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Unformatted text preview: Evan Teicher, Andy Chang, Max Spinner, Christian Luik, Chris Pham BMGT301 How Does IT foster Innovation? Since the birth of information technology, we have seen a very large increase in the amount of innovation that occurs in our markets. These innovations come in all sorts of different products and services, but the one thing that they have in common is that they were made possible by the IT that we have to work with today. Information Technology is something that naturally fosters innovation, because it is designed to take work away from the people, and allow us to use machines to do what used to take us much longer. Since computers are doing more and more of our work, the people using them are able to use their time saved to be more innovative. That is the general gist of how IT fosters innovation, but when you break down the ways in which it does so there are four main ways. IT fosters innovation by creating new communication technologies, more powerful processors, better research and development, and increased productivity due to technological advancements. These are the four main ways in which IT can foster increased innovation in all fields. Information technology has revolutionized the ability for many people and companies to accomplish tasks. People no longer have to do complicated calculations by hand. The power of information technology has allowed people to use computers and networks to accomplish a lot of their work with increased speed. This processing power from IT that has allowed people to do work quicker has in turn allowed for people to innovate at a greater speed. Instead of trying to solve complicated problems by the method of pen and paper, they can now be solved using IT methods. People can input complex problems, ones that may take weeks to solve by hand, and have computer processing power solve the problems in a matter of minutes or hours. This increased speed in the ability to solve calculations can help mathematicians, engineers, and physicists to spend more time on innovation. They can create formulas and test whether they are actually true using IT. For example, the program Maple , developed by Maplesoft, can use “hybrid symbolic and numeric algorithms for finding solutions to problems that are not solvable with purely symbolic or numeric methods” (Maplesoft). They can test multiple equations that they create in the same span that they would have spent testing one equation. Also, instead of doing tedious statistical analysis by hand, people can use programs to do the analysis for them. The program Mathematica uses “state-of-the-art data classification algorithms” among many other things (Wolfram Research). By being able to analyze data quickly, decision makers can make faster decisions on whether a certain strategy is working or worth persuing. Since IT has transformed mathematical chores into speedy digital solutions, people can focus more time on progress and innovation....
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This note was uploaded on 09/23/2010 for the course BMGT 381 taught by Professor Dawson during the Spring '10 term at University of Maryland Baltimore.
- Spring '10