management consultancy industry and more particularly McKinsey & Company. This study will also explore the effects of technological innovations on management consultancy firms with special reference to McKinsey & Company.
Incidentally, innovation has been explained in many different fashions but is simply the creation of more efficiency in processes, products, and services. Preferably, the route through which efficiency in this sense has been achieved has been technological ideas, enhancement, and development. Real innovation is systematic and consistent and is achieved through an efficient and repeatable methodology (Moss, 2003, 72). Business Model Innovation (BMI), on the other hand, is the reinvention of the business being undertaken by a firm or organization. BMI is aimed at increasing the competitive advantage of a firm in the products and/or services that it offers thus end up isolating competitors (Schilling, M. A., 2006, 72). .
