Emerging Technologies

Definition

Emerging technologies refer to new and innovative technologies that are currently in the early stages of development or adoption. These technologies have the potential to significantly impact various industries, transform the way we live and work, and shape the future landscape of society. In the context of the topics 18.7 Managing Now for Future Technology and Innovation, emerging technologies are a crucial consideration as organizations navigate the ever-evolving technological landscape and strategize for long-term success.

5 Must Know Facts For Your Next Test

1. Emerging technologies are characterized by their potential for rapid growth, significant impact, and disruptive nature, often challenging existing products, services, and business models.
2. Organizations that effectively manage and adopt emerging technologies can gain a competitive advantage, enhance operational efficiency, and better serve their customers.
3. Emerging technologies span a wide range of fields, including artificial intelligence, renewable energy, biotechnology, nanotechnology, and quantum computing, among others.
4. The successful management of emerging technologies requires a strategic approach that balances the risks and uncertainties with the potential benefits and opportunities.
5. Effective management of emerging technologies involves monitoring trends, assessing the feasibility and impact of new technologies, and developing a flexible and adaptable organizational structure to respond to technological changes.

Review Questions

• Explain the importance of emerging technologies in the context of 18.7 Managing Now for Future Technology and Innovation.
  • Emerging technologies are crucial in the context of 18.7 Managing Now for Future Technology and Innovation because they represent the potential for transformative change and competitive advantage. Organizations that can effectively identify, evaluate, and adopt emerging technologies are better positioned to anticipate and respond to market shifts, enhance operational efficiency, and deliver innovative products and services to their customers. By managing emerging technologies, organizations can stay ahead of the curve, mitigate risks, and position themselves for long-term success in a rapidly evolving technological landscape.
• Describe the relationship between emerging technologies and disruptive innovation.
  • Emerging technologies and disruptive innovation are closely linked. Disruptive innovations are often enabled by the development and adoption of emerging technologies. These new technologies can challenge and eventually replace existing products, services, and business models, creating new markets and value networks. Organizations that can effectively leverage emerging technologies to drive disruptive innovation are more likely to gain a competitive edge and stay relevant in their industries. Understanding the interplay between emerging technologies and disruptive innovation is crucial for organizations to anticipate and manage the changes that may occur in their respective markets.
• Analyze the role of organizational agility and adaptability in the successful management of emerging technologies.
  • The successful management of emerging technologies requires organizations to be agile and adaptable. As new technologies continue to emerge and evolve rapidly, organizations must be able to quickly identify, assess, and integrate these technologies into their operations and strategies. This requires a flexible organizational structure, a culture that embraces change, and decision-making processes that can respond to technological shifts. Organizations that can adapt their structures, processes, and mindsets to accommodate emerging technologies are more likely to capitalize on the opportunities they present and mitigate the associated risks. Developing organizational agility and adaptability is a critical factor in the effective management of emerging technologies and ensuring long-term competitiveness.

Related terms

Disruptive Innovation: Disruptive innovation describes a new technology or business model that disrupts and eventually replaces an existing one, often creating new markets and value networks.

Technology Adoption Lifecycle: The technology adoption lifecycle model describes the stages of technology adoption, from early innovators to late majority and laggards, and the factors that influence the diffusion of new technologies.

Technological Convergence: Technological convergence is the process by which different technological systems, devices, or industries merge into a unified whole, often leading to new products, services, and applications.