Managing Technology and Innovation in South Africa - 2750 Words

Managing Technology and Innovation in South Africa (Term Paper Sample) Content: MANAGING TECHNOLOGY AND INNOVATION IN SOUTH AFRICAStudentà ¢Ã¢â€š ¬s NameName of the ClassProfessorsà ¢Ã¢â€š ¬ NameUniversity AffiliationCityStateThe DateAbstractThis paper focuses on innovation and technology management in South Africa. It begins with showing the difference in technology and innovation between developed and developing countries and the factors making South Africa outperform most countries of its nature. What follows is about Technology and Innovation, and their importance in the Economy of South Africa. The next is about factors hindering smooth Management of Technology and Innovation in the country. This section will discuss factors such as poor business models, the level of education, political instability, and infrastructure, and their influence. What follows is about strategies firms in South Africa and other regions can apply to manage their technologies with the aim of maximizing their productivity. This initiative involves developing and im plementing some strategies such as technical and market capacities and analyzing their past, present, future and other firmsà ¢Ã¢â€š ¬ technologies. The paper winds up with suggestions on the best ways of solving problems facing South Africa and managing technology and innovation.IntroductionTechnology and innovation are the primary determinants of the pace at which a country develops. Countries vary with innovations, whereby the most developed ones such as the United States, Japan and, Switzerland are still the most innovative in the world. That is why in the todayà ¢Ã¢â€š ¬s world, most of the technologies and innovations are limited to the developed countries (Murad et al., 2008 pp 1). Additionally, the top fifty innovative companies come from developed countries, and according to the current changes, reversing this trend can take time. However, although South Africa is among the developing countries, its companies are growing at an alarming rate in the technology management an d innovation. The country has been having a long-term socioeconomic vision and strong policy making implementation by its government over time. One of the factors that have made South Africa outperform other peer developing countries in vital areas of national competency is the 2008 launching of the Technology Innovation Agency (Van Zyl, 2011). Its objective is to stimulate technological innovation so as to improve the growth of its economy by developing technological innovations to change the quality of life of its citizens for the better. It aims at supporting the development of competitive technology-based commodities, creation of sustainable jobs, development of new industries, and diversification of the economy. This is an essential way of supporting technological ideas, reducing value chain and marketing risks, and facilitating the entry of products in economic and social markets. However, South Africa innovation and technology management is affected by a few factors like inad equate world-class research universities and solid technology based on trained human resources and political instability. This paper provides insights on managing technology and innovation in South Africa.TechnologyIn this concept, technology can be considered as the act of combining human knowledge and skills, management, marketing systems and equipment in the conversion of inputs to output. Examples of systems and equipment include machinery, technological know-how, tools, process technology, and buildings. Arthur (2011, pp 28) states that technology is the practical application of both knowledge and learning by people and firms for propose of human endeavor. The advancement of technology is not only vital to the South Africa development but all countries in the world. It requires proper control and management since it changes with time. That is why it is a challenge for countries whose companies use obsolete technology, yesterdayà ¢Ã¢â€š ¬s way of thinking, and poor technology m anagement to remain competitive in the market. This is also true for those companies that yes are moving with the technology, but their technologies are poorly managed or lack the necessary capacity, knowledge, or personnel with proficient technical skills.InnovationIn the todayà ¢Ã¢â€š ¬s world, countries mainly with international rivals have the aim of coming up with new ideas for improving their services to both reduce costs and attract more potential clients. It involves the application of information, concepts, and initiatives with the aim of meeting new requirements and making better the existing ones (Frankelius, 2009). According to business innovators, innovation is a new idea, device, or method required to satisfy the current customerà ¢Ã¢â€š ¬s current needs, which in turn have some financial benefits to the company. However, this does not necessarily mean a new technology, but coming up with new and efficient ways of using or improving what is already existing (Vijay 20 07). The process of innovation management involves a thorough review and analysis of the market, new product proposal, planning, validation, verification, and evaluation of the current customersà ¢Ã¢â€š ¬ needs.Why is Innovation and Technology essential in South Africa?South Africa has many companies, and others are developing with time. Some of them include Kumba Iron Ore, Tiger Brands, Automobile Association of South Africa, Mediclinic International, Pretoria Portland Cement Company, and Gallo Record Company just to name a few. All these companies require customers for them to remain in the market. In microeconomics concept, the price is the function of both demand and supply (Hildenbrand 1983). The advancement of technology has enabled new and cheap ways of production of products and services. The effect is a decrease in prices of basic commodities and increase in demand. Supply has to increase to cater for this demand and also due to the decrease in the average costs of inputs . Additionally, this technology has made it easier for consumers within the country to get access to information about the products in the market and their prices. The result is a further increase in demand and supply and a decrease in prices. This is one of the reasons the Economy in South Africa has been booming over time.Management of Technology and Innovation in South Africa * Management of TechnologyTechnology management involves applying management skills to the discovery, business operations, development and proper use of technology. It is the act of linking science, management, disciplines, and engineering to plan and develop technical capacities to accomplish operational and strategic objectives of a company. The aim is to understand its value in the organization and evaluate and control its use (Rubenstein, 1989). Why is Management of Technology so important in South Africa? The country has been experiencing a rapid pace in the development of technology and an increase in sophistication of consumers, which have shortened the life cycles of products. These situations call for the country to be more proactive in its technology management practices. This management is also necessary for the cutting of development time of some commodities, and also in the improvement of flexibility in organizations. Moreover, each day poses a new challenge in doing businesses. Companies in the country need to develop new and effective ways of using and managing technology to maximize both their market competitiveness and profit margins. * Management of InnovationThe management of innovation involves the use of set tools by organizations and allows them respond to both internal and external opportunities and uses their creativity to come up with new products and ideas. It involves a comprehensive approach to implementing, controlling, managing and problem solving (Kelly et al., 1978). It is the responsibility for managers to create an environment that supports open sharin g of ideas where there is sufficient visibility, support, and transparency and support of all the work members. Additionally, the management is advised not to punish its employees whenever they try something new that does not seem to work.Factors Preventing Smooth Management of Technology and Innovation in South AfricanAs stated elsewhere in the paper, South Africa is among the primary developing countries in the world that are embracing modern technology at a rapid rate. However, like other countries of its nature, it faces some factors that to some extent hinder technology management and innovation process. Some of these factors include low education level in some areas, poor business models, political instability, and slow spending on infrastructure. For example, some of its companies that are moving concurrently with the current level of technology have no knowledge about the needed level of technology (Murad et al., 2008). Due to this problem, these companies fail to develop ad equate environment or technological infrastructure that can assimilate the imported technology. It is only with the presence of proper personnel, basic education and continuous development of the human resource that this problem can be solved. This is the best implementation strategy for selecting or providing appropriate technology.These factors have been cited for long as the primary barriers to technology management and innovation. That is why the government of South Africa has emphasized on education, to enable people to become participatory, responsible and reflective citizens that can utilize technology (Mohamed et al., 2013). However, the system of education in South Africa faces has some challenges one of them being political instability. It is the responsible for the government to focus on changes among people, their fear, intellectual abilities, and their cultural background to work for primary goals of the...