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Running head: MANAGING TECHNOLOGICAL INNOVATION IN DIGITAL BUSINESS

ENVIRONMENTS 1

Managing Technological Innovation in Digital Business Environments

Yolanda McNeil

ENGL 602 Field Project: Final Product

Liberty University

MANAGING TECHNOLOGICAL INNOVATION IN DIGITAL BUSINESS

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Introduction

Background of the Research

Innovation plays a critical role in assisting businesses to sustain and grow their market

shares. It takes place in dissimilar functions and parts of the business and it is significant to

understand the best way to create and manage it effectively. Digital technologies have been

regularly used in business and this has led to digitized workplaces that demand the need to invent

to remain at the top in the market (Kay & Willman, 2018). Digitizing places of work has played

a key role in changing the way business is usually managed and this has similarly affected how

innovation must be managed and embraced in such a novel business atmosphere. Therefore, the

best way to understand technological innovation in the digital business atmosphere is the need to

understand how technology has been shaping the business world.

The reason for choosing technological innovation in digital business environments is that

business owners play a critical role in the identification and application of new technologies. By

investing in initiatives that permit them to deliver efficient and effective services and products,

they discover innovative solutions to complex challenges (Camisón & Villar-López, 2014).

Successful technological innovation needs collaboration, expert project management, planning,

and execution. Worldwide competition and rigorous demand to bring commodities to market

very fast affect decisions.

Research Purpose

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The purpose of this research is to explore the role and importance of managing

technological innovation in the digital business environment. Technological innovation strategies

that a firm pursues can either break or make the company. The current business landscape is

increasingly multifaceted. For an organization to succeed in the modern business environment, it

is critical that it adopts digital innovation which can assist to attain its goals and remain at the top

in the competition (Camisón & Villar-López, 2014). Adopting and managing technological

innovation in the digital business atmosphere can have many benefits if a firm decides to do so.

Research Questions

 What is the importance of technological innovation in the digital business environment?

 What is the impact of technology and innovation on the business environment?

 How has digital innovation transformed today’s business globe?

Research Structure

This research has been organized by first providing the background of the technological

innovation in digital business environments. Next would be to provide a literature review based

on the previous researches that have so far been conducted. Then literature review is followed by

research methodology, and data analysis then conclusion and recommendations.

Literature Review

Importance of Investing in Technological Innovation

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According to Haddud, McAllen & DeSouza (2018), an effectual strategy that helps in

managing technology and innovation normally involves using comprehensive analysis

instruments. These tools help to ensure that the group can manage the risks to reduce negative

impact and utilize opportunities. they similarly use decision support instruments like force field

analysis and impact analysis to assess possible results and choose the best solution to the

problem.

The internet offers an opportunity for owners of the business to easily link up with other

entrepreneurs and learn by sharing techniques, tricks, and tips. Baker et al., (2014) explain that

using social media technologies like forums and blogs, the innovators find the innovation to

solve problems. Based on this, managing technology and innovation tends to be an iterative

procedure that needs input from talented people.

Being able to invest in digital technologies can be seen as a tedious and expensive thing

for the businesses, however, in many instances, it could be a highly gainful decision. Haddud,

McAllen & DeSouza (2018) found out that managing technological innovation in the digital

world plays a critical role in streamlining the processes, enhance production, increase efficiency

and effectiveness and save firms’ money. It may be hard to adopt new technology, particularly

when the firm is presently performing optimally because the reason could be “why to fix

something that is still intact?’ nevertheless, investing in digital in short term can lead to long

term growth for businesses as well as competitive advantage (Chen, Lin & McDonough, 2012).

This option is mainly to continue with the business as normal, which eventually leads to slow

growth and decline in case technology is adopted very fast.

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Types of Technological Innovation

The innovation of technology is getting fast as the years go on. Camisón & Villar-López,

(2014) discovered that different firms take advantage of an individual’s interest with the best and

advanced technology nowadays. There is a big difference between the early days and now

specifically on matters of technologies that are manufactured and sold at the marketplace at a

particular price (Alegre & Chiva, 2013). Semi-radical technology typically depends on the

existing information about technology (Damanpour, Szabat & Evan, 1989). Nevertheless, it sues

knowledge in a way that is different from the past. Cellphones were initially considered mobile

phones but work differently nowadays. It is now a personal communication that has managed to

built-in desks for systems and works specially made for the purpose of entertainment.

Disruptive technology is identified as disruptive because it breaks conventional ones

which now provide new technologies and products that are more accessible. According to

Haddud, McAllen & DeSouza (2018), it is identified as disruptive because it pushes the idea

about existing supply and business chains. For instance, digital photography is ideal as it

minimalizes cameras and traditional films that make print media irrelevant.

Incremental technologies, on the other hand, are smaller but have valuable improvements

for a commodity and methods. It has the last version of word processing program that permits all

users to make new types of the document with more effectual tools that serve as the best example

of improving contemporary technology (Chen, Lin & McDonough, 2012). These types of

innovative technologies are actually beneficial in market platforms. The technological innovation

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thus speeds up work, increase profits, ensure quick access to information and develop

communication.

Managing Technology and Innovation

Management of technology is becoming a recognized management practice and in some

instances even the equivalent of present monetary management practices. With the upsurge

insignificance of technology, it is becoming judicious for senior managers to know the new

technologies (Damanpour, Szabat & Evan, 1989). Novel technologies have the capability to

totally interrupt reputable businesses, and make most, if not every, of their proficiencies

obsolete. Contrariwise, a definite technology recognized early enough and advanced into a

marketplace leader might be tremendously profitable (Lendel, Hittmár & Latka, 2015). The

technological management has been evolving as a prescribed discipline for the past twenty years.

Compared to other disciplines of management it is in its early stages. When looking at

innovation management it is even lesser developed as compared to technology management as

an official discipline. Haddud, McAllen & DeSouza (2018) found out that many features are

hindering the fast acceptance of technology management in the industry. One of these is the

strain of describing technology itself. The other one is finding the value that technology

management adds to the organization. It is hard to describe the value of an undefinable and

unquantifiable discipline. Because of the up-surged use of technology at the place of work,

particularly information technology, technology management shall in future years become

gradually significant (Chen, Lin & McDonough, 2012). If the discipline of technology

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management is hard to compute so much more might be the discipline of innovation

management.

Research Methodology

Systematic Literature Review

A systematic review of the literature was employed to answer the key questions of the

study: What is the importance of technological innovation in the digital business environment?

What is the impact of technology and innovation on the business environment? How has digital

innovation transformed today’s business globe? The procedure for review was introduced by

identifying and selecting some of the relevant articles. The identification, as well as selection

procedure in the literature exploration, used keywords like “technological innovation, digital

transformation” from three journal databases Emerald, EBSCO together with Wiley Interscience.

Research Design

This project used a study action plan. The researcher performed an initial evaluation of the

issue to assess the degree of the problem and thus developed an intrusion strategy to collect

information to address the issue being investigated. In this case, the investigator made appropriate

observations that were gathered from secondary sources that contained information that was

pertinent in addressing the topic

Data Analysis Techniques

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The information gotten from secondary sources was classified into a different context for

reanalysis. The researcher gathered secondary information that was redeveloped into content to

help in analyzing. The collected information was assembled for importance to the issue, principally

the study questions.

Results And Analysis

Research question 1: What is the importance of technological innovation in the digital business

environment?

To ensure business success, productivity and efficiency are significant. As such,

technological innovation plays a key role in improving communication, content management,

collaboration, access to analytics data as well as social networking and customer and staff

experience as confirmed by Camisón & Villar-López, (2014). Successful organizations are

embracing current technology in order to create a digital workplace that enhances business

cohesion. Based on this, the topic ensures that no business is left behind in choosing digital

technology that supports the ways in which a business wants to operate.

If my company does not embrace technological innovation, then there are higher chances

that it will fall behind other rivaling companies that do decide to embrace it. This might lead to

low sales volume, decease in proceeds as well as downward trend that may be hard to rectify,

specifically if my firm is left playing catch up to firms that did embrace technology and are able

to see the benefit at the expense of my company as confirmed Haddud, McAllen & DeSouza

(2018). Embracing and managing technological innovation in the digital business environment

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have created a bigger difference between the current status of the company and in the future. For

example, some of the companies that ignored technological innovation like Blackberry and

Blockbuster mobile devices performed dismally as compared to their competitors. In other

words, failure to embrace and manage technological innovation in the digital business

environment can lead to firms falling behind rivaling firms and at some point, fail to revert the

situation.

Embracing and managing technological innovation in the digital business environment is

a concern for several firms and thus some decide to do something about it while others choose to

ignore it. Failing to do something due to fear of the complexity of executing digital technology

can lastingly damage a firm’s capacity to succeed in the future (Kay & Willman, 2018). If an

organization needs to grow or expand, then it’s crucial to keep the firm updated with digital

technology. The term digital transformation means innovating activities of the business to make

the opportunities presented by digital technology. Embracing and managing technological

innovation can positively change the performance of the business with concerns to increase

revenue, enhance the experience of the customers and reduce costs.

Technological innovation is always at the heart of the business’s strategy of going

forward. When changing business strategy there are always risks, however, the rewards from

getting it right can help to drive business growth beyond some of the competitors that fail to

embrace digital innovations (Kay & Willman, 2018). The fact is that all technological innovator

wants their firm to continue succeeding therefore they have no choice but to encourage all

workers to embrace and manage technological innovation as soon as possible.

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Research question 2: What is the impact of technology and innovation on the business

environment?

In the modern world, technology has become an integrative part of life, both professional

and personal. Universally technology has become a global facilitator and generator of value

assisting firms and individuals in their process of value creation. Information technology has

become closely linked to the business globe. For firms to succeed, companies should embrace

and improve technology. Camisón & Villar-López, (2014) found out that organization, business

model, strategy as well as competencies are some of the things that are influenced by technology

in the business environment. To execute that transformation, it is important to apply the right

business as well as the managerial method. Based on this, radical innovation norms are positively

related to the performance of the new products (Baker et al., 2014). All this due to the fact that

technological innovation does not assure the success of the business. New services or products

should be coupled with business models and described strategies.

Cloud, data, business, as well as people, are all major elements that belong to the digital

transformation. Individuals use technology and digital for several reasons. Firms benefit from

technology to execute innovative procedures and processes targeting to decrease costs and

increase profits (Haddud, McAllen & DeSouza, 2018). Things that are considered to be smart

things include drones, autonomous vehicles, and several other innovative technologies. Data

represent the business assets targeting to influence business while cloud stands for the

technological infrastructure.

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The digital transformation needs a methodological approach that integrates business and

technology. The digital business must be predicated both on technological and managerial

language (Kadar, Moise & Colomba, 2014). Data-driven value propositions offer a greater

advantage over the old-style ones: the more they are utilized, the more valued these become.

Digital data are precise, accurate, fresh, but most significant offer real-time information

providing business with the likelihood to adapt and change the value proposition to the

consumers’ changing needs (Damanpour, Szabat & Evan, 1989). When companies and their

mode of operation change from the conventional mode of management and operation to the

contemporary and technology-oriented ways of operation, the shifts are known as digital

transformation or interruption.

Due to the fact that change is just the only that that is constant, digital transformation is

becoming important for all businesses, large, medium, small. Be it retail, software, logistics or

automation- digital disruption is universal. Delivering premium digital business experiences to

workers and clients needs the usage of new innovative business applications (Lendel, Hittmár &

Latka, 2015). As such, companies must be capable of delivering custom applications at the speed

of concepts. That is the only way a company can stay ahead of the competition in the modern

world. Reducing operational expenses and improving client experience is essential to digital

transformation.

Digital transformation does not solely rely on new technology, it is about change in

organizational culture and thought. It is essential for the firms to address the needed

transformation in business scenarios, dynamic business demands and invent ways to quickly

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cater to some of the changing needs (Kadar, Moise & Colomba, 2014). managers and

information technology in any company must work closely in order to meet business needs,

encourage innovation and march to constant improvement (Chen, Lin & McDonough, 2012).

This is what digital transformation entails – lower expenses, accelerate activities of the business,

expedite time to market, bring about positive transformation in people, processes, and

competency models.

Digital transformation is similarly at some point known as business transformation. A

large number of people prefer to use digital business change, which is somehow synced with

aspects of the business of the transformation (Kadar, Moise & Colomba, 2014). Digital business

transformation is driven by major aspects like market demand, customer behavior, and

innovative technology as well as ecological aspects.

Technological innovations lead to disruptions of the technology. The processes of

business move away from legacy systems to adopt contemporary technology such as cloud,

RAD, IoT, Big data (Kane, et al., 2015). These and several such technology innovations are then

used and recognized enterprise-wide. They help to bring value to the business, lower expenses

and effort, upsurge speed and deliver outcomes more effectually.

Then there is another aspect known as customer behavior. In most cases, customers’

expectations and demands are geared towards meeting business needs. Camisón & Villar-López,

(2014) discovered that the demands of the customer increase technological abilities mixed with

the desire to ease usage. As such, firms have a deal with outside pressures like market

competition, changing economy as well as business partner demands. What the consumers

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demand and whether the technology is able to change to cater to the demands of the business is

of great significance.

Research question 3: How has digital innovation transformed today’s business globe?

Digital advancement has not only changed how business is performed but also how

businesses are perceived. It meant a change from traditional means of operation to the one

assisted by technology (Kane, et al., 2015). In the current generation, each aspect of the business

from management to operations is run using digital instruments. Such digital revolutions have

transformed every industry and revolutionized various ways of serving the customers, improve

the level of competition among businesses and pushed for the expansion of the worldwide

market.

Research by Coleman Parkes in their survey discovered that 82% of the participants have

adopted digital technology for redefining their businesses. This total refurbishment with the

reinvention of business functions is influenced by the advent of big data analytics, social, cloud

and mobile analytics (Kane, et al., 2015). Therefore, the transcendence of the digital globe has

helped businesses to grow.

Initially, companies created websites as an avenue for offering only information. With

interactivity as well as the inception of the mobile emergence, apps and sites began to offer much

more (Damanpour, Szabat & Evan, 1989). They are used to offer products and services right at

the entrance of clienteles. The usage of social media has managed to improve the knowledge

about what the clienteles desire and what they try to seek (Chen, Lin & McDonough, 2012).

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Businesses are able to use this medium to comprehend and tailor modified experiences to offer

real value to their clientele.

Big Data analytics has managed to change how businesses or firms acclimatize and

change. From making decisions to forecasting client preferences as well as recruiting the right

sets of skills, big data analytics has appeared as the game-changer for firms nowadays by

influencing the way they deal with their data (Kane, et al., 2015). Rather than undertaking a

market survey, there is appropriate information that tells what is not working in the marketplace

and what is working.

The competition- every business that tries to enter into a digital change is not mainly

focusing on competition. Taking into consideration the new generation of clients who have

everything, businesses have tried to remain on their toes to deliver real-time and rich interactions

with personalization elements to keep their clients engaged (Mohnen & Hall, 2013). Similarly,

the necessity to keep innovating and updating with respect to competition has become a necessity

to save businesses from running into the ground.

Reach out- although the competition upsurges with the digital change, firms have taken

advantage of the fact that nowadays they have reached out to a worldwide audience. There is a

marketplace for the niche of services and products since clienteles have means to access them

effortlessly (Haddud, McAllen & DeSouza, 2018). Similarly embracing innovation has made

sure that the businesses are at the front of attaining a profitable portion out of the industry.

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Improved avenues- due to the fact that changing the business into a digital space is not a

choice, businesses have started utilizing the advantages of such a transformation. Persistent

digitization of products, as well as services, have been made to make sure that no barriers exist

between the firms and their clientele as established by Camisón & Villar-López, (2014).

Similarly, traditional corporations have begun to make efforts to facelift or add novel services

that are digitally accessible to upsurge their proceeds. Monetization from digital platforms as

well as collaborations with partners has further helped attain better proceeds from an unexploited

source of purchaser relationships. In this sense, Alegre & Chiva (2013) provide broader picture

that consists of two intermediate steps: the capacity of organizational learning and innovation

performance. The authors also explain intra‐industry firm performance variances by focusing on

business opportunities

Conclusion And Recommendation

Conclusion

In conclusion technology innovation moves very fast and does not adhere to yearly

review as well as financing schedule that many companies put into consideration. This makes it

hard for firms to make decisions that transformational technology to adopt, how to incorporate

them and even replace the systems. However, successful organizations are embracing current

technology in order to create a digital workplace that enhances business cohesion. Embracing

and managing technological innovation in the digital business environment have also created a

bigger difference between the current status of the company and in the future. Therefore, digital

transformation entails lower expenses, acceleration of activities of the business, expedite time to

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market products, bring about positive transformation in people, processes, and competency

models.

Recommendation

 Companies should embrace technological innovation in the digital business environment

which leads firms to remain ahead of the competing firms.

 Companies should make IT department active so that it strategizes, implement and

manage technological innovation.

 Companies must embrace digital transformation which means innovating activities of the

business to utilize the opportunities presented by digital technology.

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References

Alegre, J. & Chiva, R., (2013). Linking entrepreneurial orientation and firm performance: the

role of organizational learning capability and innovation performance. Journal of Small

Business Management, 51(4), pp. 491–507.

Baker, W. E., Sinkula, J. M., Grinstein, A., & Rosenzweig, S. (2014). The effect of radical

innovation in/congruence on new product performance. Industrial Marketing

Management, 43(8), 1314-1323.

Camisón, C. & Villar-López, A., (2014). Organizational innovation as an enabler of

technological innovation capabilities and firm performance. Journal of business

research, 67(1), pp. 2891–2902.

Chen, M.Y.C., Lin, C.Y.Y., Lin, H.E. & McDonough, E.F., (2012). Does transformational

leadership facilitate technological innovation? The moderating roles of an innovative

culture and incentive compensation. Asia Pacific Journal of Management, 29(2), pp. 239–

264.

Damanpour, F., Szabat, K. A., & Evan, W. M. (1989). The relationship between types of

innovation and organizational performance. Journal of Management Studies, 26, 587–

602.

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Haddud, A., McAllen, D. K., & DeSouza, A. R. (2018). Managing Technological Innovation in

Digital Business Environments. In Marktorientiertes Produkt-und

Produktionsmanagement in digitalen Umwelten (pp. 47-60). Springer Gabler, Wiesbaden.

Kadar, M., Moise, I.A. & Colomba, C., (2014). Innovation management in the globalized digital

society. Procedia-Social and Behavioral Sciences, 143, pp. 1083–1089.

Kane, G.C., Palmer, D., Phillips, A.N. & Kiron, D., (2015). Is your business ready for a digital

future?. MIT Sloan Management Review, 56(4), pp. 37–44.

Kay, J., & Willman, P. (2018). Managing technological innovation: Architecture, trust and

organizational relationships in the firm. In New Technologies and the Firm (pp. 19-35).

Routledge.

Lendel, V., Hittmár, Š. & Latka, M., (2015). Application of management of innovation processes

in enterprises: management approach, problems, and recommendations. Procedia

Economics and Finance, 34, pp. 410–416.

Mohnen, P. & Hall, B.H., (2013). Innovation and productivity: An update. Eurasian Business

Review, 3(1), pp. 47–65.

Comment Summary Page 2

1. This wording seems a bit circular: "the best way to understand...is the need to understand." Is there a clearer way you could state this?

2. Even without the word "I," you're indirectly referring to yourself here, which isn't necessary in this paper. You don't need to explain why you chose your topic; instead, you should explain why the topic is important in the field (which is exactly what you did in this sentence--you just need to frame it differently).

Page 3 3. A running head should not exceed 50 characters and should not extend to a second line. When your title is long,

choose just a key phrase to use as your running head. 4. This word usually isn't made plural. "Studies" is the more common term.

Page 4 5. What group are you talking about? You don't need to describe the whole study, but you do need to give enough

context to make it understandable. 6. Don't put a comma after "et al." unless there is a grammatical necessary for it in the sentence. 7. I'm not sure how the last part of this sentence relates to the rest of it. Are you saying that if a company proceeds

with business as usual, but then suddenly breaks away from that pattern and adopts a new technology, the sudden change can slow growth and create decline? You may need to explain how that would happen.

Page 5 8. I'm having a hard time understanding your meaning in these sentences, and I'm wondering if you are trying to

paraphrase your sources word-by-word instead of capturing the entire meaning. Whenever you paraphrase, read back through what you've written and check to make sure it flows and makes sense.

Page 6 9. The subject of all the verbs in this sentence is "innovation," so all the verbs should be in the same form: speeds,

increases, ensures, and develops. 10. If you have three or more authors, put a comma before the last author's name. Also, with three authors, after the

first time you cite them, you should use et al. instead of writing all of them out. Page 7

11. Most people would probably use the word "world" here. 12. What does this mean? I have never heard of this as a research strategy. It has become fairly common for

researchers to provide a brief definition of their methodology, so you should do the same here. Page 8

13. Also, for future reference, if you are doing a study that is purely based on secondary sources, you probably don't need to do all this methodology description. These sections of a paper are more useful for empirical studies.

14. Your topic can't really ensure that; it's up to the businesses to choose their own technology. Page 9

15. This definition and the following claim would be great at the beginning of your paper! 16. Change this comma to a semicolon because you are joining two complete sentence. You also need a semicolon

before "therefore" in the next sentence. Page 10

17. This comma doesn't need to be here. 18. Try not to overuse the vague term "things." There are usually more precise words you can use in place of it.

Page 11 19. You should cite a source or sources here. Who originally used these terms in this context? 20. This is a good sentence because it's short and clear! Just one thing: Change this hyphen to a dash (two hyphens

together). A hyphen is used to create compound words like "real-time." A dash is used to create a strong pause in a sentence.

21. You need a verb here. "Address" and "invent" are both verbs, so in order for this list to be parallel, you need another verb--perhaps "meet."

Page 12 22. You might need to explain what this term means in a business context, since it's normally used in the natural

sciences. Page 13

23. should be "are," since there are two parts to the subject 24. Give a brief explanation of who the participants were; this will make the data more meaningful to readers. 25. "Inception" and "emergence" mean basically the same thing; you don't need both in this sentence.

Page 14 26. You should either make this an APA formatted heading or incorporate it into the grammar of the sentence as a

transition. 27. Apply the above comment to all these phrases at the beginnings of the next few paragraphs.

Page 15 28. "Exploit" almost always has a negative connotation. I would use a similar but more neutral word like

"untapped." 29. In the middle of this list, you shift from nouns (expenses, acceleration) to verbs (expedite, bring). All the items on

the list should be the same part of speech. Page 16

30. All three of these verbs should be in the same form: strategizes, implements, and manages.