Article Summary: Innovation in Internet Age

Article Summary on, "Innovation in the internet age" written by Christopher Skinner. The objective of this summary is to explain the importance of innovation in the current business field with the help of Internet.

Now the companies are looking forward for renewing their business processes and involved in building new markets using the new medium called Internet, Internet has become an integral part of the individual. Internet is playing an important role in consumer buying behavior, where internet research is performed by the user before making any purchases.

Further on other side, business is running campaigns, to call up for fresh ideas from the public, tracking and measuring the feedbacks, and uses the guided design for the purpose of innovating new products. More on even the Internet is being used for monitoring the brand value and product perception.

The major challenges faced by the companies in implementing the IT as its medium for its business operations are, often it requires a special team(s) to make sure it is maximum utilized. The companies are already following the traditional marketing approach and to get into new system requires a change in overall organizational structure either by creating independent organizations, or making acquisition of the company which can handle the type of desired innovation. Finally, in most of established organizations has an fear of not obtaining the acceptable gross margins and this would discourage them in being a true innovators, but the companies can’t survive for longer time if they won’t take up the innovation activity. So it has to take up acceptable gross margins which will adjust sustainable profit volume goals.

In can be concluded that there is a need for a reaction by the business house towards the changes in the marketplace. If it failed in implementation of a fully ‘‘internet integration’’ will lead to decline in market share and their sales. More on M&A are not only way for innovations, it has to find out which is the best media which drives the sales for the company, and discern the appropriate attribution of cost to allow for proper optimization of value. This will help the organization to develop new products and services and to sustain in the future.