Technology and Insights Leading to Innovation

Technology and Innovation
Name
University
Professor
Date
Technology and Innovation
The modern world is ever-changing; new technologies and inventions are changing the way people conduct business worldwide. Organizations must try and set up to take full advantage of the growing technology to interact better with their customers and foster innovation to make full use of the new technology.
Most companies today are active in fostering an internal culture of innovation through the use of technology. This can be achieved by integrating automation in production, sales, and marketing. Through improved logistics to improve customer understanding and relations (Hu, 2014). The use of modern software is also crucial in fostering innovation in the company ranks and a better product for the consumer. All these factors combined make a worthwhile customer experience and promote sales and popularity in the population.
Any company looking to grow innovation through technology has some factors to consider. The level of technology available to the firm is critical as to what innovations they can create. Consumer behavior is also vital; how well a market responds to certain technologies often determines its success (Lee et al., 2018). Market demand and other environmental factors such as legislation also play a part in innovation using technology. Coupling technology with organizational markets to drive innovation leads to increased profitability, customer satisfaction, and improved market penetration.
A world leader in innovation using technology is Tesla motor company. Over the last decad...