Innovative Thinking For Technology Advancements | Business Technology

Innovative thinking is a required skill for technological advancement purposes. A person, who has some innovative ideas, means he can execute them to explore his business. So, innovative thinking leads to emerge of an invention.Generally, innovative thinking comes through brainstorming. For a result oriented brainstorming, people must be familiar with historical and contemporary facts of the given technology. If they have sufficient background knowledge of that field or technology, then the success rate of their innovative ideas for business execution will get increase.1. Role of innovative thinking in pre-existing industries or technologies- If someone has keen interest in innovative thinking for technology advancements, so he can also run huge organizations (preferably related to research and development) with great aplomb. To explore successful advancements on a pre-existing technology, some other skills are also necessary such as competitive intelligence, portfolio analysis and strategic planning.

- Re-designing of engineering technologies is only possible through the creative and innovative thinking. Implementation of innovative idea generally seems easier in pre-existing technologies, instead of new technologies.2. Role of innovative thinking in entrepreneurs- Entrepreneurship and innovation both are necessary for the successful establishment of a new start-up. In economic recessions, business experts suggest that if there will be an increase in new entrepreneurs, then markets and economies can recover easily. And, new inventions are the first need of an entrepreneur.- Now-a-days, these both terms are more frequently used in growing markets and economic sectors. By using entrepreneurship skills and innovative thoughts, we can exploit a small tradition business to a higher level technological business. These skills and new inventions are more attributed to the tremendous growth rate and development of economic sectors.- Today`s developing countries like China, India need more inventions and entrepreneurs, to enhance their growth and development according to their increasing population.

3. Role of innovative thinking in advanced development of traditional methods- In tradition methods, if someone can put a little innovative effort, then same traditional method can reach beyond the limits of modernity. Traditional methods and businesses already have a significant background such as full of raw materials, cost effective outputs and sufficient labor. So, to exploit them in a modernized way with a great success, entrepreneurship and innovative skills are substantially required.- In modern management, innovation is the most powerful and preferred method of entrepreneurs, the means by which they explore alteration as a fortuity for their traditional businesses.

4 Steps for Managing Your Small Business Technology Costs

A few simple steps can help you make the most of your expenditures throughout the lifecycle of the technology. Servers, desktops, software, networking equipment and peripherals add up, but you do need them to keep your business running. Follow these steps to make cost-effective decisions.

1. Weigh Financing Options

Aside from purchasing, financing and leasing are viable options for a small business. Consider a combination of the three when going through the buying process. Installing and configuring the technology could also be financed and bundled into regular payments. Does the company you’re buying from provide “new and authorized by the manufacturer” sales? After you’ve got the equipment up and running, this could enable your company to get updates or enhancements directly from the manufacturer–and dealing with problems will be much simpler.

2. Warranty Wisely

Anticipate growth and business changes and decide whether or not the technology you are selecting today can carry you through these changes. Take into account the time that it will be considered useful for your business. To protect yourself when financing or leasing, align the term of the agreement with the warranty period. That way you’ll have protection direct from the manufacturer during the period of time you intend to own it.

3. Consider Total Cost

Prepare and budget for other costs to support your technology. For example, toner cartridges typically cost the owner or a laser printer two to three times the initial cost of the printer. Consider a program such as a Managed Print Service to include these costs in the monthly price. Typically this will lower the total lifetime cost.

4. Plan for Disposing of the Equipment

Considering your company’s strategy around technology disposal or recycling at the front end. There are basically 3 ways to properly dispose of technology at the end of the useful life:

Sell the equipment
Donate the technology to a school, non-profit, etc.
Formal Disposition – Certified companies will assure your computers or other hardware and software will be properly disposed of, including recycling and reuse of components. Another benefit: Your data is destroyed and made unrecoverable by professionals rather than relying on inexperienced staffers.

The total cost of ownership of technology includes more than the upfront price tag. Consider the total lifecycle costs of IT for your business, plan ahead and you’ll make sure you’re maximizing your investment.