Introduction
Technological innovation can be defined as the development through which there is expansion of improved technologies and they are brought into extensive application. It forms the strongest basis for the successful new product. With the help of innovation, one can attain substantial advantages over solutions that exist in the current environment and can also overcome competition in a market that is well known. There are various advantaged as well as disadvantages of technological innovation. It is the result of the increase in the knowledge and understanding of the natural world due to which the desire to explore, manipulate and change the world also has increased over time (Markides, 2006). There is both creative disruption as well as impact of technology on social change that are discussed below.
Creative disruption
Besides benefits that are presented by technological innovation, there are many such technologies that have the ability to drive massive disruption and economic transformations as per the report from McKinsey Global Institute. A disruptive technology is the one that unexpectedly displaces the established technology. The impact of such creative disruption is that leading companies fail to stay at the top of their respective industries when there is change in the technology and the market. For instance, IBM dominated the computer industry with the mainframe market but then proved to be a miss by years when the technology of mini computers emerged which were also technologically much simpler than the mainframes (Markides, 2006).
Another example is domination of Digital Equipment in minicomputer market with presence of innovations such as VAX Architecture, but it misses the personal computer market and Apple Computers led the world of personal computers with establishment of user friendly interface. It cannot be denied, however, that these companies made what their customers demanded as IBM customers did not see any immediate use of mini computers. Therefore, it cannot be said that the company did not listen to their customers. But, companies need to focus on new technologies that initially do not meet the needs of mainstream consumers but has vast potential to do so (Folke et al, 2002).
The same creative disruption is seen for future technologies including advanced robotics, next generation genomics, etc.
Impact of technology innovation on social change
Technology always plays a key and elemental role in giving shape to the human condition. Therefore, it is not surprising that the technological innovation and the corresponding change is becoming increasingly topical for both the practice and theory of social development. It can have positive or negative impact on social interactions. For instance, emergence of social media networking is a benchmark in the field of technological innovation. Owing to the impact of advent of this technology, the phenomenon of making friends and talking to them has been entirely changed. The social life relating to spending time with friends has shifted to virtual friendship phenomenon and need to get acknowledged and accepted on these social media networks (Social Change and the Impact of Technology, 2011).
However, it has also led to creation of meaningful relationships through sharing lives with others via photos, videos, music and text sharing. Another impact can be seen on way the money is transferred from one part to the other through technological innovation of internet and mobile phones. Advent of internet has changed buying pasterns and consumers are buying online which was earlier not the part of the society (Social Change and the Impact of Technology, 2011).
Conclusion
It can be concluded that technological innovation are part of human and societal development. As knowledge increases, there is an increase in exploration for doing things in a new way with more ease and comfort. Due to both positive and negative impact of technology on society and presence of creative disruption, business leaders should keep their organizational strategy up-to-date.
References
Folke, C. Carpenter, S. & et al. (2002). Resilience and Sustainable Development: Building Adaptive Capacity in a World of Transformations. AMBIO, 31(5), 437-440.
Markides, C. (2006). Disruptive Innovation: In Need of Better Theory. J PROD INNOV MANAG, 23, 19–25.
Social Change and the Impact of Technology. (2011). Retrieved November 12, 2013, from http://www.alphatech.sg/2011/10/social-change-and-the-impact-of-technology/
