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Importance of Technological Innovation 1

 

Technological innovation now the single most important driver of competitive success in many industries.

• Many firms earn over one-third of sales on products developed within last five years.
• Product innovations help firms protect margins by offering new, differentiated features.
• Process innovations help make manufacturing more efficient.

 

 

Advances in information technology have enabled faster innovation.

• CAD/CAM systems enable rapid design and shorter production runs.

Importance of innovation and advances in information technology have lead to:

• Shorter product lifecycles (more rapid product obsolescence).
• More rapid new product introductions.
• Greater market segmentation.

Impact on Society

 

Innovation enables a wider range of goods and services to be delivered to people worldwide.

• More efficient food production, improved medical technologies, better transportation, etc.
• Increases Gross Domestic Product by making labor and capital more effective and efficient.
• However, may result in negative externalities.
• For example, pollution, erosion, antibiotic-resistant bacteria.