CMGT/558 V1 Technological Innovation Worksheet ✓ Solved

CMGT/558 v1 Technological Innovation Worksheet In this assignment

In this assignment, you will analyze the importance of technological innovation and the sources in which innovation arises. You will evaluate which types of innovation are commonly used within a specific industry as well as the factors that drive them by examining 2 different emerging technologies. Select 2 industries that you are familiar with, such as Banking, Automotive, or Communication.

Research and select 2 emerging technologies within each of your chosen industries and list them in columns A and B. List 2 or 3 factors within each of these industries that drive innovation. Outline 2 or 3 practices used within these firms/industries that influence the creativity of its employees. Outline potential risks within the industry or firm that may prevent these technologies from succeeding. Recommend a brief strategy that can mitigate these risks and lead to a more successful outcome.

List your references below the table.

Paper For Above Instructions

Technological innovation is a critical component of competitive advantage and sustainability in various industries. In this analysis, we will examine the importance of technological innovation within the Banking and Automotive industries, highlighting emerging technologies, driving factors, employee creativity practices, potential risks, and strategies for risk mitigation.

Industry A: Banking

Emerging technologies in the banking industry include:

  • Blockchain Technology: This decentralized ledger technology enhances transparency and security in financial transactions. Its ability to reduce fraud and streamline processes has made it increasingly valuable in banking.
  • Artificial Intelligence (AI): AI applications in banking range from chatbots assisting customers to sophisticated algorithms for fraud detection and credit scoring.

Driving Factors of Innovation

Several factors drive innovation within the banking industry:

  • Regulatory Changes: New regulations often require banks to innovate in order to comply, leading to upgrades in systems and processes.
  • Consumer Demand: The shift towards digital banking and mobile solutions prompts banks to develop technologies that enhance customer experience.

Practices Influencing Creativity

To foster employee creativity, banks may implement the following practices:

  • Collaborative Workspaces: Encouraging teamwork in open environments can inspire innovative thinking and collaboration among employees.
  • Continuous Learning Programs: Providing training opportunities encourages employees to stay updated on the latest technologies and industry trends.

Potential Risks

Despite the promising landscape, the banking industry faces significant risks:

  • Cybersecurity Threats: As banks adopt new technologies, the risk of cyberattacks increases, potentially leading to significant financial losses and reputational damage.
  • Regulatory Challenges: New technologies may inadvertently lead to non-compliance with existing regulations, posing legal risks.

Risk Mitigation Strategies

To mitigate these risks, banks should:

  • Implement Strong Cybersecurity Measures: Investing in advanced cybersecurity infrastructure can protect against data breaches and fraud.
  • Stay Informed on Regulations: Maintaining compliance by regularly engaging with regulatory bodies will ensure that banks can adapt quickly to changing laws.

Industry B: Automotive

Emerging technologies in the automotive industry include:

  • Electric Vehicles (EVs): With an increasing focus on sustainability, EVs represent a significant innovation in reducing carbon emissions and dependency on fossil fuels.
  • Autonomous Driving Technologies: The development of self-driving vehicles is revolutionizing transportation, aiming to enhance safety while reducing human error.

Driving Factors of Innovation

The automotive industry experiences several driving forces:

  • Environmental Regulations: Stringent emissions standards push automobile manufacturers to innovate and develop cleaner technologies.
  • Customer Preferences: A growing demand for innovative features, such as advanced safety systems, necessitates continuous advancements in vehicle technology.

Practices Influencing Creativity

Organizations can stimulate creativity through:

  • Cross-Functional Teams: By integrating diverse perspectives, companies can enhance problem-solving and foster innovative ideas.
  • R&D Investment: Significant investment in research and development encourages experimentation and the pursuit of groundbreaking technologies.

Potential Risks

The automotive industry is not without risks, including:

  • Technological Failures: Emerging automotive technologies can encounter bugs or failures during testing phases, leading to costly recalls and damaged reputations.
  • Market Competition: Rapid technological advancements can create intense competition, where companies that fail to innovate may lose market share.

Risk Mitigation Strategies

Automotive companies can employ strategies such as:

  • Robust Testing Protocols: Practicing thorough testing and quality assurance measures before launching new technologies can mitigate risks of technological failures.
  • Market Analysis: Conducting detailed market research can help companies understand competitive dynamics and adapt strategies accordingly.

Conclusion

In conclusion, technological innovation is integral to both the Banking and Automotive industries, driven by various factors including regulatory requirements and consumer preferences. By harnessing emerging technologies and implementing practices that foster employee creativity, organizations can navigate potential risks effectively. By adopting prudent risk management strategies, firms can position themselves for success in an ever-evolving technological landscape.

References

  • 1. Tapscott, D., & Tapscott, A. (2016). Blockchain Revolution: how the technology behind bitcoin is changing money, business, and the world. Portfolio.
  • 2. Yermack, D. (2017). Is Bitcoin a real currency? An economic appraisal. In The Economics of Cryptocurrencies—Bitcoin and Beyond, 31-43.
  • 3. Davenport, T. H., & Ronanki, R. (2018). How artificial intelligence will change management. Harvard Business Review, 96(4), 108-116.
  • 4. Wang, Y., & Ma, Y. (2019). The impact of AI on the banking industry: An analysis. The Journal of Finance and Economics, 7(3), 143-159.
  • 5. International Energy Agency. (2020). Global EV Outlook 2020. IEA Publications.
  • 6. Fagnant, D. J., & Kockelman, K. (2015). Preparing a nation for autonomous vehicles: Opportunities, barriers and policy recommendations. Transportation Research Part A: Policy and Practice, 77, 167-181.
  • 7. McKinsey & Company. (2020). The future of the automotive industry. McKinsey Insights.
  • 8. Nielsen, M. C. (2020). Electric vehicle technology options: A comparison of battery electric and fuel cell electric vehicles. Transportation Research Part D: Transport and Environment, 84, 102366.
  • 9. KPMG. (2019). 2020 Global Automotive Executive Survey. KPMG Publications.
  • 10. Boston Consulting Group. (2021). The Future of Mobility: How the Automotive Industry is Adapting to Change. BCG Publications.

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