Inno va tion lectvre avejtfoy sioM Exelain how d technology

Inno va tion lectvre avejtfoy sioM: Exelain how d technology strtesy Providles link ss strate y between ierv innovation strateJY and usine

Solution

Today, Business strategy is not just about the selling products more in the market and being always a cost competitiveness. But it is about how these business strategies are interlinked with the different business functions such as R&D, New Product Development and the Manufacturing/services. Innovation is nothing but coming up with customer centric products which has a differentiated value as compared to the existing products or with the competitors.

And thus the Technology Strategy links the Innovation strategy & Business strategy. If we have the innovative product and if we have the business strategy to sell it into the market then we should have also the technological strategy which converts the innovation to a a valued product or services.

There are many companies which have aligned all these 3 types of strategies. Take an example of \"Google\". It has varied products One of the product which it has is Google Map. Now, Google started leveraging this product to provide the services to the companies to track & locate their consignments. Creating Google Map is an innovation. The technology on which this map is based is technological strategy and now selling this product into the market is Business strategy. Here, technology interlinks the innovation & business strategy.

Now there are many companies also which are now once the leader in their product segment but now it is not existing. Why? only because their innovation & Business strategy are not connected with the technological strategy. Kodak is one among them. It has the product innovation in terms of digitizing camera. It has the Business strategy too. But it\'s technological strategy was not aligned to these two strategies. In fact Kodak had invented and introduced digital camera at the appropriate time but it had not aligned its technological strategy & business strategy to popularize the product in the market and it failed.

Hence, Technology strategy links the innovation & Business strategy.