BA634 – H3 Current & Emerging Technology Wharton Management ✓ Solved

BA634 – H3 Current & Emerging Technology Wharton Manag

This is part II of Quiz 11 Chapter 1 of the assigned textbook “Wharton Managing Emerging Technologies - Appropriating the Gains from Innovation.” Create two essay questions and associated answers.

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Essay Question 1: What are the challenges associated with managing emerging technologies in contemporary settings?

Managing emerging technologies poses unique challenges for organizations striving to keep pace with rapid change. Firstly, the pace of technological innovation is accelerating, making it difficult for management to anticipate the future landscape of their industries (Khan et al., 2021). There exists a constant pressure to adopt new technologies, which may lead organizations to make hasty decisions without fully understanding the long-term implications. This can be seen in the case of companies that invested heavily in social media marketing without first establishing a clear strategy, resulting in wasted resources and ineffective campaigns (Gonzalez et al., 2020).

Secondly, integrating new technologies within existing frameworks can lead to operational disruptions. Organizations often find that introducing new systems requires comprehensive training for employees, which can be time-consuming and costly (Schilling, 2020). Furthermore, if not managed correctly, the adoption of new technologies can lead to resistance from employees who may feel threatened by changes in their roles (Bohorquez et al., 2019).

Moreover, the financial implications of managing emerging technologies should not be overlooked. Organizations must allocate budgetary resources not only for technology acquisition but also for maintenance and training (Rodrigues et al., 2020). Additionally, the risk of obsolescence looms large. A company might invest millions in a new technology only to see it become outdated within a few years. Therefore, strategic planning is necessary to mitigate such risks.

Lastly, compliance and ethical considerations play a significant role in managing emerging technologies. Organizations must navigate the complex landscape of regulations that govern data privacy, intellectual property rights, and other legal matters, which can differ significantly across jurisdictions (Culnan et al., 2017). Failure to comply can result in severe penalties and damage to the organization’s reputation.

Essay Answer 1:

To successfully address the challenges associated with managing emerging technologies, organizations should focus on the following strategies:

  • Develop a robust framework for technological assessment: This framework should include criteria for evaluating new technologies based on their potential impact on business operations, customer engagement, and competitive advantage.
  • Engage employees in the transition process: Management should prioritize training and communication during technology adoption to minimize resistance and enhance the understanding of new systems among employees.
  • Establish a flexible budget for technological innovation: Organizations need to set aside funds not just for immediate technological needs, but also for future investments in training and maintenance.

Essay Question 2: How can organizations evaluate the effectiveness of their technology management strategies?

Organizations can employ several methods to measure the effectiveness of their technology management strategies. A key approach is to establish clear benchmarks that align with the organization’s strategic goals. For instance, companies can track metrics related to operational efficiency, customer satisfaction, and market share before and after technology implementation (Teece, 2018).

Another method is to conduct regular performance reviews that focus on both qualitative and quantitative outcomes. Surveys and feedback sessions can provide insights into employee satisfaction levels and how well they are adapting to new technologies (Davenport, 2020). Additionally, analyzing financial performance can reveal the economic impact of technological investments (Rosli, 2018).

Moreover, organizations should ensure continuous improvement by implementing feedback loops that allow for ongoing assessments of technology performance. This can include routine audits of technology systems and strategies to identify areas for enhancement before significant issues arise (He et al., 2018).

Essay Answer 2:

To evaluate the effectiveness of technology management strategies, organizations can employ the following three benchmarks:

  • Return on Investment (ROI): Analyzing the costs associated with technology adoption compared to the resulting improvements in productivity and efficiency helps determine if the investment was worthwhile.
  • User Adoption Rates: Monitoring how quickly employees adopt and utilize new technologies indicates the success of implementation strategies and the level of employee engagement.
  • Customer Feedback and Satisfaction: Gathering customer insights through surveys can reveal how technology enhancements affect user experience, aiding in identifying necessary adjustments.

References

  • Bohorquez, E., & Estevez, E. (2019). Resistance to Change in Organizations: A Social Perspective.
  • Culnan, M. J., & Bies, R. J. (2017). A Social Contract View of Privacy: The Role of Information in Organizations.
  • Davenport, T. H. (2020). The AI Advantage: How to Put the Artificial Intelligence Revolution to Work.
  • Gonzalez, A., & Gutierrez, C. (2020). The Impact of Social Media Marketing on Business Growth.
  • He, Z., & Wang, Y. (2018). New Technologies and Business Performance: Evidence from the Manufacturing Sector.
  • Khan, O., & Awan, M. (2021). Future Trends in Business: The Role of Emerging Technologies.
  • Rodrigues, A., & Almeida, J. (2020). Financial Implications of Technology Adoption in Organizations.
  • Rosli, M., & S. (2018). Financial Performance Measurement: Advances in Technology Assessment.
  • Schilling, M. A. (2020). Strategic Management of Technological Innovation.
  • Teece, D. J. (2018). Business Models, Business Strategy and Innovation.

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