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(Sponsored Post) Technological Innovations And Their Role In Management Practices

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Modern rates of scientific and technological progress are aimed at achieving scientific and technological goals. The economic growth of leading countries depends on the efficiency of the use of science, technology, and resources.

Every business should aim to expand its scope of activity for effective functioning, obtaining high profits, and increasing its competitiveness in the market. The company must embark on an innovative path of development, which means the creation or use of innovations. A special place is occupied by technological innovations, such as iOS fax, which allows sharing files in a matter of seconds. Many people already today send a fax from their iPhone because the app completely replaces a bulky fax machine and allows to optimize office work.

Importance of Technological Innovation in Business

Business technological innovations can be classified into the following directions:

  1. Ideas and technologies;
  2. Business management methods;
  3. Innovative or forward-thinking innovations.

Let’s consider each direction in more detail.

Innovative ideas are aimed at modernizing technologies, improving product quality, reducing production time, and increasing volume. They help reduce the cost of products, goods, and services, increase competitiveness and profitability.

Business management methods are approaches to organizing the workflow in a company. On the one hand, innovation management involves setting priority goals and objectives, building work plans, and recruiting personnel. On the other hand, it is supervision and control over the implementation of innovative projects and ideas.

Leading or innovative ideas in business are aimed at creating completely new types of products or technologies that have not yet been used anywhere. These are the driving forces of both business and the economy as a whole. Examples of leading business innovations include LED light bulbs, which are already firmly established in everyday life, saving energy and reducing costs.

Therefore, innovations are the main driver of business development. They play a special role in the practice of management. The following sections of the article are devoted to this issue.

Impact of Modern Technological Innovations on Management Practices

Technological innovations in management are the improvement of management processes, the restructuring of companies, i.e. change in organizational structures, management structures, the composition of functions, technology, and organization of the management process. These also involve the use of methods of work of the management system related to staff motivation, resolution of intra-organizational conflicts, the introduction of new concepts for the development of corporate culture, etc.

There are several major technological innovations that have a significant impact on management practices today:

  • Automated workplace of the manager. A manager’s automated workplace is an organizational and technical system consisting of a personal computer with the appropriate software. This also includes organizational, technical, and technological documentation that provides automation of the functions and managerial work of the manager;
  • Computing systems that allow increasing the reliability and stability of the functioning of various computer control systems. They also make it possible to increase the reliability of information transmission, as well as the reliability of its storage and processing;
  • Data and knowledge banks are a set of interrelated information arrays. They are designed for individual management tasks, methods of access and management of arrays, as well as technical means that implement the functions of management, search, and delivery of information to the user;
  • Software and information means. This is information from standards, catalogs of regulations and instructions, classifiers, guidelines, and recommendations;
    Economic-mathematical methods and models. Modeling allows to more clearly represent the object under study in all its relationships with other elements of the business. Examples are the operational management model, the logistics model, the transportation model, the staffing model, etc.;
  • Expert systems. Expert systems include automated systems focused on solving complex tasks that are not amenable to an unambiguous and formal description. In expert systems, such tasks are solved on the basis of experience and informal logic, usually with the involvement of highly qualified experts;
  • The Internet is a global computer network. It contains a huge amount of information on any subject, available on a commercial basis for everyone. In addition, it provides a wide range of information services (file transfer, file search, e-mail, newsgroups, etc.).
  • Key Benefits of Using Technological Innovation in Management

    Benefits of using technological information in management:

  • Reducing the time to access information;
  • Reducing duplication of documents;
  • Simplifying data access;
  • Optimizing the storage of documents and data;
  • Automating business processes;
  • Improving the quality of customer service;
  • Reusing information;
  • Increasing data quality;
  • Improving the security of documents and information, etc.
  • It should be noted that each technological innovation has its own specific advantages. Here we again want to mention a fax app that provides fast and convenient faxing from an iPhone. By installing the fax app, the iPhone user can easily send and receive the necessary documents 24/7. The faxing app is useful not only for office workers but also for all those whose work is in any way related to documents.

    Conclusion

    The use of technological innovation in management practices makes a business more competitive by increasing its manageability and adaptability to changes in market conditions. Such automation increases the efficiency of company management by providing managers and specialists with the most complete, prompt, and reliable information. It also ensures the improvement of office work by streamlining workflow. It becomes easier for managers to analyze the activities of their departments and make the necessary management decisions.