Technology is the key of innovation. With the help of emerging technologies, many companies are gaining benefits.
DISTRIBUTING CO-CREATION
In order to use the talent of innovators outside the boundaries, they have to use the technology and internet as a means of reaching them and getting the talent required and yet it can get the required work done with less cost. Companies delegate control to outsiders –cocreation for the development of new products and innovations and work in the form of networks.
Example: Information goods created by group of specialists such as software are an example of this kind of decentralized innovation.
USING CONSUMERS AS INNOVATORS
Internet promoted by web 2.0 has been a wide platform for interaction among users like consumers with organizations, organizations with partners, etc. and they actively participate in those interactions. This can be used by the companies for their economic benefits. Using customers in the internal function as designing, testing, etc will help the companies to get better insights and the company should ensure to fulfill their needs and their expectations.
TAPPING INTO A WORLD OF TALENT
Acquiring the best talent for each and every activity is difficult. So the work can be given to those talented people or experts who are specialized in those areas, by reaching them in new ways. Internet and other tools have made this easier with low costs for the companies. Any activity that has to be done by experts can be outsourced with specific requirements by the customers and it is done.
Example: TopCoder Company
DISTRIBUTING CO-CREATION
In order to use the talent of innovators outside the boundaries, they have to use the technology and internet as a means of reaching them and getting the talent required and yet it can get the required work done with less cost. Companies delegate control to outsiders –cocreation for the development of new products and innovations and work in the form of networks.
Example: Information goods created by group of specialists such as software are an example of this kind of decentralized innovation.
USING CONSUMERS AS INNOVATORS
Internet promoted by web 2.0 has been a wide platform for interaction among users like consumers with organizations, organizations with partners, etc. and they actively participate in those interactions. This can be used by the companies for their economic benefits. Using customers in the internal function as designing, testing, etc will help the companies to get better insights and the company should ensure to fulfill their needs and their expectations.
TAPPING INTO A WORLD OF TALENT
Acquiring the best talent for each and every activity is difficult. So the work can be given to those talented people or experts who are specialized in those areas, by reaching them in new ways. Internet and other tools have made this easier with low costs for the companies. Any activity that has to be done by experts can be outsourced with specific requirements by the customers and it is done.
Example: TopCoder Company
EXTRACTING MORE VALUE FROM INTERACTIONS
To increase the productivity and to make tacit work more effective the differences should be reduced between transformational and transactional employees. Technology tools such as video conferencing, virtual teams, etc. promote this. It helps in creating value and interactions in smarter way and is difficult to imitate.
MANAGING CAPITAL AND ASSETS
Almost many daily based activities and other critical activities are automated in the organizations. There is no human intervention needed for these tasks. Organizations, governments, companies all are automating the processes. Websites, databases etc. and retailers like Wal-mart, metro use digital technologies like RFID (radio frequency identification). These technologies help to operate the activities at lower costs and also managing them is also easy. Companies like amazon.com allow other retailers to use its logistics and distribution services.
LEVERAGING INFORMATION IN NEW WAYS
The first trend in this area is putting more science into management. With the help of technology, the large amount of data is being accessed by managers with the help of new management techniques. This information is used for smart decision making, for competitive advantage and for new business models.
Google, Intel, CEMEX are examples of this.
MAKING BUSINESSES FROM INFORMATION
Information collected from various sources is raw data for new business opportunities. The internet has bought transparency to many markets.
These trends can be used as emerging patterns in various business activities as per the opportunities to shape the business better.
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