In the era of information globalization, the technological revolution known as Industry 4.0 and the growing importance of implementation to business models of the principles of sustainable development, modern market management systems for operating business entities are being improved.
The current technological revolution described as Industry 4.0 is motivated by the development of the following technologies of computerized, advanced information processing:
Big Data database technologies, cloud computing, machine learning, Internet of Things, artificial intelligence, Business Intelligence and other advanced data mining technologies.
In the context of the development of contemporary national knowledge-based economies and the development of information services made available via the Internet, the importance of innovative startups is growing, in which new categories of economic goods are created based on the application of innovative technological solutions.
In the second half of the twentieth century, various new conceptual elements developed (Benchmarking, Outsourcing, Reengineering, SMART, Just in Time, Poka Yoke, Kanban, Kaizen, Brain-storming, ...) and new business management systems (Business Continuity Management, Lean Management, Knowledge Management, Time Management, Risk Management, Total Quality Management, Virtual Organization Management ...), thanks to which the production processes, logistics, marketing, personnel management were improved, new participative management styles were developed, etc.
Therefore, please answer the following question:
What modern concepts of business management are adequate for currently developing innovative technology companies?
Please reply
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There is gap as human resource is highly focused though the need is to focus additive manufacturing
People skills development towards industry 4.0 is one of the basic business management concept required.
Poster INDUSTRY 4.0 - PEOPLE SKILLS poster
Business sustainability -Planets, People, Progress, Prosperity and PEACE are also important as technology by itself cannot be a panacea. It should aid not displace environment or ecology which is becoming a threat.
one variable or process can not generate innovative organisation. You need to put the differentiation strategy at the centre and accordingly design your functional areas especially R&D as well as innovative thinking pattern of the employees.
Technology companies are the result of high-level universities generating highly educated students. In addition to staff with technical background, such companies need people with training and business experience. The history of a lot of large technology-based firms has such bases.
Innovations shape the global landscape and modern concepts of business management should consider the disruptive implications of the digital economy. It is evident that digital technologies influence management operations, production, and marketing. Hence, modern concepts of business management should focus on creating value through innovation without relegating the sustainable development framework.
One's critical thinking and asking rightly the above questions may fail to create innovation without a supporting fertile ground, without the context of high-trust local culture that oils the discussions and experiments required for success. See my article in the above conference book as well as my recent book.
Business model and Management must adapt this technology innovation as we are in the era of 'Technologies are part of our business solutions'. Need to create dynamic & flexible across Management space to adapt this new challenges. Its about fusion of management and technologies with participated & transparent approach.
Dear Dhakshina Moorthy,
Yes, I agree with you on this point. Yes, you have provided a very important postulate in this matter. The business model and management need to adapt this technological innovation as we are in the "Technologies are part of our business solutions" era. Yes, create a dynamic and flexible management space to adapt to new challenges. It is about combining management and technology with a participatory and transparent approach. We live in the era of the fourth technological revolution. Enterprises are increasingly using new information technologies, ICT, Internet and Industry 4.0 to improve their business operations. The SARS-CoV-2 (Covid-19) coronavirus pandemic accelerated the implementation of ICT information technologies, etc. into economic processes. The scope of digitization and internetisation of economic processes has increased.
Have a nice day, Stay healthy! Best wishes,
Dariusz Prokopowicz
Dear Reuven Shapira,
Yes. That's right. Innovations will not develop without creating an appropriate entrepreneurial culture that is friendly to the development of business applications of innovation. Thanks for providing the link to the publications of your interest in which you described this issue.
Thank you, Regards,
Dariusz Prokopowicz
You are welcome! My recent Academia Letter on innovative phronetic transformational leadership is attached hereby.
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