Topic of Innovation: Technological Developments

Internet of Things
Students Name
Institutional Affiliation
Chapter 44 discusses the issue of innovation. Given the current technological advancements, everybody wants to be a part of the world's most significant innovations. According to the chapter, people seek to become the next Google, Netflix, or Apple, among other innovations. Innovation is all about the various ways of developing new ways of doing business to maximize the value obtained from the ideas. The process involves different activities such as the improvement of business and the introduction of new services and productions. Also, innovation consists of the reengineering of the various business processes to place a business in a better position in the competitive edge. Developing new business models is a part of innovation. Given the global competition and current economic conditions, companies have to be dynamic to avoid being in a hostile environment. The technological developments, therefore, provide an opportunity for people to come up with new business ideas. For instance, technology makes it for companies to innovate a better production process hence cutting on production cost. Such has been made effective by the availability of machinery that carries out large amounts of work on behalf of human beings. Many people might confuse invention with innovation. The two words imply the creation of new products, but in the case of the invention, the process is not intended to be commercial (Hwaiyu & McKeeth, 2016). Therefore, innovation is a product of the combination of a commercial motive and invention. The process of innovation has played a substantial role in building significant economies across the world. Through innovation, people can come up with new commercial ideas. The chances are that such ideas would create employment opportunities. An increase in the employment rate in an economy faced with inflation is an indication that the level of inflation would decrease. Thus, technology is playing a vital role in keeping the business world running. Technology will keep on changing, and this means that new and better ways of doing business will be innovated. Among the various drivers for innovation are the short product life cycle and the need to make use of new and available technologies. As well, the demographic and market changes are also pushing individuals and businesses into the innovation process. The various types of innovations make it easy for people to define their ideas int...