TECHNOLOGY INNOVATION PROJECT 2
I-3 Technology Innovation Project – Draft
Technology Innovation Project Table of Contents Introduction 3 Environmental Scanning Report 3 Future Potential Threats 4 Potential Disruptive Technologies 4 Innovation Cycle Matrix 6 Summary of the Characteristics of Innovation Cycles 7 Operationalize Innovation Cycle 8 Innovation corporate action plan 8 Migration plan 10 Summary of the timetable for Migration Plan 11 Conclusion 11 References 13
Running head: TECHNOLOGY INNOVATION PROJECT 1
Technology Innovation Project Introduction
Largo Corporation is one of the biggest multinational firms in the globe that specializes in a wide range of products and services, including healthcare, retail, finance, and government services. Its headquarters is situated in Largo, Maryland, although it has other subsidiaries all over the United States. The annual revenue of Largo is approximately $ 750 million, with about 1,000 employees. The organization’s mission is to provide the best products and services to its customers throughout the world to enable them to realize their full potential. Largo’s vision and culture act as the foundation of opportunities for promoting various technological aspects while maintaining its corporate social responsibility.
Recently, the organization came under new leadership with Tara Johnson as the present Chief Executive Officer (CEO). There has been a decline in the company’s revenues, which called for transformational leadership to achieve long-term profits. The CEO realized the systematic approach of the company that should build an innovation is still lagging. As the team leader of innovation, the objective is to establish the processes of operation that could improve the competitive advantage for Largo. For that reason, this paper will conduct an environmental scan on one of Largo’s subsidiaries, in particular, a Suburban independent Clinic (SIC) to determine the threats and opportunities of the firm. This piece will also point out the possible disruptive technologies used by the organization. Further, it will develop an innovation cycle matrix, design an action plan for the innovation, and evaluate a mitigation plan.
Environmental Scanning Report
Future Potential Threats
One of the future potential threats that are likely to face Largo’s subsidiary is the likelihood of the organization’s healthcare practitioners failing to consider the new technology aimed at promoting innovation. It is essential for health care professionals to have an attitude to learning new concepts. Even though they always have a busy schedule, they need to create time to learn and implement the latest technology. With the improvement of technology, especially in clinical care, health care provision is becoming safe and secure due to limited errors. Having a limited understanding of the emerging technologies will pose a threat not only to the patients but also to the setting. Lack of proper understanding or failure to adopt the new technologies will reduce the quality of service provision, which, in turn, lower the organization’s revenues.
Another possible threat for Largo’s subsidiary (Suburban Independent Clinic) is stiff competition from rival organizations that offer similar products and services. This competition may cause financial problems due to differences in cost. Competitors tend to provide products and services at a reduced price to gain a significant market share. This scenario is likely to occur to the Suburban Independent Clinic. When it happens, the clinic will be forced to lower its rates to avoid losing the customers to competitors. With time, the company’s financial performance will be affected as it will be deemed to record reduced profits. The increasing healthcare costs can also be associated with economic conditions, high insurance premiums, and the rise in pharmaceuticals. These threaten the revenue stream of the organization as it will be forced to provide quality services at minimum costs.
Potential Disruptive Technologies
The use of robotics is one of the possible disruptive technologies that Largo’s subsidiary is likely to adopt. Research indicates that robotics transforms the company’s operations. Their usage improves accuracy and precision in the clinical setting, particularly in sensitive activities like the eyes. According to Fried (2017), high precision surgeries require expertise, and this increases the population of patients in need of the services at the facility. An increase in the population of patients results in a corresponding rise in the organization’s revenue. This type of intervention is applicable in neurological and cancer treatments that were formerly hard to treat.
Automation is another probable disruptive technology that Suburban Independent Clinic may adopt. This will involve the integration of technology into the everyday operation of the healthcare facility. Currently, the US is developing a handheld technological instrument that can diagnose at least 13 diseases and detect the significant signs of the disease (Vaughan, 2017). When implemented, this type of automation will reduce the number of employees, thus, cutting other significant costs. The automation devices will also allow physicians to diagnose patients without meeting them physically. It will also enable them to decide the treatment course without requiring patients in the hospital.
Another potential disruptive technology is internet of Things (IoT). It refers to a network of internet connected devices that can connect and exchange data. SIC can fit people, buildings, cars and household objects with sensors and network connectivity that will enable them to send and receive data through the internet. The implication for medical providers revolves around capture and analysis of data as IoT technology will enable physicians to access the vital signs of the patients including body temperature, blood pressure, respiratory rate, and glucose levels.
Another potential disruptive technology is virtual reality (VR). It is the application of a computer technology to establish simulated environment. This technology will provide Largo customers with an experience of VR reduce pain and anxiety during surgery. By donning a VR headset, the patient is given the thought that they are in another environment since they are made to interact with a three-dimension (3D) world. They simply trigger their preferred music, light a fire or even beckon a sea monster. These activities make the patient forget about pain, thus, increasing the efficiency of a medical procedure.
Innovation Cycle Matrix
Innovation refers to the creation, development, and adoption of a new product or services to increase efficiency and competitive advantage.
According to (Onetti, Zucchella, Jones, & McDougall-Covin, 2012), innovation is careful to use imagination to execute new ideas successfully. Ms. Johnson, the new company’s CEO, believes in innovation as a factor that will drive the organization into attaining success by increasing revenue. In business, innovation allows a corporation to achieve a competitive advantage over its rivals. Through innovation, a company can attract more customers and expand its market share. The generic cycle of innovation consists of six stages.
The initial stage is an initiate. It involves the identification of opportunities. In this stage, the innovator defines the project scope and outlines the mission as well as the objectives of the project (Rusyaeva & Saltykov, 2017). The innovator also brainstorms new ideas by looking for motivations from similar market players.
The second stage involves the determination of an operational gap where the innovator diffuses the idea into the whole organization. This phase is also known as a ‘‘gap’’ because it embodies the challenges that people will experience while accepting the outcome of innovation (Fried, 2017).
The third stage in the cycle is the operationalized phase. This is the stage where the company starts to realize the benefit of the innovation process. For instance, In the Largo Company, the availability of innovative technology such as drones in its subsidiary would enable the health facility to begin realizing the advantages of the technology trough revenue and visibility increases.
The next stage involves optimization in which the innovator improves and modifies new ideas. The other step is obsolete or repeat stage (Rusyaeva & Saltykov, 2017). It summarizes the cycle stage of innovation. Various activities often occur in this stage. They include changing needs and workflow. Technology is also available as a form of innovation in this stage. For that reason, the step allows the employees and the organization to develop effective programs used to support innovation.
Rusyaeva & Saltykov (2017) postulated that innovation can be compared with a turbine. The innovation passes through an item improvement, the investigation idea, structure, and conveyance. In this context, the innovation cycles are comparable from different perspectives because they have common characteristics. However, they vary in the number of stages. The reason for comparing innovation with a turbine model is because the steps start from idealization followed by investigation, and, lastly, to the propinquity of innovation just like a turbine.
Summary of the Characteristics of Innovation Cycles
|Aspire||Regards innovation-led-growth as significant based on the targets that mirror it.|
|Discover||Separated acumens in technology and business that trigger innovation|
|Evolve||Creation of new business ideas that determine the sources of scalable profits.|
|Scale||Introducing innovations following the market demands|
|Lifecycle||Stages of innovation cycles|
|Funnel||Acceptance of an innovation|
Operationalize Innovation Cycle
In Largo Corporation, the best innovation that could be effective in its operation is the adoption of the Internet of Things (IoT). Miorandi, Sicari, De Pellegrini, & Chlamtac (2012) defined IoT as a system of interrelated technological devices that can transfer data through the internet without the need for human-to-human or human-to-computer interaction. Simply put, it is a network of internet-connected devices that can gather and exchange information (Atzori, Iera, & Morabito, 2010). Examples of IoT technology devices that would suit Largo include smartwatches, home security systems, and fitness bands. IoT innovation will help the company to connect quickly with its customers, thus, gaining a competitive advantage over the rival firms.
Innovation corporate action plan
Innovation is essential for the success of Largo Corporation, especially with the opportunities and potential threats. Ms. Johnson, the new company’s CEO, already knows the benefits of maximizing the use of technology to gain a competitive edge. The company, therefore, needs to develop an appropriate action plan that will guide Largo’s in realizing long-term solutions to the challenges it may face. The framework for this action plan involves the identification of the issues that prompted Largo to require innovation.
Firstly, the corporation should consider fresh ideas that would take part in transforming how people operate in the organization. According to Cogliandro (2017), this stage is referred to as the funnel. An evaluation of the possible challenges like revenue loss at the firm is also significant in ensuring that Largo prospers in using the technology to calm the situation. As Rusyaeva & Saltykov (2017) puts, change occurs when a person or a company does things differently to attain different results. Therefore, one of the vital approaches of the firm to solve its potential threats is overseeing the subsidiary companies.
Based on the recognition of the idea, the next critical phase is the development of the prototype. In this stage, the organization must take risks because it seeks solutions to the threats and challenges it encounters. As the CEO stated, the primary difficulties, Largo faces, include revenue loss and addressing possible risks. Considering these issues, the risk-taking stage is necessary for the corporation since it will give Largo the chance to strengthen its interaction with the customers using the technology. This interaction will enable the firm to gain a significant market share in the global market.
For example, technology such as IoT gives Largos a platform that increases its interaction with the consumers. By doing so, the company will regain its revenue and address potential threats effectively. Thus, when Largo implements such technology, it gains a new customer preference, receives a new way of operation, and gets a new mode of advertisement. Alternatively, Subsidiary companies of Largo like automotive corporations to advertise their energy products and create awareness of their efficiency. Additionally, Largo can use Robotic systems due to its effectiveness. Such ideas can enable the organization to proceed to the final stage, thrust.
Technology Innovation Project Migration Plan
The successful implementation of an innovation by a company depends on the measures it takes in the process. Therefore, such an organization must design an appropriate strategy that can help it meet its goal. A suitable migration plan involves various processes that lead to proper implementation.
Firstly, Largo management should understand the effects the innovation will have on the company. It implies that the administration must analyze the technology and identify if it corresponds with the mission and vision of the firm. Next, leaders should develop a model of the recommended technique. The availability of an attractive model to the organization would enable the management to experience the new technology, which is transferrable to the customers. At this phase, the leaders need to focus on the impact of the technology and the experience it will give to the consumers.
The second strategy involves classifying the innovation adoption. According to Rusyaeva & Saltykov (2017), innovation should be brought closer to the customer for the ease of adoption. For example, at Largo, the implementation of IoT will connect the firm with its customers. After the steps above, it is necessary to assist people in changing from one point to the other. A company that influences the shift of customers to advanced technology has a tremendous advantage of successfully realizing its innovation implementation goals. This plan will ensure that the corporation gains brand recognition and customer loyalty. The Next strategy involves promotion of a new technology. In this plan, the company will advertise its new technology to create awareness to the customers and ensure them of their efficiency. Finally, the organization will adopt the innovation followed by its full implementation. In this case, Largo will consider the innovation mature to implementation, and it will launch it to starts functioning.
Technology Innovation Project
Summary of the timetable for Migration Plan
|Understanding the effects that the innovation will have on the company||April 1, 2020|
|Classifying the innovation adoption||April 3, 2020|
|Promotion of a new technology (innovation)||April 4, 2020 – April 10,2020|
|Adoption and implementation||April 13, 2020|
Based on the information above, the primary change management strategies for Largo Investments are strong leadership and implementation of new technology. These strategies will enhance the growth and expansion of the company by providing a competitive edge and increasing its profitability.
Innovation has been a foundation for change and improvement in most companies. It enables a company to attract more customers, expand its market share, and increase profits. Most importantly, innovation helps a firm to gain a competitive edge. As such, the organization needs to emphasize on successful migration and implementation of the proposed technology. For Largo Corporation, adopting the Internet of Things will help it stay closer to the consumers, thus, increasing its efficiency of operation. Maximizing the use of this technology will not only enable it to gain a competitive advantage, but it will also assist it in increasing its revenue. Other technological innovations suitable for SIC include the adoption of virtual reality, robotics and automation. Suitable implementation and migration are particularly significant for the organization due to the benefits it will receive for technological advancement.
Atzori, L., Iera, A., & Morabito, G. (2010). The internet of things: A survey. Computer networks, 54(15), 2787-2805.
Cogliandro, J. A. (2017). Intelligent Innovation: Four Steps to Achieving a Competitive Edge. J. Richmond, VG: Ross Publishing.
Fried, N. (2017). Vector. Retrieved March 7, 2019, from https://vector.childrenshospital.org/2012/04/where-are-you-in-the-innovation-lifecycle/
Miorandi, D., Sicari, S., De Pellegrini, F., & Chlamtac, I. (2012). Internet of things: Vision, applications, and research challenges. 1497-1516, 10(7), Ad hoc networks.
Nerur, S., Mahapatra, R., & Mangalaraj, G. (2015). Challenges of migrating to agile methodologies. Communications of the ACM, 48(5), 72-78.
Vaughan, J. (2017). Technological Innovation. Retrieved from https://books.google.com/
Technology Innovation Project
Last Updated on July 28, 2020 by Essay Pro