Factors To Be Considered When Deciding To Implement An Internally Acquired Innovative Technology Internally Versus An Externally Acquired Innovative Technology Essay Sample

Type of paper: Essay

Topic: Technology, Cost, Company, Innovation, Implement, Implementation, Continuity, Acquiring

Pages: 2

Words: 550

Published: 2020/12/27

Innovative Technology

Introduction
This essay is an analysis of some of the factors that should be put into consideration implementing an innovative technology. The innovative technology under review is for a company that runs an online high school and would like to have a new innovative social networking technology for its students. The technology would allow students to interact better with each other. The main factors under discussion are;

Factors that should be considered during the evaluation of an internally implemented technology
Factors to be considered when acquiring an innovative technology externally
Factors to be considered when deciding to implement an Internally Acquired Innovative Technology Internally Versus an Externally Acquired Innovative Technology
When implementing an internally generated innovative technology one should consider the cost of implementation, the implementation period and the effect it has on other operations of the company. The cost of implementation must not exceed the benefits that the technology brings. A cost-benefit analysis must be carried out. The time taken to implement the technology is also an important factor to consider. The time should be reasonable and not take too long. The new innovative technology should also not affect other operations or existing technologies negatively (Touhill et al., 2008).
When implementing an externally acquired technology, one should consider the ability of the company to implement the technology successfully. This means that the company should ensure that it has the right resources to be able to implement the technology successfully. Secondly, as is the case with the internal technology, the externally acquired technology should be evaluated to ensure it blends in well with existing technologies. Finally, management should ask itself if it has the right skills to be able to run and manage an externally acquired innovative technology (Tsai, 2002).
The implementation issues in an internally and externally acquired technology are the same in that they both must consider compatibility with existing technologies and the cost of implementation. The two differ in the fact that an internally implemented technology is tailor-made for the company to the detail while an external one may not meet specific requirements and may require a few changes or adaptations (Touhill et al., 2008).

Factors to be considered during the Evaluation of an Internally Implemented Technology

When evaluating an internally implemented technology one should consider three things: efficiency, marketability, and continuity. A company must ensure that the technology is efficient in that it meets all the performance requirements that it is created to meet. In this scenario that student interaction is enhanced. Secondly, the technology must be marketable. Marketability here refers to the reception by the end user. For the technology to be successful, the students must buy into it. Continuity is an important factor to consider in the evaluation of any technology. The technology must guarantee continuity, in the long run (Tsai, 2002).

Factors to be considered when acquiring an Innovative Technology Externally

Acquiring an innovative technology externally requires one to consider the cost and suitability of the technology. The technology must as much as possible be suitable in that it satisfies the needs of the company. The cost is also an important factor, one would want to consider if it is more cost effective to acquire an external technology or have one built internally and the implications of each scenario (Touhill et al., 2008).

Conclusion

The decision to implement an internal innovative technology or an externally acquired one is based on different factors that must be carefully considered. As in the discussion above, factors like cost, efficiency, compatibility and marketability come into play when making such a decision. Most importantly though is that the technology performs efficiently and meets the needs of the end user.

References

Touhill, C. J., Touhill, G., & O'Riordan, T. (2008). Commercialization of Innovative Technologies: Bringing Good Ideas to the Marketplace. Hoboken: John Wiley & Sons.
Tsai, H.-L. (2002). Information technology and business process reengineering: New perspectives and strategies. Westport, CT: Praeger.

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WePapers. (2020, December, 27) Factors To Be Considered When Deciding To Implement An Internally Acquired Innovative Technology Internally Versus An Externally Acquired Innovative Technology Essay Sample. Retrieved April 24, 2024, from https://www.wepapers.com/samples/factors-to-be-considered-when-deciding-to-implement-an-internally-acquired-innovative-technology-internally-versus-an-externally-acquired-innovative-technology-essay-sample/
"Factors To Be Considered When Deciding To Implement An Internally Acquired Innovative Technology Internally Versus An Externally Acquired Innovative Technology Essay Sample." WePapers, 27 Dec. 2020, https://www.wepapers.com/samples/factors-to-be-considered-when-deciding-to-implement-an-internally-acquired-innovative-technology-internally-versus-an-externally-acquired-innovative-technology-essay-sample/. Accessed 24 April 2024.
WePapers. 2020. Factors To Be Considered When Deciding To Implement An Internally Acquired Innovative Technology Internally Versus An Externally Acquired Innovative Technology Essay Sample., viewed April 24 2024, <https://www.wepapers.com/samples/factors-to-be-considered-when-deciding-to-implement-an-internally-acquired-innovative-technology-internally-versus-an-externally-acquired-innovative-technology-essay-sample/>
WePapers. Factors To Be Considered When Deciding To Implement An Internally Acquired Innovative Technology Internally Versus An Externally Acquired Innovative Technology Essay Sample. [Internet]. December 2020. [Accessed April 24, 2024]. Available from: https://www.wepapers.com/samples/factors-to-be-considered-when-deciding-to-implement-an-internally-acquired-innovative-technology-internally-versus-an-externally-acquired-innovative-technology-essay-sample/
"Factors To Be Considered When Deciding To Implement An Internally Acquired Innovative Technology Internally Versus An Externally Acquired Innovative Technology Essay Sample." WePapers, Dec 27, 2020. Accessed April 24, 2024. https://www.wepapers.com/samples/factors-to-be-considered-when-deciding-to-implement-an-internally-acquired-innovative-technology-internally-versus-an-externally-acquired-innovative-technology-essay-sample/
WePapers. 2020. "Factors To Be Considered When Deciding To Implement An Internally Acquired Innovative Technology Internally Versus An Externally Acquired Innovative Technology Essay Sample." Free Essay Examples - WePapers.com. Retrieved April 24, 2024. (https://www.wepapers.com/samples/factors-to-be-considered-when-deciding-to-implement-an-internally-acquired-innovative-technology-internally-versus-an-externally-acquired-innovative-technology-essay-sample/).
"Factors To Be Considered When Deciding To Implement An Internally Acquired Innovative Technology Internally Versus An Externally Acquired Innovative Technology Essay Sample," Free Essay Examples - WePapers.com, 27-Dec-2020. [Online]. Available: https://www.wepapers.com/samples/factors-to-be-considered-when-deciding-to-implement-an-internally-acquired-innovative-technology-internally-versus-an-externally-acquired-innovative-technology-essay-sample/. [Accessed: 24-Apr-2024].
Factors To Be Considered When Deciding To Implement An Internally Acquired Innovative Technology Internally Versus An Externally Acquired Innovative Technology Essay Sample. Free Essay Examples - WePapers.com. https://www.wepapers.com/samples/factors-to-be-considered-when-deciding-to-implement-an-internally-acquired-innovative-technology-internally-versus-an-externally-acquired-innovative-technology-essay-sample/. Published Dec 27, 2020. Accessed April 24, 2024.
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