BCOC-132 BUSINESS ORGANIZATION AND MANAGEMENT CHAPTER-2 TECHNOLOGY INNOVATION AND SKILL DEVELOPMENT

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BCOC-132 BUSINESS ORGANISTAION AND MANGEMENT CHAPTER-2 TECHNOLOGY INNOVATION AND SKILL DEVELOPMENT

MEANING OF INNOVATION:-

In business context, innovation involves the development and implementation of new ideas, process, products or services that contribute to the overall improvement , growth and competitiveness of the company . its about finding creative solutions to challenges and staying ahead in the market by introducing unique and valuable offering.

MEANING OF INVENTION:-
It refers to the development and introduction of a new product, services or process that brings about a unique solution, often contributing to company’s competitiveness growth and market position.

MEANING OF CREATIVE:-
In business “creative” means having the capacity to think imaginatively and come up with inventive ideas or solutions to drive innovation and success

DIFFERENCE AMONG CREATIVE, INVENTION, INNOVATION

CREATIVITY INVENTION INNOVATION

The ability to think imaginatively and come up with original ideas

The act of creating s new product, process or system that did not exist before

The process of introducing new ideas, methods or products that leads to positive change or improvement

Example:- A graphic designer creating unique and visually appealing logo

Example:- the development of a groundbreaking smartphone with new features

Example:- A company implementing a new, more efficient workflow system to increase productivity

IMPORTANCE OF INNOVATION:-

  1. Competitive advantage:-it gives competitive edge by offering unique products or services, making them stand out in the market

  2. Adaption to change:-in dynamic business environment ,innovation allows companies to adapt to changing market conditions, consumer preferences , technological advancement

  3. Efficiency and productivity:-technology often leads to increased efficiency and productivity 

  4. Market growth:- it helps to open up new markets and customer segment, driving business expansion and growth

  5. Customer satisfaction

  6. Risk mitigation:-innovation helps business stay relevant and resilient ,reducing the

    risk

  7. Talent attraction and retention :-companies known innovation are often more

    attractive to talented individual, contributing to a dynamic and creative work environment

TECHNOLOGICAL INNOVATION:-
Technological innovation in business involves the development and application of new technologies to create improved products, services or process, it’s about utilizing maximum advancement in technology to gain competitive edge, enhance efficiency , and meet the involving needs of the market.
Examples:- introduction of new software, automation, artificial intelligence or any technological solutions that brings positive change and progress within a business context

PROCESS OF INNOVATION:-

  1. Idea generation and mobilisation:-a very first process of innovation, a new idea can be

    new or can be created to improve an existing idea

  2. Advocacy and screening:-advocacy involves  promoting and supporting specific ideas,

    screening where ideas are evaluated and filtered

  3. Experimentation:-this is the testing stage, where the selected ideas tested in targeted

    market

  4. Commercialisation:-the main aim of this step is to create a market value for the idea

    and focus on its potential impact

  5. Diffusion and implementation:-this steps involves 2stages diffusion and

    implementation, where in diffusion organisation accept the innovation, in implementation when the idea developed or produced

TYPES OF INNOVATION:-

  1. Incremental innovation:-making small,gradual improvements to existing products, process , or services

  2. Disruptive innovation:-it refers to the introduction of new product ,services or technology that significantly alter the existing market landscape

  3. Architectural innovation:-it involves takes the lessons ,skills and overall technology and applying the same in the different market

  4. Radical innovation:-it usually gives birth to new ideas consuming the old one thereby creating a revolutionary technology

MAKE IN INDIA V/S MADE IN INDIA:-

MAKE IN INDIA:-“Make in India” encourages industrialists to setup their manufacturing units in India through foreign direct investment(FDI), so as to put India on a global map with respect to manufacturing. The object of this programme are to solve the problem of employment, to improve GDP growth rate. Make in India programmes are:-

  • FDI to invest in manufacturing sector

  • FDI to invest in defense sector

  • License manufacturing of foreign defense equipment under defense procurement

    (DPP)

    MADE IN INDIA:-it simply indicates that the product or its components were manufactured or produced within the geographical boundaries of India. This label is often used to promote and support locally made goods , contributing the country’s economy and emphasizing the origin of the product

particulars
Factors of production Brand image

Make in India
foreign
Doesn’t create a brand instead its an instrument

Made in India domestic
Is a brand eg: Amul

DIGITAL INDIA

The aim of this initiative is to transform Indian into a digital nation the objective of this is to reduce paperwork involved in getting many formalities complexed. For example passport services, vote id , driving license and also connect rural sector to urban sector.
Digital India feature:-

  • Broadband connectivity

  • Digital literacy

  • E-governance

  • Universal access to phone

  • Public internet access

  • Information for AII

  • E-kranti
    Asper UNINDIA February 2019 programme which is extension of Digital India development agenda. The government of India planning to invest in modernizing classroom across India. Some other programmes :- internet sathi, government services on your fingertip, DIGDHA,RAS, online market etc.

    NATIONAL SKILL DEVELOPMENT CORPORATION(NSDC)

    The NSDC was setup as part of National Skill Development Mission of MSDE as a public private partnership company . the aim of NSDC is to facilitate the skill landscape in India. The concept of NSDC is based on three pillars are:-

  • Create:-to facilitate in establishing quality vocational trimming

  • Fund:- to provide fund in form of grants and quality

  • Enable:- to ensure the sustainability of support system required for skill development

    which is include industry operated sector skill councils(SSCS)
    Vision of NSDC:- to fulfill the growing need in India for skilled manpower across the existing gap between the demand and supply of skills
    Mission:-upgrade skills to international standard
    Enhance support and coordinate
    Play role of market maker

    STARTUP INDIA AND INCUBATOR

    STARTUP INDIA:- it’s a programme of government of India with a major aim of building a sector ecosystem which is favorable for the growth of start-up business.it gives sustainable economic growth leading to large scale opportunities for employment
    Action plan of start-up India:-

  • Simplification and land holding

  • Funding support and incentives

  • Industry – academia partnership and incubation

    INCUBATOR
    Incubator basically is an organization which shows the part to the start-up companies to speed up their growth and success.

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