Innovation is very important for firms to remain competitive is beca white plague engineering science is rapidly changing. New products come from new competitors on regular(a) basis. in that location are a lot of firms in speedy changing environments where the product lifetime is shorter and need to be replaced sooner. Customers are more sophisticated, segmented and demanding, and expect more in basis of customization, newness, quality and price. We as customers as have more choices. For object lesson in todays economy in all(a) industries the technological knowledgeableness is highly important. A product produced months ago can already be considered old, useless and not up to date. For example Anti Virus Software- imagine if you have bought friendship A Anti Virus software and it cant battle the new virus appeared a month ago. I think that entrepreneurs are more innovative than companies. The latter to belong in this global and competitive market need innovation more than ever, this is why sometimes many big companies debase Innovations from entrepreneurs or smaller firms. Innovative technology can service of process smaller wrinklees compete on a global stage. Innovations such(prenominal) as the Internet, for example, allow a sole proprietor to bring home the bacon her products or services to prospects around the world through the use of a website.
She can leave alone detailed product descriptions and photos of her products to provide prospects with all the information they need to make an informed buy decision. Technology can also help to streamline the end product process, eliminating costly waste. While innovative technology may lop the dependence on a workforce, the flip side is that employees flake out jobs in the process. In the case of a small business owner, this may mean she needs to make a awkward choice between increasing profits or let go long-time employees. Even if the implementation does not result in job loss, some employees may have difficulty adapting to the change. There may also be a learning wrench when instituting the... If you want to get a full essay, order it on our website: Ordercustompaper.com
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