The dissertation focuses on the impact of innovation and technology on business management. For this purpose, the pharmaceutical industry was targeted and specifically Pfizer was selected for the purpose of conducting the research. The company has created a solid reputation within the industry and thus a systematic approach of the mentioned key ideas on this individual business entity would provide a further insight on the matter. Thus, a brief summary of this whole scenario would be that Innovation involves using an idea more efficiently.
The significance of innovation and technology cannot be denied since it has resolved number of environmental and organizational challenges. For example, use of environmental instruments, energy technologies, innovation in products, organizations and processes etc. In present era, despite of innovation and technological advancements, many organizations are still suffering from low productivity. This research aims at analyzing the impact of innovation and technology on business management by examining the Pfizer pharmaceutical case study.
This has unfolded the findings which were helpful in generating results for the betterment of organization and formulating innovative strategies and processes. The research allows one to generate the difference between the two major aspects. Though, these two go hand in hand, yet they are dissimilar in many ways. The idea is evident from various examples such as innovative business procedures and technological advancements. Many believe that these innovative business decisions were created via technological advancements. Hence, all these aspects have been clearly mentioned in this dissertation report.
To explore innovative strategies which are effective for pharmaceutical company (Pfizer Pharmaceutical) where, the main focus is on the pharmaceutical industry and how this particular company fosters innovation in order to become effective and efficient in its field of operations.
To formulate competitive growth strategies and find out their impact on business management which is the essential need of the moment. Many business organizations are suffering despite the fact that they are innovative and have various methodologies in order to become effective and efficient. Thus, this research aims to provide such companies with a chance to experience growth and create a perfect business environment for growth.
To analyse the impact of changing innovation and technology on business management in case of Pfizer pharmaceutical as it has been previously talked upon that technology is considered as one of the major indicators of change and allows a company to go beyond its true potential at a particular point in time.
To evaluate critically the impact of innovation and technology on business management keeping in view the Pfizer pharmaceutical so as to provide a clear idea regarding the impact of innovation keeping in mind a pharmaceutical company. This would allow others to learn the process of taming the beast which they call “Innovation” as they are eager to incorporate it to achieve a higher end.
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Is the use technology management important in a business organization? And
Is technology management necessary?
Technology is creation and use of means that are technical and draws on subjects such as engineering, industrial arts, and pure science. Additionally, the applications of the aforementioned knowledge encompass technology.
On the other hand, management entails directing, planning, evaluating, and related activities. It also covers responsibility, accountability, and authority. Management of technology entails the responsibility of making decisions, which ensure that an organization is successful. As a manager, some of the roles that are related to management of technology include hiring the employees to manage business technology (like IT experts), developing products, buying technological equipment, and making upgrades to the existing technological structure.
The use of technology in the workplace is inevitable in the 21st century. According to Teece (2010), the advent of IT changed the way people conduct business in addition, the way in which business is conducted: This includes the way in which employees work, relate, and communicate (with both consumers, fellow employees and other entities). It has also revolutionized the way organization is managed, the way change is managed, service delivery, customer loyalty retention, business correspondences, meetings, project evaluation, etc., are performed in an organization (Ajjan et al,, 2013).
Use of technology can be used in various ways as revealed above. In this paper, we will look at how technology is used in an organization, the importance of technology, and management of technology for maximum benefit of an organization.
By looking at the use of technology in organizations and its importance, I will be able to cover, sufficiently, the two-research question. I will make use of literary works on technology and management and how various authors and researchers have proved this. In taking this approach, the paper underscores the importance of technology management, its important, and any shortcoming that may be associated with technology.
The Benefits of using of Technology in Business Organizations
Maizlish & Handler (2010) point out that technology is important in business communication, and advanced use for technology has enabled real time passing of information by a click of a button, business correspondences and decisions are able to be passed faster and hence prompt and quick action and measures can be taken for instance to mitigate an emergency like customer complaints. The use of technology enables multi-level communication (Guffey & Loewy, 2010, August 23).
Example technology makes it easier for multinational employees to access information at a go regardless of the miles that the branches are away. Crews & Stitt-Gohdes (2012) reveal that importance of social media, such as Twitter and Facebook, in communication. Adding that the trick is to manage social media sites well and update regularly to keep the followers updated; For example ‘’Nordstrom’’(2015), one of America fashion retail uses Facebook in updating the followers on discounts and new items (see facebook.com/Nordstrom). This reveals the importance and necessity and the need for technology management.
Planning and ROI
Technology has a role in planning and return of investment (ROI) (Tapscott, 2008). He opines that technology is very crucial as a planning. It is needed to sequence completion of a particular business strategy, change, or investment. If a business seeks to make use of technology in products and service improvements, both the manager and the employees have an easy time to plan as compared to conventional physical panning (Turban et al, 2008). Gartner (2013) argues that incorporating technology is expensive as business budget is largely comprised of IT and planning is important to ensure that there is return.
We see the importance of technological planning in Software and Gaming companies like Ubisoft that has multiple studios (Montreal, Shanghai, Paris, Toronto, japan, etc.). For better planning the company has to use technology in order to coordinate between the various studios in relation to launching, deadlines, series and development (Ubisoft, 2015).
Increase Customer Service
Lovelock et al (2009) reveals one of the main purpose of business is to ensure desirable customer service, and adds it has been easier by the use of technology and platforms such as social media and websites, customer data can be secured and used in products and service improvements (website cookies and survey).
Additionally, Campbell & Frei (2010) reveal that, technology if managed properly can be used to simplify and fasten the payment of goods and services and processing of payments, for example technology enables businesses such as Alibaba, e-Bay and Amazon to conduct e-commerce. The success of this can be seen in Alibaba; it command over 80% of china commerce, has a market cap of over 215 billion (September 2014) in the range of big tech companies like Apple, Google and Microsoft (Forbes, 2014). This is no doubt because the company uses its technology well and takes advantage of internet use to expand its connectivity, revealing the importance of technology.
Mahalik & Nambiar (2010) add that technology, if well managed, increases of production in both quality and quantity. As compared to human labour that may be affected by sickness, emotions, and fatigue, technology, when managed well, is effective and fast. Many businesses that are in the producing business are always aware of the terms-efficiency and time. This can only be made possible by the use and proper management of technology. An improvement is advancement always translates to increased quality and output of products and production respectively. Thus, technology management ensures that technology saves time for example automation.
A clear illustration is the way Microsoft is using its Windows 10 Preview to receive feedback from user after installation so as to build and better interface for Windows 10. The technology has ability to record bugs, send updates and feedback to Microsoft server, additionally; a user can also review the Operating System or give manual feedback on any improvement.
Many business nowadays use technology in their Human Resource, this includes in key areas such as recruitment, whereby many businesses such as Deloitte, KPMG, Total, etc. have online recruitment portals for recruiting graduates and experienced labour (KPMG, 2015). Moreover, Human resource manager may use technology is assigning tasks to fresh employees and tests (Aptitude Tests). To add on, Gardner, Gino, & Staats (2012), argue that technology plays an important role in monitoring the behaviour of employees and performance using CPM (Computerized performance monitoring). Lastly, proper management of integrated technology can help in training, workshops, and seminars (Alge & Hansen, 2013).
The use of technology is very important especially for the innovation team. The level of innovation can be highly increased with internet that enables the innovators to come up with new ideas, create new products, and improve of the existing ones. In addition, in order to understand competition, a business must understand the market, the similar products that are in the market among other issues. This enables an organization to be able to learn on new technology, improve on it, or come up with new ways of making a product that is faster and less costly.
Lastly, it has enables organization reach market that were inaccessible using print. The use of E-marketing, e-mails, e-newsletters, social media marketing (YouTube, Facebook, Google, etc.) have made this possible (Friel, 2009). A success story is marketing is shared by Grisak (2014) of Freedom House LLC; a company which increase subscriber, registrations per month, customer retention rate and the number of online visitors from 1000 to 12000 per month using e-marketing tools.
Shortcomings on Technology Use
To understand the importance of technology management, we also need to looks at some of the shortcoming that are associated with use and overreliance of technology in business organization.
One shortcoming of having technology, especially cutting-edge, is cost. There is the initial cost of purchase, training of staff, and regular and ongoing maintenance of the technology. Additionally there must be a backup just in case there is system failure so that production is not halted.
Technology such as internet, email, e-banking, e-commerce is always at the mercy of hackers and cybercrime. Technologies that make use of consumers’ data are always prone to abuse as the data may be used to steal from the very customer who the company is trying to retain (Shaw et al. 2012).
This is in relation to the employees of an organization; it is true that technology can be used to help the Human Resource Manager in recruitment, evaluation, and performances of employees. However, the same can cause distractions to the same employees and affect their level of production (Amit & Zott, 2010). This interruption consists of emails and instant messages, online games, pornographic content, music and videos. Since distractions take up time, which could have been used for constructive business work, the company performance may suffer.
The Constant Need to Upgrade
Many technologies have features, which need constant and regular upgrades. This as a result leads to additional costs and expenses for the business. Example many companies make use of computers in the offices, this computers may become outdated or the software may need upgrading, for instance from Window 7 to 8, and to the recent Windows 10. The need for upgrade is also related to security, an upgrade may be needed to boost the security with the advancement of hackers and fraudsters.
Effects on Customers
The use of technology is has a flipside. Since the technology is can be used to bridge the communication gap with customers, it may also act as a barrier. This means that it has both negative and positive impacts on the consumer.
Some customer will really prefer the convenience and time saved on paying online, while for other it boils down to privacy. In the same way some consumers prefer talking to customer service personnel on phone than via email and may be frustrated with technology-after all not all people are tech savvy.
Thus technology is key to business success and the manner in which the technology is managed will determine the level of technological success and failure; making technology management necessary in business organizations.
Conclusion: Recognizing the Importance of Technology Management
Looking at the role which technology play in the life of a business, it goes unopposed that presently it is impossible for it to survive and compete equally without employing technology.
Technology helps in key aspects, daily aspects, such as communication, planning, innovation, etc. However, in the same way it has its downside in a business organization. These include expense, security, distractions, and constant upgrades among others. It is through these shortcomings that the aspect of technology management comes in, here it enables an organization to identify the correct technology, train its staff and upgrades.
The technology management ensures that the shortcomings such as the impact on customers do not affect business. Managers have to ensure that the technology is user friendly and easy to use for both the employees and customers. If it is a manufacturing or processing technology, it should be easy to use for the operators to use.
Technology management should be a continuous process to ensure efficiency. This is very important is areas such as security and privacy. Hence, websites, payment systems, customer data, and important business secrets have to be protected through upgrades and technological change.
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In today’s modern world, gender equality is battled for and we strive to ensure the sex of a person in no way obstructs their aims and goals in life. Wages for men and women are on their way to being equal, sexist behaviour is frowned upon and no longer do we live by the stereotypical nature that a man earns the living and the woman makes a home. So why, in this apparently modernized world, do women still remain the minority in STEM based subjects such as, mathematics, science and computing. In a world where more females attend university than males, women still continue to only make up a disproportionately small segment of Computer Science majors. Many factors have been attributed towards the shocking decrease in both women achieving degrees in Computer Science subjects and then continuing to work in those Computer Science subject areas; lack of female role models, gender stereotypes, peer pressure and general lack of interest in the STEM subjects.
The aim of this project is to gain a deeper understanding into why women still steer away from working in Computing. How the idea that a women is incapable of achieving in a Computer Science subject is seen as normal and socially acceptable in the 21st century. To actually listen to women and their experiences of how they were influenced into choosing their career path/degree specialism. To gain a better understanding to why a social stigma still revolves around Computing and why this continues to disenchant females.
The report consists of a background into the research area, primarily focusing on literature review of other similar studies, including specific studies into girls and computing. The different forms of methodology intended to be used to gain more knowledge about girls who study STEM subjects such as interviews, surveys etc. and then how this data will be analysed and then linked with previous studies and research, to show common themes and areas of importance.
The aim of this dissertation project is to build a greater understanding into why this fear of going into the industry still remains strong. Why it still remains normal to go into an A Level ICT class and expect to see a large amount of boys with a scattering of girls to balance it out. To not only understand from females why they either chose to pursue a STEM subject or decided another path in their lives, but to also see the other side, why males feel their female counterparts feel disillusioned towards the degree subject.
This post evaluates the use and deployment of technology within the Chinese construction industry. As competitive environments are constantly changing in the contemporary business world, managers are devising various flexible approaches to respond to such uncertainty and complexity. Deploying strategic information systems is an important approach to address such the challenges of flexibility in business competitiveness. During the 1980s and 1990s, we saw considerable financial investment into business IT in search for “competitive advantage” in various industrial markets. There were many academic papers as well as consulting reports studying the competitive benefits of IT in business in order to persuade firms to invest in strategic information systems. Many business company sought to replicate the success stories of IT enabled business strategy, such as United Airlines, Thomson Holidays and all the other celebrated cases that have entered the information systems mythology. Although the last three decades have seen the high speed growth of investment in information technology by companies, the exact way of getting competitive advantage through information technology is still vague and hard to be concretely grasped. Large investment of information technology is also accompanied by over evaluation of IT and decline in organizational performance, as shown in many cases of failure in IT strategies. Especially in developing countries, many companies are trying to learn from economically advanced economies and initiate their large investment in information technology in order to improve their competitive advantages.
The rate of failure is particularly high in such developing countries. This increased uncertainty suggests the need for improved strategic planning and management of information systems, and the need for consideration of local socio-economic environments. The aim of the dissertation is intending to study the information technology strategies in a typical construction company and develop a deeper understanding of how information technologies create new competitive advantages for construction companies in Chinese context. The need for a link between information technology (IT) use and business strategy in construction industry has been identified and discussed over a number of years. The objectives are threefold in this dissertation. First, I will have a literature review of current research on IT strategies, competitive advantage and IT in construction industries. Secondly, I will conduct fieldwork in a Chinese construction firm, collecting data by questionnaires and interviews, trying to understand the current situations of IT adoption within the Chinese construction industry. Last but not least, I will present an analytical framework which is used to analyse the IT strategies in Chinese construction companies.
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