Managing Emerging Technologies

Managing emerging technologies is inevitable for firms that operate in the current business world. Competition is rife and any misstep would result to serious losses. Technology offers the solution as regards to managing competition in the business world. However, if not harnessed properly, it may turn out to be the very source of destruction for the firm.Advertising We will write a custom essay sample on Managing Emerging Technologies specifically for you for only $16.05 $11/page Learn More Assessing Technologies Technology has been in continuous change. According to Day, Schoemaker and Gunther (2000), changes in technology is not a sudden occurrence as others may have thought. The inventions and innovations taking place may lead one to think that the advancements in technology entail an overnight thing, especially given the rate at which it changes. A deeper analysis reveals something very different. According to the authors, changes in technology can be compared to the biological theory of evolution. As Charles Darwin holds in his theory of evolution, the current organisms trace their origin from a single parent. However, organisms adopted to their different environments that led to differences in development. This theory also holds that the process of evolution takes time since an organism takes time to transform from one status to the other and that this process is continuous and never stops. This case is analogous to the changes taking place in the field of technology. Depending on the environment we live, different needs arise. Humankind has developed tools and machines to respond to these changes. The rate at which development takes place depends on the degree of the perceived need. This change is not radical, and neither will it be complete. The process is gradual meaning that it takes place at a pace similar to that of evolution. However, because of the fact that researchers initiated their studies at different times and on different backgrounds, the introduction of technological products always come to the market at close intervals, creating the notion that such inventions were done by the same individuals in quick succession. For instance, it is similar to DNA developed by different individuals differently. This is the path taken by technology. For a firm to be stable in the market, it is very important to identify and asses the emerging technologies as soon as they come into existence. New technologies can turn out to be the solution of a firm’s current predicament. On the other hand, technology can also be irrelevant and investing in it may only be a waste of both material and time resources. The assessment can take the analogous form. In this case, a firm would try to relate closely the past technological inventions to the emerging one. This would demand that a firm develops an analysis of the trends taken by the successful inventions. Through this, the firm is able to differentiate thos e emerging technologies that are relevant from those that are not.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Governments have a role to play as far as inventions and innovations that take place in the field of technology are concerned. The government comes in as a regulator or a buster of technology. According to Day, Schoemaker and Gunther (2000), the current technological advancements witnessed in the internet age would not have been successful were it not for the government support. The government came in to support the scientists both morally and financially. Internet technologies currently are so advanced. On the other hand, the government may regulate inventions and innovations in some fields. This may be due to public policies or other reasons known and found to be relevant by the concerned government. Application From the above analysis, it is evident that the current managers have a lot to do in terms of embracing practical technologies. Technology is multifaceted. On one end, it brings success in form of competitive advantage. On the other end, it poses a real threat of failure in form of obsolesce in the market. At the workplace, the researcher would recommend an early adoption of emerging technologies. In order to reap from technological changes, the researcher would consider adoption of a clear mechanism of analyzing the emerging technologies and embracing them as may be appropriate. Time would be given the priority in the process of adopting emerging technologies. This is because a slow response to such emerging technologies may be a blow to the firm as other competitors may overtake it in the process. It is therefore very important that a firm closely monitors changes in technology and respond appropriately. Managing Markets The market in the new technological era is very difficult to predetermine. This is because the new inventions and innovation s are ambiguous and very unpredictable. It is practically impossible to say that what technology will bring in the market tomorrow is beneficial. Due to its unpredictable nature, the future market driven by technology must be planned today for there to be a successful tomorrow. As Day, Schoemaker and Gunther (2000) note, it is not easy to plan for a non-existent item in the market. It is much easier to plan for an actual thing that is presently known than an imaginary one. Some of the challenges faced by firms in managing such markets pertain to lack of history. In the marketplace, experience plays a very important role. It is through experience that a firm would know how to approach its clients suitably. However, such new products lack precedence in the market, hence making the experience of the firm not only irrelevant but also destructive. The experience is destructive because the firm may try to take an approach that may be contrary to the market needs. This explains why new ent rants always beat developed firms in adopting new technologies. This is because new entrants enter this field with an open mind.Advertising We will write a custom essay sample on Managing Emerging Technologies specifically for you for only $16.05 $11/page Learn More They therefore find it easy to develop a strategy that works in embracing the emerging technologies. Another challenge that faces developed firms is that a business unit may not know the real customers of such new inventions. In the market, there are specific segments targeted by business units. The target market is always determined by the attributes of the products. It becomes very difficult to assign a product to a market if the said product is non-existent. Another issue that comes out in assessing future markets for new technologies is the rate of acceptance of the new technologies in the marketplace. The market may not be ready for the emerging technologies. In this case, the effort ta ken to harness new technologies may not be reflected on its gains. In addition, assessment of the future market regarding the size of the market is also of concern. Firms are always left guessing whether the future market will be able to sustain the emerging technologies. To overcome such challenges, a firm needs to devise strategies that would help it navigate the market. Moore’s law is one such approach that may be of help (Day, Schoemaker, Gunther, 2000). The marketplace for emerging technologies is lumpy. There are many ups and down in the market that a business unit experiences. However, there is no option for such business units but to devise methods that would help in navigating the stormy market. Devising a technology strategy that is able to withstand this rough road may not be easy. However, any firm that wishes to succeed in this market must be in a position to understand the emerging market keenly and devise plans that would work. Incumbent firms may take advanta ge of their current complementary asserts to gain footage in the market. Commercializing emerging technologies through complementary assets may be one of the options that a firm can adopt in gaining the competitive advantage in the market. Application From the above discussion, it comes out that the marketplace can be very unpredictable. However, there is need to manage emerging markets in order to gain from it. Although the market may be lumpy and very difficult to navigate, especially for the firms that have been in this industry, the researcher would consider devising methods through which success can be attained. One such practical way is by using the current array of assets of the firm. The inventions are always made on existing products. The researcher would therefore take advantage of this and relate the new inventions with the current products. The researcher would also consider commercializing the current products that are complementary to the new products that come into th e market.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Making Strategy The business environment has remained very unpredictable. However, a unit must develop the means of navigating it if it is to remain relevant and competitive in the market. Creativity plays a major role in this case. The management of an incumbent firm should embrace creativity in its operations. To come up with a working strategy in the market, there is a need to ensure that the management comprehensively understands the trend taken by technology. The creativity of a firm should be based on principles that are acceptable within a particular working environment. When dealing with technologies, it is important to appreciate the unpredictability with which it comes. Planning would therefore be of great help to a firm that hopes to manage the disruption that is likely to be caused by the changing technological environment. A firm should be in a position to identify key forces, with high importance and high uncertainties. After this, there should be a method of managing these forces in a way that would bring to the foreground the benefits that are likely to be derived from such technologies. In so doing, a firm can create a scenario where it is faced with a mock challenge that was not preplanned. Such is the approach taken by General Electric Company. It has been keenly trying to create scenarios, which bring undetermined challenges that are destructive. The entire team has always devised measures to counter this challenge, a plan that has seen it remain relevant in the market in the face of all the changes and disruptions (Day, Schoemaker, Gunther, 2000). The new inventions and innovations come at a cost. Firms spend substantial amount of money and resources in order to undertake a research that would lead to new inventions and innovations. It should therefore be important that the gains from this undertaking be worth the struggle. The ultimate objective of every firm when embracing modern technologies is that it is successful in gaining a compet itive advantage within its industry. Gains from emerging technologies can take many fronts. It can be a simple need to remain relevant in the market, the need to make more profits due to new inventions or the desire to gain the competitive advantage in the market due to the new means of conducting business. Whichever approach it is given, it should be worth the effort. Application As reflected above, technology has kept the business world guessing. For this reason, the researcher would consider devising methods through which the firm may counter the negative effects brought by this technology, as the firm embraces the positivity brought by the same. Planning would be the solution to this. Planning for an unknown may not be easy. It entails planning for a visionary product whose attributes are not known. As challenging, as it may seem, this may be the only method through which a firm may be in a position to manage the emerging technologies. To help in this planning, the researcher re commends that a firm should devise scenarios where huddles are created and measures to tackle them devised. In this undertaking, it is important that one analyses the cost to be incurred and the gains to be gotten from this process. The two should have some correlation. Investing for the Future Emerging technologies brings with them various options for the currently existing firms. It may not be advisable to choose several options that present themselves in the business world. A firm needs to devise mechanisms through which it may scan and choose the best of the options that fit its scenario. When managing the real markets, some factors ought to be put in place. The firm must be in a position to define its current position, and make plans for the future. Through this, it would be able to select the most appropriate path for future success. The path taken should be cost effective. A firm should develop financing strategies with its projects in a way that would guarantee returns. In d eveloping a financial strategy, a firm should ascertain the worth of the venture before determining the amount of capital to invest in it. Biotechnology ventures are such ventures that need practical innovative financial strategy. If not taken from this perspective, the investment may not be reflected in the outcome of the project (Day, Schoemaker, Gunther, 2000). Application Financial analysis could promise a means to determine the viability of the project and is always advisable before making a financial commitment. From a practical point of view, a firm should take the least costly option and be innovative enough in so doing. Within the workplace, it would be necessary to determine the worthiness of an emerging technology. From this, then a decision on how to invest in it will be determined. Rethinking the Organization Individuals and organization participate in development and commercialization of emerging technologies. There is need to share this knowledge in development, whic h may give rise to a kind of network between the developers. There has been a continuous need for advancement in innovation and inventions in various fields of technology. The flight industry is a typical example. There was a simultaneous release of two innovative aviation developments in 1970 that would help in training military pilots. This arose from the need for better flights for the military. Air Transport Association’s Training Committee and Federal Aviation Administration’s Advanced Simulation Plan Working Group were some of the organizations that stood to benefit from this invention in the air sector. They therefore came out strongly to support the research and development in the field. The Flight Training Device (FTD) on the other hand got support from the military. The aviation community later in 1980s realized the importance a network where knowledge could be shared between intellectuals in order to enhance inventions and innovations. In forming networks su ch as those in the aviation sector, there is always a need to ensure that each unit in the network has a very clear role to play to advance the collective objective of the organization. In such alliances, knowledge sharing is highly encouraged as a means of enhancing development of the existing technologies or coming up with completely new ones. The impact of knowledge sharing is always felt through the outcomes of the whole process. For this reason, there is need to manage the networks in order to increase the advantages associated with them. In order to manage the emerging technologies, alliances may become inevitable. Many firms have come to realize that they can use alliances to build their competitive advantages in the market. In the formation of alliances, key strategic features should be witnessed. This would include cooperation among firms, coexistence of the involved parties, and some uniqueness. Some of the strategies used in developing relational advantages in an alliance include creating knowledge sharing routine, choosing complementary partners, building and managing co-specialized assets and establishing effective governance process. Any firm that hopes to prosper in the current competitive world may not avoid dynamism. New organizational forms come in a number of ways. Some of the elements of organizational forms to be put into consideration when moving towards new organizational forms are given as below. The goals and broader objectives of the firm, strategies that are intended to be employed in achieving the set goals, the position of authority held by the firm in the industry either in the alliance or in the entire industry, technological concern, the market in question and the process intended to achieve the above (Day, Schoemaker, Gunther, 2000). Application From the above, several issues come out very clearly. With emerging technologies, rethinking the organizational structure is one of the important ingredients of success. Alliances are very important and for any firm that hopes to remain afloat, it is an option that may be considered inevitable. In application of this therefore, the researcher finds it necessary to define clearly the roles of each member of the alliance and the expectations of each party. Human resources should also be categorized according to their speed towards adoption of technology. They should also be remunerated appropriately and their welfare considered. Emerging Technologies The world is changing due to the scientific developments. Through these inventions, new ways of doing things are developed. Technologies have completely redefined most of the activities that people employ. In an attempt to make life easy, scientists have been spending most of their time trying to come up with new ways through which work can be done. They have developed new machines and tools that have made it easier for humankind to perform various activities. Emerging technologies refer to the new inventions and innov ations in science that are capable of transforming existing industries or creating new ones. These technologies are in continuous development and they have far-reaching effects. Electronic banking, high temperature super-conductors, robots, personal computers, digital photography and the internet are some of the faces of emerging technologies. Emerging technologies transforms our lives in dramatic and exciting ways. Reference Day, G., Schoemaker, P., Gunther, R. (2000). Wharton on managing technologies. New York, NY: John Wiley and Sons. This essay on Managing Emerging Technologies was written and submitted by user Yaretzi Williamson to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.