The Role of Information Technology Innovation

Abstract

In this paper, the primary focus was to determine how IT innovation is playing a critical role in promoting an environment where product production and delivery processes can be improved to meet the customers’ needs and to be in line with the emerging trends. The study used both primary and secondary data sources to find relevant information. The study revealed that IT innovation has positively transformed many organizations. The workplace is becoming more accommodating not only to the managers but also to employees and other relevant stakeholders. IT is going to play a bigger role in the future as firms learn how to use it to gain a competitive edge over its rivals. Although issues such as cyber threats are becoming major concerns, it will not stop firms from embracing IT innovations.

Introduction

In the current globalized business environment, companies are finding themselves in an increasingly competitive business environment. They find themselves in situations where they have to be creative not only in their production processes but also in the product delivery process. They have to go to the market, understand the needs of the customers, and develop products that meet these needs in the best way possible.

Companies are under pressure to ensure that their products and services, and their production processes are better than that of their rivals. That is the only way of managing the stiff competition in the market. They have to find something unique to offer customers or come up with unique ways of delivering products to customers. As such, creativity and innovation has become more important to companies than it has ever been in the past. New challenges keep emerging in the market, forcing firms to come up with innovative ways of addressing them as a way of gaining a competitive advantage over the market rivals. Information technology (IT) innovation has become one of the most reliable ways of managing stiff market competition.

According to Radjou and Prabhu (2015), IT innovation is an enterprise that entails the use of technology to come up with new ways to create efficiency and improve alignment between business goals and the emerging technological initiatives. It involves automating the systems and processes in an organizational setting to ensure that the operations within a firm are made to be more efficient than they were before.

It helps a firm to conduct market research with ease, process the data, and then share it among the relevant stakeholders within an organizational setting. IT innovation is taking a completely new approach in the modern society as firms try to gather knowledge that can make their operations more productive and less costly when compared to that of the rival companies. In this paper, the researchers seek to investigate the importance of IT innovation in improving production processes and the quality of products and services.

Relevant Literature

Innovation in the field of information technology has completely changed the way organizations are run in modern history. Information plays a critical role in ensuring that a firm gains a competitive advantage in the market. The process of gathering, analyzing, and sharing information among the relevant stakeholders is changing. According to Keeley (2013), companies are coming up with automated ways of ensuring that information is properly managed in an organizational setting to achieve the desired goals in the market. Companies are currently relying on innovation in information technology to improve a number of areas in their operations. The following are some of the areas where IT innovation is used to help improve organizational performance.

IT Innovation in Governance and Teamwork

According to Gulfo (2014), in the modern competitive business environment, firms are keen on expanding their market shares beyond the borders of their home country. As new firms from other parts of the world attack the local market, the best way of survival for these companies is always to attack other foreign markets to expand their customers’ base. The strategy has led to the emergence of large multinational organizations operating in various cities around the world.

The top management units of these multinational companies have the responsibility of ensuring that operations in various countries are in line with the vision and strategic objectives of the company. All the employees of the company, irrespective of their location, must understand the vision of their company and work closely with the top management to ensure that the desired success is achieved.

However, in most cases, the geographic distance of the overseas branches makes it impossible for the chief executive officer of the firm to be present in all the branches. A company such as Coca Cola Company operates in various countries across Asia-Pacific, America, and Africa. It is not possible for the top management unit of this firm to be present in all the countries on a regular basis. However, the chief executive officer must ensure that that the overseas regional managers are working in line with the values and mission of the firm. Innovation in information technology has helped in solving this problem.

New inventions in IT have made it possible for communication to be made using various platforms. Video conferencing is one such innovative idea in this field that has completely transformed governance. In the past, a firm would be forced to have its regional managers physically move to the headquarters of the firm for them to meet with the top managers of the firm. However, that is no longer the case (Radjou & Prabhu 2015).

Through video conferencing, these regional managers can have a conference with the top leaders of the company without having to move physically to the company headquarters. It saves time and the resources that would have been used when moving from regional offices to the headquarters. It also means that the top management unit can organize a meeting with various regional heads as much as possible. Such meetings are important because they create a sense that the top management unit is always keen on monitoring the operations and can offer guidance at any time when it is necessary.

The innovations in IT have also made it possible for the managers to monitor the performance of the employees without being physically present in their workstations. According to Keeley (2013), IT tools have emerged that allow the managers to monitor the performance of individual employees without having to be physically present in the places where they work. Whether it is a driver delivering products from one point to another, a marketing officer in the field, a financial expert, or a production employee within the firm, managers no longer have to monitor these employees physically.

New software such as Basecamp, DestTime, iDoneThis, and 15Five are now used to monitor the performance of the employees (Mann, Watt, & Matthews 2012). It makes it easy for the managers to know the productivity of the workers and identify the areas of weakness within the workforce. Governance becomes simplified, and the top leadership finds it easy to address the issues affecting the organization because of the ease with which information is collected from the relevant sources.

Teamwork is critical in an organizational setting. According to Anthony (2012), teamwork requires an environment where team members can easily share information and address tasks in a closely coordinated environment. In the past, the information would be stored in files, making it very difficult to share it among the relevant stakeholders. However, that is no longer the case, thanks to the emergence of new data collection, analysis, and sharing tools brought about by the emerging technologies.

The emergence of digital technology has made it easy for the stakeholders in an organizational setting to share information with ease. Employees within a firm can easily communicate with their colleagues irrespective of their geographical location. It has helped in creating an environment where teamwork is possible through the sharing of information.

IT Innovation and Financial Management

Financial management is one of the most important tasks in an organizational setting. As Anthony (2012) notes, a firm should have a clear plan on when and how the resources will be used. The resources are often scarce, even for a firm that is experiencing profitability when they are compared with the needs. Needs will always emerge, and a firm cannot afford to spend its resources on every need that arises.

A system must exist that defines how these resources are to be spent. In most of the cases, the management often takes into consideration the importance of the issue, its agency, and the possible returns. Priority is often given to expenses that a firm cannot do without. The very important issues, very urgent issues, and those with impressive returns are often given priority over other needs. Innovation in information technology has simplified the process of managing organizational finances on various projects.

Financial managers can easily get the information that is relevant to all the projects before they are undertaken. It is easy for the management to conduct a comparative analysis to know the relevance of each project and how it can be prioritized, among other projects. The finance manager and his team will be able to offer advice about the projects which may need to be pushed ahead and give reasons why that is necessary.

According to Radjou and Prabhu (2015), when faced with numerous projects from various departments within a firm, sometimes it becomes necessary to engage other departmental heads. Each head of the department will always push for agendas that are favorable to his or her department. When a project from one department is rejected while that of another department is approved for financing, a feeling that one department is favored over another develops.

Such feelings may affect the overall performance of the organization because it creates a discord in the management. It is, therefore, important for all the heads of departments to be invited and properly consulted in case they have conflicting interests in terms of investment. The innovation in IT has brought about various internal communication software and tools that can be used by the finance manager to facilitate interdepartmental communication. These departmental heads can therefore have a discussion and view the urgency, importance, and returns that each of the presented project will bring to the firm.

They can, therefore, reach a mutual agreement in terms of the appropriate projects that should be implemented and those that should be postponed based on the agreed upon factors. It reduces the pressure that sometimes amounts on the finance managers as other departments demand for financing. It also creates some form of unity and a sense of common direction within an organization (Gulfo 2014). Cases of mistrust and suspicions are dealt with through regular dialogue and consultation.

IT Innovation and New Product Development

In a research that was conducted by Keeley (2013), it is clear that stiff market competition that many firms currently face makes it necessary for them to be creative in terms of the products that they deliver to customers. Tastes and preferences continue to change and the marketing department and the production unit has a responsibility to understand these changes and come up with products which are in line with the changes in customers’ preferences.

New product development is very critical in ensuring that a firm’s operations are aligned with the changing market forces. However, Anthony (2012) says that for a firm to come up with new products, it must have a team of highly creative employees. Creativity is not a preserve of the top managers or the most learned and experienced members of the organization. Employees who work on a daily basis within a given department have the capacity to identify weakness in their area of operations and come up with an innovative idea of solving it.

Sometimes the sales officers who constantly interact with customers and hear their complaints, complements, and suggestions very often have the capacity of proposing a new product delivery method or a new product that meets the needs of the customers in the best way possible. It means that an innovative idea can come from the most unlikely stakeholders within a company. As such, communication is critical in ensuring that such a new idea is fully exploited to help a firm come up with a new product that offers better value as opposed to those that currently exist in the market.

IT innovation makes it easy for the stakeholders within a firm to communicate and share ideas with other relevant officers. Whenever one comes up with a new idea on how to come up with a new product, the emerging technologies in the field of information and communication makes it easy to engage other parties. One can easily share the new idea with the peers who work in the same department in online platforms. When he or she gets approval of the peers, he can post the new idea directly to the chief executive officer or senior departmental head via online platforms without necessarily seeking direct physical audience with them.

Many organizations still have a rigid communication system where the junior employees cannot easily reach out to the top managers. Innovation in IT eliminates such structural barriers. It allows the employees to have a direct access to their top managers. Their new idea will reach the top managers without being adjusted and diluted by the mid-managers. The ease of communication between the top management unit and the junior employees, and among the employees themselves creates an enabling environment for creativity and innovativeness within the organization.

In their research, Anthony (2012) says that new product development sometimes requires a firm to monitor online traffic of the clients or potential clients in the market. The scholars argue that there are some products that customers cannot publicly admit that they use. In other cases, potential customers may want unique products to meet their unique needs. When clients make regular online visits and search for these products using such engines as Google, it is possible for companies to monitor their actions. The online behavior of customers can easily be detected by a company using software such as GFI LanGuard, Microsoft Network Monitor, and Fiddler (Gulfo 2014).

These innovative online tools make it easy for a firm to know what online visitors most often search in the internet. It gives them an idea of the changes they need to introduce in the product or the new products they need to develop. Time spent in specific websites looking at specific products and actions they take afterwards also help in understanding their tastes and preferences. With that information, a company can easily come up with products that can meet the detected needs of the online visitors.

Relevant Cases

It is important to look at specific cases where IT innovation helped a firm achieve success in a highly competitive market. The cases will help in emphasizing the importance of IT innovation to firms in the modern business environment. The following cases perfectly demonstrate the relevance of IT innovation in the current business environment:

Case 1: Amazon’s AI-Powered Customer Service

In an attempt to offer its customers better services, Amazon.com came up with a new service for their customers based on information technology. The voice service makes it easy for customers to get information they are looking for with ease in the Amazon’s website. Using special IT software, customers who contact the firm get voice response, especially when it is a general issue, which often affects so many people. The innovation in IT that led to creation of this new communication tool has transformed service delivery approach at Amazon.

Case 2: Baidu’s Interactive and Autonomous Cars

Baidu is the leading Chinese search engine. Through innovation in IT, the company has come up with a prototype of an automated car that receives voice instructions and follows them very closely. The innovative product is meant to ensure that car users no longer have to be drivers. Once one has fed in to the car’s computer system the information about the destination, the car will be self driven all through. Fitted with special cameras and voice recording tools, this car performs all the functions of a driver. It is a clear demonstration of how innovation in IT is transforming the world.

Case 3: Mobileye’s Driver Assistance Technology

This company is using innovations in the field of information technology to come up with a very unique product meant for the drivers. It has come up with a system that is capable of detecting collisions before they happen and issue a warning to the driver, especially if it is apparent that the driver is not fully concentrated on the road. The software engages the drivers actively by providing them with important information that helps them stay safe on the roads. The driver remains informed of important facts, making the entire process of driving safe and enjoyable.

Case 4: Facebook’s Oculus Rift Technology

Facebook’s Oculus Rift Technology is an outcome of an innovative process in the field of IT. Oculus RT is a virtual reality headset that once fitted it creates an environment that one is actually part of the events happening in a movie or a video music. It has completely transformed the field of entertainment. Its 3D audio headphones and the integrated LED head-mounted display create a unique environment for the users, especially when watching video recordings. The product is becoming very popular in the global market.

Case 5: Tencent’s WeChat Messaging App

In a world where social media is becoming increasingly important means of communication, Tencent came up with WeChat messaging application that allows its users to use instant messaging to communicate. It is very simple to use and can be used by those who are engaged in business activities. What makes it unique from other social media services is that it can also be used to make online payments safely. It has already attracted about 900 million users because of its innovative ways of meeting the needs of its users.

Case 6: Alibaba’s Mobile Video Advertisements

Alibaba is one of the companies leading in the innovative idea of developing mobile video advertisements. This IT product seeks to reach out to the Smartphone users all over the world with promotional messages in the form of video. It is motivated by the fact that the size of Smartphone users is growing rapidly all over the world and targeting them with video advertisements in the best way of promoting products in the market.

Case 7: Microsoft’s HoloLens

Microsoft has come up with a new product, based on the emerging IT, that integrates both virtual reality and augmented reality. The new product makes it possible for the users to engage with the digital content and interact with holograms within the user’s world. This product is not only useful in the entertainment sector but also in health and business sectors. In the health sector, it enables the medical experts to have a 3D view of internal organs and how they are affected with various diseases so that a medical solution can be found. In the business world, it is used in planning. Using both AR and VR, planners are able to visualize how each decision would impact the firm so that the least disruptive and most beneficial alternative is selected.

Case 8: Fanuc’s Robotics

Fanuc, being the global leader in the manufacture and supply of robots, is using IT innovation to take their products to the next level. They have come up with automated robots that can learn how to undertake various tasks by watching how theyare done and listening to the instructions, just as a human being would. The robots have the capability of gathering information, processing it, and implementing it as would be appropriate. The innovation has led to the emergence of robots that can guide people at the airports or enhancing security through identification of concealed weapons.

Case 9: Carbon’s 3D Printing

According to Morris, Ma, and Wu (2014), 3D printing has remained popular, but Carbon’s 3D printing has taken things to the next level in terms of speed and the geometrical shapes of the objects. Using digital model data taken from 3D model, Carbon’s 3D printing is completely changing the approach that firms are now using in additive manufacturing.

Case 10: FireEye’s Protection against Cyber Threat

In the modern digital business environment, one of the biggest worries of companies is cyber threat posed by cybercriminals highly skilled in ICT. FireEye has come up with various products meant to protect companies’ data from external interference. The company offers products which protect its customers from advanced persistent threats, cyber attacks, and spear phishing of data using highly innovative systems (Gulfo 2014). Its products are used by companies all over the world as a way of managing data and protecting it from third parties.

Quantitative Evidence

When conducting a research project, it is always important to come up with a method that will help in collecting, analyzing, and presenting data from various sources. The methodology helps others using the document to understand the steps that were taken to arrive at the solution reached. In this research project, the researchers used both primary and secondary data sources. Secondary data was collected from books, journal articles, and other reliable online sources. The secondary data formed the basis of literature review in the study. Primary data was collected form a sample of respondents.

Sampling

It was necessary to present quantitative evidence in this study. As such, the researchers had to collect data from the respondents and analyze it using mathematical methods. Data was collected from the employees of different companies in the city of Dubai. Given that the population was large, sampling was necessary to have a manageable number of respondents from the entire population. The researchers used simple random sampling to identify the participants for the study. Because of the limited time available for the study, the researchers agreed to have a sample of 30 participants. This was a manageable number given that each member would be assigned specific respondents to collect data from.

Conducting Survey

Primary data was collected through survey. According to Keeley (2013), three types of survey include written questionnaire, face-to-face interviews, and telephone interviews. The researchers opted to use face-to-face interview as a more efficient way of gathering the needed data from the sampled respondents. This method of data collection was chosen because it increases the chances of getting response from the participants. It also minimizes the cases where respondents deliberately provide misleading answers. A researcher is able to know when one is providing misleading information through a face-to-face interview during data collection. A set of questions were prepared that were used by all the team members to gather the needed data from the respondents.

Data Analysis

After collecting primary data from the sampled respondents, the researchers conducted both comparative and quantitative data analysis. Quantitative data analysis was conducted using mathematical tools. The outcome of the quantitative data analysis was presented in graphical and tabular forms for the purposes of clarity. The researchers also conducted qualitative analysis to help explain the findings made through the mathematical analysis of data.

Analysis

As mentioned above, analysis of data was conducted both qualitatively and quantitatively. The researcher wanted to outline clearly the statistics that support the argument that IT innovation is having positive impacts on organizations in the current competitive business environment. Having a comparative analysis would explain how a firm would benefit if it employs the emerging technologies in their operations as opposed to when they fail to embrace them. In the sections below, the researchers will present the findings from the primary data analysis using both quantitative and qualitative forms.

Comparative Study

The researchers had to collect quantitative data to facilitate mathematical analysis as described in the methodology section. The researchers came up with a series of questions that were used to collect data. In this section, the focus will be to present the outcome of the analysis of these fundamental questions. As previously mentioned, 30 respondents participated in the study.

Do you believe that your company is receptive towards change?

Table 1: How the company is receptive towards change.

Very receptive 1
Receptive 12
Somehow receptive 6
Unreceptive 8
Very unreceptive 3

The response that was given by the participants, as shown in the table above, was computed into excel spreadsheet for mathematical analysis. The outcome of the analysis is shown in the figure below:

How the company is receptive towards change.
Figure 1: How the company is receptive towards change.

As shown in the above figure, majority of the respondents noted that their organizations are receptive towards change. However, the statistics above shows that there is no universal acceptance of change in these organizations. Some of the stakeholders are not very receptive towards change. For one reason or another, they fear change and would opt to avoid it if there is a way of doing that without facing serious negative consequences. The question below focused on determining the view of the respondents about using innovation in IT in addressing the problem of managing the changing tastes and preferences.

Do you believe that innovation in IT is the most appropriate way of dealing with the problem of managing the changing tastes and preferences?

Very appropriate 4
Appropriate 6
Somehow appropriate 16
Inappropriate 3
Very inappropriate 1

The table above shows the response that was gathered from those who were interviewed. The information was mathematically analyzed and the figure below shows the outcome of the analysis.

Appropriateness of innovation in IT when addressing changing tastes and preferences.
Figure 2: Appropriateness of innovation in IT when addressing changing tastes and preferences.

When asked that question, majority of the respondents noted that innovation in technology is somehow appropriate. They explained that each problem that a firm faces is unique and there cannot be a one-size-fit-all strategy to solving all the problems. Depending on the nature of the problem, it is important to look for unique solutions. Some of the problems can be solved through innovations in IT while others may need other approaches. The question below wanted to determine how the organizations of the respondents used innovation in IT to meet the emerging needs.

How often does your company use innovativeness in IT to meet the emerging needs?

Table 3: Using innovation in IT to meet the emerging needs.

Very often 8
Often 12
Not sure 4
Sometimes 5
Rarely 1

The response that they gave was analyzed using mathematical methods and the figure below shows the outcome.

Using innovation in IT to meet the emerging needs.
Figure 3: Using innovation in IT to meet the emerging needs.

As shown in the above figure, most of the respondents noted that their organizations always use innovation in IT to meet emerging needs. IT is specifically beneficial in helping one to understand the emerging needs in the market. It also helps a firm to understand how other firms are addressing the same problem using other existing strategies.

Qualitative Analysis

The primary data collected from the participants was also analyzed using qualitative approach. The researchers wanted a detailed explanation from the respondents about how innovation in IT was transforming the products, services, and production methods at the companies where they work. Such descriptive analysis makes it easy to understand the statistical findings above. It also facilitates a comparative analysis where the findings made from the primary data sources is compared with the findings made in the literature review to determine if there is agreement. The following was one of the most important questions that were posed to the respondents.

What are the fundamental factors that drive change in your organization?

Change is a factor that no organization can avoid in the society. When asked this question, all the respondents stated that their firms had changed in one way or the other and the motivation towards the change varied. One of the most fundamental factors that drive change is the desire to deliver better products or services to the clients. In the modern competitive business environment, companies are aware that customers often choose brands that offer them the best value. As such, it forces companies to change in their production processes, product delivery, and the actual product that they deliver to the customers.

The more customers’ needs and preferences keep changing in the market, the more it becomes necessary for a firm to embrace change. Another important driver of change is the need to cut down costs of operations. A firm can only survive in the market if it can make enough profits to sustain its operational costs, including costs of possible expansion. Good profits are earned, not by inflating prices, but cutting down the cost of operations to increase the profit margin without affecting sales negatively. Through change, a firm comes with better ways of operation that are less expensive. Factors such as embracing best practices in the industry, managing stiff competition, and being a leader in creativity and innovation are the other fundamental drivers of change that were mentioned by the participants.

How would you promote an innovative environment in your organization in the modern digital age?

When asked this question, majority of the respondents stated that it is important to have an environment that can ease the process of communication. The junior employees should be able to communicate easily among themselves and with their superiors. Whenever they have new innovative ideas, they should find a platform where they can easily share with their colleagues, make the necessary adjustments before communicating with the superior officers to help in developing the idea into a product or process that will improve efficiency in the firm’s operation. Such an environment can be created through innovation in IT.

A number of software and computer hardware have emerged that makes it easy for people to communicate in an organizational setting. The software makes it easy for managers to engage the employees without necessarily having the physical contact. The employees also find it easy passing their messages to the top managers about the need to introduce new systems or products to enhance a firm’s productivity in the market.

Discussion

The review of relevant literature and the analysis of primary data collected from the sampled participants show that IT innovation is very critical in the modern business environment where competition is increasingly getting stiff. Firms are finding themselves in situations where they have to offer new products or come up with new production methods as a way of remaining relevant in their operations. Even the non-profit making organizations that were previously believed to operate without competition find themselves in tight spots as they struggle to win over donors. As such, creativity has become a valuable weapon that companies cannot do without as they try to outperform one another.

The field of information communication technology has come out as one of the fundamental instruments that enable firms to stay ahead of competition in the market. Collecting relevant data in time, processing that data, and sharing it among the internal stakeholders within a firm makes it possible for a company to gain competitive edge over its market rivals. Knowing what to do, how to do it, and when it is appropriate to do it is critical for a firm to achieve the desired success (Keeley, 2013). The following are some of the fundamental issues that came out from the analysis of both primary and secondary data:

IT Innovation in Products

As the market become more competitive than it was in the past, firms find themselves in situations where they have to offer superior quality products to their clients. Products that meet the needs of customers today may not meet the needs of the same customers in the future. As the forces in the environment keep changing, companies must redefine their products portfolio and come up with products that meet the emerging needs.

Fifteen years ago, the most important functionalities of a mobile phone were to make calls or text messages. However, that has changed in the modern digital age. Customers currently consider Smartphone the basic phone because they need to chat, share pictures, videos, and at the same time make phone calls and send or receive texts when it is necessary. Companies in this industry are forced to adjust their products to meet these needs. A firm that is keen on achieving success in such a competitive business environment must be capable of understanding the changing market needs of its customers in the market.

IT provides a platform that enables a firm to collect data that cannot only guide it in knowing when to but also how to introduce change in an organizational setting. The products that a firm offers to its customers must always be in line with the changing tastes and preferences. Whenever a firm realizes that tastes of customers have shifted, however how slight the shift may be, products should be adjusted to reflect the new preferences.

IT Innovation in Process

The processes that a company uses in manufacturing products or delivering the manufactured products to the customers, determine how successful it becomes in the market. According to Gulfo (2014), a progressive firm must ensure that it remains dynamic to the changing environmental forces in terms of the processes it uses to deliver products to the customers in the market. IT innovation helps in promoting creativity in the processes used in production and delivering products to the customers.

It creates a communication platform where employees can interact amongst themselves and interact with their superiors in the workplace setting. Changing processes within an organization also requires a proper way through which ideas can be thoroughly screened before they can be implemented as actions. Innovations in IT have created platforms where peer review of ideas is possible. Employees, irrespective of their position in the management ladder, are encouraged to come up with new ideas that can make their work easy, less time consuming, and less costly.

Once they come up with their innovative ideas, they need to engage their colleagues, share ideas about the idea and its relevance, before it can officially be taken through official screening processes. The emerging technologies have made it possible for many stakeholders to be involved when screening new ideas. As such, inputs of many stakeholders are put into consideration when coming up with new processes. The stakeholders who will be affected by the new processes are actively consulted early enough so that their inputs can be taken into consideration.

Promoting IT Innovation

The importance of IT innovations is very clear from the above analysis. It is, therefore, important for the management to find ways of promoting it within an organization. One of the ways of doing that is to invest in IT. When a firm invests in IT, the employees get exposed to new communication tools which are efficient and capable of promoting change. The management should also invest in training its workforce. Training the employees empowers them. They get to know how to use the technology presented to them to come up with ways and systems that can help promote success within the firm. The management should also invest in its employees. It should hire the best talents in the industry and keep them within the firm by offering them competitive remunerations and an environment that they consider conducive. Such talented and skilled employees can effectively use the IT infrastructure presented to them to promote creativity and innovation.

Conclusion

Information technology is transforming the business environment in the modern society. Information has become very critical for companies, especially those that operate in highly competitive business environments. They need new information that can enable them deliver new and better products or enable them to deliver products in a better way. It is also important for a firm to ensure that critical information that offers it a competitive advantage over its rivals is well kept away from external stakeholders to guarantee that it remains a step ahead of competition. Innovation in IT has helped solve many problems that corporate entities faced in their market operations.

As shown in the discussions and analysis in the paper, IT innovation has made it easy for firms to collect relevant data from the field. Firms can now monitor online activities of the potential customers without their knowledge. They can know their changing tastes and preferences without having to interact with them physically. IT innovations have also simplified the management in organizational settings. Managers can now monitor the actions of their employees without having to be physically present at the operations sites. On the other hand, employees find it easy interacting with their superiors through the emerging internal communication platforms. The shareholders can also access the information they need with ease just in case they need to make important investment decisions.

List of References

Anthony, S 2012, The little black book of innovation: how it works, how to do it, Harvard Business Review Press, Boston.

Gulfo, J 2014, Innovation breakdown: how the FDA and Wall Street cripple medical advances, Wiley, Hoboken.

Keeley, L 2013, Ten types of innovation: the discipline of building breakthroughs, Wiley, Hoboken.

Mann, A, Watt, G & Matthews, P 2012, The innovative CIO: how IT leaders can drive business transformation, Apress, New York.

Morris, L, Ma, M & Wu, P 2014, Agile innovation: the revolutionary approach to accelerate success, inspire engagement & ignite creativity, McMillan, London.

Radjou, N & Prabhu, J 015, Frugal innovation: how to do more with less, Cengage, New York.