Future Innovations in Technology

  Innovation is the development of an absolute value that meets a new need of a customer and is critical in the modern economy. According to Dwyer(n.d), “Innovation is the process of creating value by applying novel solutions to meaningful problems (Dwyer, n.d.)”. Incremental innovation is the most common form of innovation that uses existing technology and increases the value to the customer. Innovation can be achieved through the following Serendipity : Discovering something good or useful. According to Meige (2010), “Serendipity is the ability to make accidental but fortuitous discoveries, especially while looking for something entirely unrelated. Pasteur and his collaborators discovered the vaccine against cholera is an example of Serendipity. Serendipity is a manifestation of creativity in which inspiration comes from outside( Meige ,2010) ” . Errors : Making a mistake that leads to discoveries and innovation. The famous proverb “Necessity is the mot...

  Planning and Forecasting  Forecasting sounds too simple, but a lot of challenges might face along the way. The driving forces that impact business forecasting success are clear outline objectives and focus on the process. The most critical step in the forecasting process is growth, reducing costs, maximizing customer retention. If the specific goals and objectives are not clear, it won't be easy to achieve the forecasted goals. Forecasting can help them deal with these troubles, but it can help them more, the more they know about the general principles of forecasting, what it can and cannot do for them currently, and which techniques are suited to their needs. The strategy and process for implementing rolling forecasts within an organization are to ensure consistency, and the process needs to be efficient, easy to implement. Forecasting in business creates opportunities to make critical business decisions based on estimated future trends. Business forecasting is ...

  The scenario planning takes into consideration past events, as well as developments that we are currently monitoring as probable disruptions and visualize what future conditions or circumstances are likely. The scenario planning only illuminates different ways the future may unfold and are not predictions. The strength of using scenario planning is mixed with qualitative and quantitative views. According to Ogilvy (2015), “The scenario planning has enough detail to assess the likelihood of success or failure of different strategic options and has a methodical eight-step process. The process has two major parts: first, choosing which scenario logics comprises the first five steps, and second, telling its implications and early indicators in the next three steps. 1: Focal Issue 2: Key Factors   3: External Forces 4: Critical Uncertainties 5: Scenario Logics 6: Scenarios 7: Implications and Options 8: Early Indicators (Ogilvy,2015). Traditional forecasting u...

  Think Tank Methods Think tanks are a group of people who read, discuss, think, and write, to address an issue or problem. According to Hernandez(2018), “Think tanks are a group of people that review the literature, discuss the literature, think about ideas, do tons of research, write, provide ideas, legitimize ideas, advocate, lobby, and arguing about addressing problems. Innovation should be a constant business priority. There are two types of think tank models, one roof model where everyone gathers in one physical place to meet face-to-face or the without walls model where members only communicate through technological means” (Hernandez,2018). Innovations are new ideas that are executed to create and generate values. We face lots of challenges in life every day and based on the challenges, and people try to come up with new ideas to solve the problem and innovate something new to make things easier and creative. The innovation is very critical in the modern world, whi...