Technology and Its Implementation-Free-Samples-Myassignmenthelp

Question: Discuss about the Technology and Its Implementation on Business Model. Answer: Introduction Business-model innovation has entered the market arena in the recent decades and has significantly contributed to the transformation of the business world. The newest entrant under it is the general-purpose technologies. In recent years, GPTs have had a remarkable effect on business innovators and new technologies have further given an impetus to it (Gambardella McGahan, 2010). The given essay provides an explanation of general-purpose technologies for innovative business model. It also discusses the implications of GPTs on industry structure as highlighted in the article. The focus is on the uncertain yet expected consequence of implementing GPTs. Further, the essay provides an overall understanding of the business innovative model applied by the leading firms in order to stay ahead in the race. The essay also tries to outline how managers can benefit from the arguments mentioned in the article. Review of the article The article begins with a description of the business model. Here it states that a business model is a firms advancement towards creating returns at a rational cost and integrates suppositions about how the approach is going to generate and incarcerate value. Every firm has a business model and managers are constantly in the process of improving or transforming the model to meet market needs (Schaltegger, Ldeke-Freund Hansen, 2012). Businesses in recent years are looking to improve their business model by incorporating innovation and innovation comes from the smart use of technology. A manager amongst other things has the responsibility to create and apply budgets and arrange information for senior administration as well. Keeping this in mind, the managers can learn greatly from this article. The growth of technology-centered markets might prompt supplementary business-model innovation in opposite markets (Serrat, 2017). The results of the increase in technology markets might boost the contest for downstream product-market. Many firms have adopted the licensing of technology in the past but the rules and regulations for technology licensing have changed with a shift in the market competition. Earlier, the rival firms used to compete on product quality and quantity but now they compete on the use of technology. However, sensing the vulnerability of this strategy, firms are now investing more on technology that has general pertinence. Managers can establish a balance between these strategies and strike out a plan that supports and promotes innovation. The article further draws connection between commercialization of knowledge-based possessions and business-model innovation. The market today is apparently more inclined towards the fusion of knowledge-based economy and technology. It can be asserted that never before has the commercialization of advanced services and products been so rapid and demanding as it is now. Firms are willing to invest time and money on the long processes of attaining information or knowledge about the possible use and advantage of the technology. Managers of big firms can take a cue from this and keep in mind these points before drafting a budget report or introducing a new idea. Businesses today have realized the potential of the end user and they target these users through every possible platform. The applicability and importance of the general-purpose technologies (GPTs) in this regard cannot be denied (Coccia, 2015). However, firms are finding it hard to commercialize the GPTs, as they are yet to identify the technical specifications required for the integration. Moreover, implementing GPTs also require refined set of skills in science and research in order to understand how and where this technology can be utilized (Ardito, Petruzzelli Albino, 2016). To the managers, having a market insight and understanding of the pulse of the customers is extremely vital. Once they realize the importance of proper commercialization of GPTs, they can plan to develop their business-model as per the requirement of the customers. Implementation Technology licensing is considered as the best way for the firms to enter the market they could not on their own. This licensing allows third party to use, modify and resell the property in exchange of an amount of compensation. Hence, using this type of licensing will help the companies to enter a much larger market. Moreover, it will help the business to utilize the business skills required for operating in the market. It will enable them to utilize these experiences from the more experienced companies to compete in the larger market. The bigger operating companies with whom the small company will be licensing with is responsible for controlling the downstream of the assets required for the large scale production. The managers using this innovative business model can evade the problem of only being license to specialists. They can further exploit the applications that may be commercially viable across a range of market. This model also provides opportunity for the innovator to utilize multiple downstream manufacturers by licensing. It gives manufacturer the bargaining power to the technological firm. Furthermore, the bargaining power of the licensee remains constant in this case. However, it hardly matters as they now will have to opportunity to sell their technology to a number of firms. Hence, the use of their technology in multiple applications will increase their overall profit. The managers can further commercialize their knowledge based assets or intangible assets in their business innovation. These assets are the intangible assets existing within the organization. The manager requires identifying and evaluating the existing knowledge assets and managing them for achieving the competitive advantage in the market. The knowledge management involves a set of process concerned with the usage, development, renewal and value creation of knowledge. However, it is important for the manager to identify the knowledge assets of an organization. The process of identification and assessment involves knowledge generation, knowledge codification, knowledge application, knowledge storing, knowledge mapping, knowledge sharing, and knowledge sharing. These processes are interrelated to each other. Managers can easily manage the organizations knowledge assets by adopting these processes. The next step for the manager is to commercialize the knowledge assets for gaining competitive advantage. Manager requires following a series of steps for implementing the managed knowledge assets in the organization for accessing success. The first step is to identify the present business issues in the organization. Manager can do it by running an internal analysis. Manager will not be able to align the knowledge assets with the organizational goal unless the problem areas are identified. The next step is to prepare for transition. Transition means a complete change in organizational level and not only in the technological level. The following step involves evaluation, assessment, and prioritization pf the technological need of the company. Moreover, it is important to identify the costing of implementation, expertise and technological tools required for implementation of knowledge system. Next one is the determination of aspect required in the organization. There exists various asp ects like open, distributed, measurable, customizable, and secure (Serrat, 2017). These aspects needs to be considered during implementation of knowledge management system in the business model. The manager then requires linking the knowledge with the people or employees. Two major way are present to complete the process that are knowledge directory and content management. The former one acts as a platform where the employees can find out the list of experts who are most capable of performing particular task. The later asks the manager to gather, edit, and update the information for ensuring the accuracy of the information. Following these steps can potentially generate accountable success in the business organization. Conclusion It can be concluded form the above general process technology is potentially beneficial for business organization if incorporated in the organizations business model. However, managers are finding it difficult implementing the technology in the model. These technologies are the knowledge based assets or the intangible assets. The proposed method of implementation of knowledge-based assets of the organization can bring potential benefit to the organisation. References: Ardito, L., Petruzzelli, A. M., Albino, V. (2016). Investigating the antecedents of general purpose technologies: A patent perspective in the green energy field.Journal of Engineering and Technology Management,39, 81-100. Coccia, M. (2015). General sources of general purpose technologies in complex societies: Theory of global leadership-driven innovation, warfare and human development.Technology in Society,42, 199-226. Gambardella, A., McGahan, A. M. (2010). Business-model innovation: General purpose technologies and their implications for industry structure.Long range planning,43(2), 262-271. Schaltegger, S., Ldeke-Freund, F., Hansen, E. G. (2012). Business cases for sustainability: the role of business model innovation for corporate sustainability.International Journal of Innovation and Sustainable Development,6(2), 95-119. Serrat, O. (2017). Business model innovation. InKnowledge Solutions(pp. 499-507). Springer Singapore.