Technological Innovations for New Methods of Production

Introduction Technology has dominated most organizations over the last couple of decades. Globalization has led to increased competition among organizations. As a result, organizations have been prompted to adopt technological innovation to improve their productivity and maintain their competitive advantage.Advertising We will write a custom essay sample on Technological Innovations for New Methods of Production specifically for you for only $16.05 $11/page Learn More Innovation refers to the application of new ways of producing and offering services in order to meet the market requirements (Betz, 2011). Customers are known to go for products that satisfy most of their needs. Organizations introduce new methods of production to meet their consumer needs. This article focuses on the ways an organization can acquire manufacturing productivity through technological innovations. Technological innovation Technological innovation refers to development of novel technology products, whereby the existing technology is improved by introducing better and extensive applications. It is important to note that innovation is the life-blood of any organization that wishes to succeed in the current business environment. Technology determines the competitiveness of a business organization. It also improves and increases the level of productivity in an organization. In addition, innovation helps in boosting an organization’s economic prosperity, thereby strengthening its financial position in the global market. Therefore, it can be concluded that the competitiveness of an organization, its technological improvement, economic and business success are dependent on innovation. This further emphasizes that innovation is the life-blood of organizations (Libecap Thursby, 2008). An organization is able to produce goods and services that satisfy most of their consumer needs through innovation. Most manufacturing industries have adopted technology to i mprove their productivity. Some manufacturing firms have even gone a notch higher to adopt technological innovation. Technological innovation is mostly important for small enterprises since it helps them strengthen their position in the global market.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Organizations that adopt technology in their manufacturing activities are in a better position to use equipment that is more enhanced. The firms are also able to adopt business strategies that enable them produce goods that are customized to meet the needs of specific consumers. This is important in that it enhances the differentiation strategies of an organization, thereby giving it a competitive advantage over its rivals. Another benefit that manufacturing companies get as a result of adopting technological innovation is the fact that they are able to improve production efficiency in every stag e of production. Technological innovation helps such firms reduce run times, inspection times, as well as set up times. Consequently, their productivity efficiency is improved greatly (OECD, 2001). One specific benefit of reducing set up times is that an organization is able to switch from producing one item to another and incur less cost. An organization that adopts technological innovation is required to use more advanced equipment. Consequently, the firm has to hire people who possess high level of skills to operate the machinery. Such people should have the ability to solve technical problems. In addition, people who have these kinds of skills are also capable of innovating. This further boosts the productivity of the organization since skilled human resource will produce high quality and innovative goods (International Labour Office, 2008). An organization is able to produce in high quality and within the shortest time by adopting technological innovation production. The genera l population has increased, thus demand has also gone up. Meeting the increasing demand and ensuring quality at the same time is a source of competitive advantage to a business organization. Conclusion Technological innovation has become a dominant factor in the globalization era. This is an era where the level of competition in the business world has increased, thereby creating competitive pressures on organizations. Manufacturing organizations should adopt technological innovation to survive the competition. This will help manufacturing firms improve their production, as well as improve the quality of their products.Advertising We will write a custom essay sample on Technological Innovations for New Methods of Production specifically for you for only $16.05 $11/page Learn More Reference List Betz, F 2011, Managing technological innovation: Competitive advantage from change, Wiley, Hoboken, NJ International Labour Office 2008, Skills for improved produ ctivity, employment growth and development: International Labour Conference, 97th session, 2008: fifth item on the agenda / International Labour Office, International Labour Office, Geneva Libecap, GD, Thursby, M 2008, Technological innovation: Generating economic results, Elsevier JAI, Amsterdam OECD 2001 Innovation and productivity in services, OECD Publishing, Paris This essay on Technological Innovations for New Methods of Production was written and submitted by user Shane Winters to help you with your own studies. 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