Innovation NetworksBriefly, explain the characteristics of networks and how they help facilitate innovation in organisations.Innovation networks are a way to manage necessary knowledge interactions. They can be defined as a diverse group of agents who voluntarily contribute knowledge and other resources (money, equipment, and land, for example) to jointly develop or improve a social or economic process or product. Innovation networks are a special form of organization with a non-hierarchical structure, a collaboration-based culture, consensus-based coordination (because members are free to leave the network at any time), usually no legal personality (especially in their early stages), and often relatively blurred boundaries between functions and business units to facilitate multi-directional knowledge sharing.. They evolve with market opportunities and the technologies they develop. Different types of actors participate in innovation networks; in fact, membership changes in response to emerging problems and opportunities or the development and diffusion of innovations
These kinds of networks are advantageous because it improves horizontal, cross functional and inter-organisational level knowledge sharing. More innovative: through better linking and integration of dispersed organisational knowledge. It also improves knowledge searching: through knowledge developed from cross-functional and inter-business interactions. There is more flexibility which is better suited for contemporary dynamics and competitive business environments.An example of the use of innovation networks can be seen with Procter & Gamble. They spent a lot of time defining the assets outside that could help them in their various science areas and business areas and set about developing, in different regions of the world, assets, hubs where they could link into those. They also developed a proprietary network of individuals who could contact others in different parts of the world.
{p>Also, to reduce the need for a large-scale business and to avoid unnecessary infrastructure failures, businesses can create ‘solutions’ which, with the help of such knowledge are already in place and ready to be deployed. Such solutions are then accessible for use by other people.These initiatives will also benefit in the context of a wide range of business areas. For example, they will increase the quality and profitability of local markets. A large number of these solutions will then be available for commercialisation, marketing and social engagement. They will also reduce costs. These initiatives will also aid the wider public and increase transparency in the world of business.And yet some of the benefits will be realized only when the business will become more integrated. Thus, these plans of use will be adopted in other areas where the market is more inter-organizational, such as the Internet, by a whole number of enterprises. The market becomes more connected by being a “solution to the problem”. Hence, its cost may be much higher because any of them will be useful only in very limited but high-speed networks.But is this good news for the business world at large? According to the latest data, a growing number of companies are now developing their own solutions which can help in the real world.
{p>As long as business is growing faster, business also needs to have an understanding of business issues, as well as the real world issues. Businesses can also use new technologies to solve existing problems, such by creating solutions. The new technologies which are being developed include technologies which bring about a more efficient business. A further need is for an understanding of business’s real world problems. For example the current situation where mobile phones is a big issue in countries or states such as India, China and most other countries where there is strong competition in any real life business. And so the technology which has developed can then go into the field of human health and nutrition and on a more human scale to provide a better quality of life to people throughout the world, just as it developed in other parts of the world.So for business there is still very much room for invention which has created innovative systems that have some great promise for the present. But if there is a need in future, there is another reason. By using new technologies, such as the use of cloud services and cloud-based solutions, people can get more insights at the stage when they need to know what was made in the past, and how these solutions have been developed, even without any data data. But what is being made available now can’t be copied and used if it must be created today, for example. Even in advanced industrial development countries, such as India, where there is fierce competition in any kind of real life activity, there still is the need for an understanding of human needs and the realities of their everyday lives.In this way, the business sector can be seen for some interesting possibilities. Whether it is more technology driven in large part by demand, by increased investment in information technology, or it is more for technology driven business that makes sense in the way it is understood and understood now in the world, there can certainly be many possibilities.
This article was created as an open access article, not a commercial article.1E1330X8