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Technological Innovation - Essay Example
Author : ajenkins
Pages 8 (2008 words)
It is now generally accepted, within the construction industry, that there is a relationship between a firm's efficiency or profitability and its ability to innovate. . Construction organisations need to determine their positions in terms of processes, services, products, technologies and markets…
This will involve due cognisance of strategic alternatives available, their attractiveness and opportunities and threats, which lie From an economic perspective there is a differentiation between product and process innovation. Product innovation is seen to focus on cost reduction by obtaining a greater volume of output for a given input. Process innovation, on the other hand, describes new knowledge, which allows the production of quality superior output from a given resource. There is also the issue of incremental and radical innovations. Similarly, from the perspective of the sources of organisational innovations, there are emergent, imposed and adapted/adopted innovations. Innovation also has a social and psychological dimension. There are also important issues to contend with such as: whether innovation is about the successful exploitation of an idea or the idea itself. innovations. The structural variables of centralisation, formalisation, complexity and stratification have been shown to have contrasting effects at the initiation and implementation stages of the innovation process (the so-called 'innovation dilemma'). Low levels of centralisation and formalisation, and high level of complexity facilitate the initiation stage of the innovation process. The implementation stage is facilitated by high centralisation and formalisation and low complexity. ...