Week 2 Discussion

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Ashford University *

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5020

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Management

Date

Nov 24, 2024

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Uploaded by SamuellBurleyIII

The major decisions that impact the strategic management of technology and Innovation are  Cost Considerations : Research and development (R&D) is a costly process in which companies commit a massive amount of funds, in many cases, this investment does not yield results in the form of increased revenue for the company in the short-term. For example, Samsung is known for highly innovative products. At any point in time, Samsung is conducting research on several products. However, none of these products do not yield an ROI or yield any benefits in the short term. Therefore, if a firm reduces its R&D budget due to cost considerations, it will impact its strategic management of technology and innovation.  Diversification : When a firm diversifies, it spotlights many products and services targeting customers from different segments. In such cases, it may become difficult for companies to create a synergy among all the different products and services being developed by the firm. In the absence of such synergy, a firm may lose focus and fail to manage technology and innovation strategically. The same happened with Apple after the removal of Steve Jobs from Apple by the CEO John Scully, who Jobs recruited to be in charge. At that time, Apple was developing many products without any synergy among the products. As a result, Apple lost its charm and market share. The comeback of Apple in 1997 to the company resulted in Apple dropping many products and focusing on a handful of products. This strategy made Apple a highly successful and innovative technology company. In conclusion, from my experience, a major challenge a business might face in developing a strategic approach to managing technology was truly faced during the COVID-19 pandemic which significantly transformed the landscape of how we go to business overall. Human Resource Management (HRM) was greatly impacted by this approach. A lot of office work was moved to a work-from-home structure which resulted in companies adapting to technology- driven work strategy. Nurturing employees’ mental health challenges became a part of the process. HR professionals are faced with multifaceted challenges that demand innovative approaches. The pandemic has highlighted the need for a delicate balance between human- centered and technology-driven approaches, while also emphasizing the importance of addressing mental health concerns in the workplace.

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