Audit Exercise Paper One
Write a four to five page paper about the business you have chosen, its mission, and its immediate M.T.I goals. This exercise involves assessing sustainability and evaluating company stakeholder responsibility, the bottom line, and technology and innovation responsibility of the company.
This should cover the following:
When trying to determine the ability of the organization to manage technology and innovation, it is important for managers to understand the firm s capabilities. Capabilities are the set of characteristics an organization possesses to facilitate and support its strategies. In the management of innovation and technology, there are a number of frameworks for determining the innovative capabilities of the organization. The Innovative Capabilities Audit Framework22 indicates five categories of variables for a business to consider. These categories are:
1. Resource availability and allocation
2. Capacity to understand competitors’ strategies and industry evolution with respect to innovation
3. Capacity to understand technological developments relevant to the business
4. Structural and cultural context of the business unit affecting intrepreneurship (internal entrepreneurship)
5. Strategic capacity to deal with innovation initiatives by internal entrepreneurs
Include this into the discussion:
1. Discuss the definition of technology from a strategic point of view.
2. Discuss the role of innovation in the strategic management process.
3. Define management of technology and give an example based on your knowledge.
4. Define management of innovation and give an example of how a firm can manage innovation processes.
5. Give an example of GE s management of technology and how they were able to gain a competitive advantage from those activities.