To some extent, a company that offers a product or service to consumers must bear in mind that these elements will not last forever. Needs are changing, both in citizens and in the industry itself, and that is why companies must update themselves from time to time. This one is in this context that we have to talk about technological innovation. This concept remains very well established today that encompasses many more things and aspects than we can imagine, not only those related to technology improvement itself.

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What does Technological Innovation Mean?

Technological innovation refers to the creation of a new product or service always aimed at consumers. Now other words, what we mean is that there is innovation when companies present new elements on the market or, failing that, improve existing ones. Although this innovation remains usually aimed at commercializing the product or service, it can also be related to the company’s production processes. Ultimately, the invention has to do with change within the industry.

But despite being called technological innovation, it not only addresses modifications within technologies, but the changes also occur in many other sectors that are also important within the company. We refer to scientific, financial, and commercial activities. This innovation aims to remain offered new products and services in the market (whether local, national, or international). It also affects the creation of new production processes and new methods of organizing and managing the company. Although the word innovation focuses on novelty, it is also related to improving what already exists, be it services, products, or other systems.

The Types of Technological Innovation

Technological innovation is a concept that encompasses a large number of elements and actions. Still, depending on the specific task that remains carried out, we will name it one way or another. In this sense, we can differentiate four types of technological innovation. In the first place, we will talk about the radical variety. As its name indicates, they are the innovations that allow us to reach new markets, although they can also be industries or other sectors where we can develop some activity. Typically, radical innovations remain carried out in public administration, the service sector, or cultural matters.

On the other hand, we find incremental technological innovations, which are more progressive. Instead of opening new fields, what remains done is improving technical processes, although always based on their primitive characteristics. It is, therefore, an innovation to offer better technologies, but not to create new ones.

Finally, we can find two other types of changes. On the one hand in technological systems and on the other in paradigms. Regarding the former, it must remain said that they encompass both radical and incremental innovations, although they also include designs about the company’s organizational systems. The paradigms should remain mentioned that the change occurs in the preconceived ideas regarding technological and production techniques. In other words, a paradigm shift would be an industrial revolution, for example.

Characteristics of Innovative Companies

In place of a company to be successful, it must carry out technological innovations. From time to time that allows it to adapt to new times and society’s needs. Therefore, any industry that wants to introduce innovation within it must respond to three essential characteristics. We refer to efficiency, competitiveness, and quality.

By having these three aspects, every company can create or improve the products or services it offers. And make the investment that has stood made financially profitable, increasing their sales. In this, professionals who have completed specialized studies such as a master’s degree in innovation, from which all the necessary knowledge remains obtained, have particular relevance. Of course, it is essential to detect possible improvements that can remain carried out in the future because of the consumer’s needs and the company’s production processes.

In short, an innovative company must create or renew new products, services, and even the production techniques it uses. Similarly, it also has to make changes in the company’s organizational system. And modify hiring professionals’ requirements, requesting different qualifications to adapt to the new times.

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