Report on Innovation, Technology, and Business Development Strategies

This report examines the critical role of innovation and technology in modern business, focusing on how advancements like Artificial Intelligence (AI) and XB-1 supersonic technology are reshaping industries. It delves into the concept of innovation, highlighting its importance in translating ideas into marketable goods and services, with a particular emphasis on digital markets. The report explores the application of AI, from weak AI like Siri to strong AI with potential for general intelligence, and its diverse applications in chatbots, robotics, financial tools, and healthcare. It also discusses XB-1, a supersonic technology aimed at revolutionizing air travel. Furthermore, the report analyzes how technology provides a competitive edge through strategies like pricing, feature enhancements, effective promotion, and core processing advancements. It highlights the importance of brand value and sensor technology in driving innovation and achieving business success. The report concludes by emphasizing the profound impact of technology on future business prospects and the potential for further exploration in this dynamic field.

REPORT

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
CONCLUSION................................................................................................................................6
REFERENCE ..................................................................................................................................7

INTRODUCTION
Innovation is process for translating innovative ideas to services and goods for creation of
values which are sold in market place. It must be ensure that an innovative idea is replicable and
resonant to economical costs which satisfies specific needs and wants of customers. Innovation
involves applications, of imagination, initiative and information for mythologizing values from
different resources. In digital marker it is an important aspect for suitability. No growth is
possible in market without having any technological advantage in business area. Role of
innovation in business mainly focus on satisfying different needs, wants and expectations of
different customers in market(Tambe, 2012). In regard to social environment innovation creates
new alliance creation, flexible working hour, creating buyers and joint ventures.
TASK 1
Due to innovation practices every organisation have invested in their research and
development wing for innovating new product and modification of new one to increase
productivity and in competitive ideas.
Technology have eased different activity of life events like in traditional banking system
people have to face long queue in doing their banking activities but due to innovation of
technology it has eased banking practices like people can access their account from anywhere
and perform different banking activities thought different platforms. Technology has allowed
cashless transaction hence many countries have move to towards becoming an cashless
economy(Guler, 2015).
There are several technologies which have evolved with the evolution of digital technologies
several technologies who have evolved in current market scenario have changed the face of
innovation in Information Technology sector
Artificial intelligence
It a study of 'Intelligent Agents' it is an technological marvel through which a device a
device and detect several factors in environment and react according to it. Concept of artificial
intelligence is not new there have been constant work going in the field of Artificial Intelligence,
this theory was first laid down by an American scientist in 1956 and with the advancement of
robot technology it has gained recognisance from different scientists of the world(Xiang, 2015).
It has made a machine capable of thinking and working on their own(Holtshouse, 2013). In
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observing technological advantage starting from Siri (a feature in Apple smartphone to recognize
voices and follow their instructions ) to self control cars artificial intelligence is making their
mark in different sectors.
This technologies are categorised -
 Weak AI or narrow AI – There are made for training and low range communication
practice like Virtual personal assistance e.g. siri recognise the voices and work
accordingly
 Strong AI- it also called generalised intelligence e.g. observing cosmic activity
AI further have divided into different types based on the type of activities they perform
 Type 1 – This do not store energy but act according to to the situation e.g., in a game of
chess it can think about current moves and future strategy and cannot store the past
recorded move(Margetts, 2012).
 Type 2: limited memory – Here they use past stored memory and data which can be
accessed in future performances e.g. while driving a driver less car the system uses past
feed to take future decisions
 Type 3: Theory of mind- This is a new aspect of AI where psychological terms like
belief, feelings and emotion are imparted in the machine e.g. In robotics technology
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Illustration 1: Artificial intelligence 2018

ARM technology is making certain program to make the robots thing and feel like
normal human beings.
 Type 4 : Self Awareness – This is related to consciousness and self evaluation . It allows
a machine to be self aware about their potentials and work accordingly e.g. In heavy
metals industry robots are used for lifting heave weights, but before analysing that they
examine their potential to do certain work.
Application of artificial industry -
Chatbots – A program used for online answering questions and assisting customers
 Robotics eases automation process in repetitive tasks
 in education system for automatic grading and providing assistances in their studies
 Financial tools like Mint and Turbo Tax helps in easing out financial activities and give
financial advices. e.g. Many trading practices are done by software
 implanting robotics in workflow of industries
 Assist doctor in examining diseases e.g. Microsoft help in classifying cancer and
suggesting right treatment
 In auto mobile industry this technology helps in assisting in making driver less cars
XB – 1 Supersonic technology
It is an innovation marvel in airline technology. It was founded by an American company
called Boom Technology(Xiang, 2015). Through this they have planned to increase speed of
airlines up to Mach 2.2 ( 1200- 2500 km/h). XB- I 'Baby Boom ' is a one third scale
demonstrator (instruments testing air line speed ) which is expected to test this technology in late
2019 and expected to start their services by 2023. It was developed by an private company who
deals in manufacturing supersonic jets and wanted to use this technology in passenger airliners.
It is an collaboration work for mechanical and electronic engineering.
Design
For having an effective design company have made some modification in the aircraft like
 It have improved in designed in different parts of a aircraft like its aerodynamics,
population, material and supersonic flight(Lloyd, 2017).
 It has copied 75% scale model of Concorde (A british auirways turbo jet ) which will
decrease air resistance
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 It has reduced sonic booms which is based on laminar supersonic flow technology
adapted from Aerion AS2 which will increase low speed drag and produce high thrust at
take off.
 It is using carbon fibre technology which make the airline light weight
 They have planned to use turbofans without afterburners which are used in in jet fighters
engines.
First passenger aircraft ( XB- 1 Baby Boom)
 It is one-third scale( scale for classification ) super sonic demonstrator is a first subsonic
flight uses 3 General Electric CJ610 engine ( type of jet engine) designed by Denver on
November,2016.
 It is made of carbon fibre making it light weight also includes test buts( technology) for
soaking heat.
 It is a 21m long aircraft with wider wings
 Includes epoxy material and carbon fibres for maintaining temperature inside and
outside an aircraft.
 It uses Artificial Intelligence to improve automation process in used for aircraft.
 It uses environmental control system in their heat sink to minimise the consumption of
fuel.
This technology is about to become part of many airlines in all over the world in coming
future(Lloyd, 2017).
Effective use of technology in gaining technological advantage in market place
Technology assist businesses organisation to have core competence in business market
organisation. Some of the factor which gives technological advantage to the organisation to
sustain and grow in competitive market are discussed below
Pricing – By the modern theory of Jon Ambrose Fleming technology will be doubled in
a span of 18 months. So innovation plays a vital role to flourish in business environment. To
have commutative advantage in competitive business market an organisation must provide latest
technology at relatively cheaper rate will increase their brand value in both business market and
technological world. Using price strategy method organisation can aptly plan to diversify their
business in different markets and places. e.g. an airline can improve their productivity by
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adapting Artificial Intelligence and using XB-1 Supersonic technology effectively. Company all
over UK are keen to adapt AI in their business , this modification will help in making work easy
by proper analysis and survey of planning(Guler, 2015). It must be ensure that pricing strategy
must be used in ethical way like AI altogether a new technology and many people are not
friendly with it. So company should not do unethical activity for gaining advantage in market
place. Combining ethical values with innovation will allow an organisation t grow in competitive
business world(Margetts, 2012).
Features – They are quality of product or services which attract more customers to their
business. With the advancement of technology more and more organisation from different
country are focus on adopting these technology and improve their production. Creating better
services and adding necessary features will help in creating successful brand. Some of the facts
and features for creation of successful brand -
 Audience knowledge – For doing business company make sure that their customers must
know about the features they are using
 Uniqueness – for having competition advantages an organisation must have some
uniqueness their business e.g. in British airlines must use artificial intelligence to
upgrade their online system.
 Consistency – It means punctuality, an organisation must understand that they can only
have upper hand in technological market with latest and adaptable technology.
Using latest technology and making customers aware about that technology will increase
productivity of that organisation.
Speed – It is about fast and corrective approach of adopting a technology many
organisation who have sensed future advantage of technology are front runner in having
compatible advantage in business environment e.g. Apple Inc. they have put features of voice
recognisance which can detect frequencies of recognises voices and scan iris for unlocking the
devices. This is the most secured feature for a smartphone in this works which have increased
their productivity in markets across the world.
Promotion - promotion activities can be performed through different mediums. For
making a business effective an organisation use different platform form promotion of their
product and services to let them know what better changes they can imply human life e.g. Apple
Inc. promoted their Iris scanner feature Siri on world level . Every other person knows about that
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technology in this world. They have a strong business strategy of using different mediums in
promotion of their brands.
Core processors – It is about electronic advancement. Artificial intelligence and boom
technology are possible with advancement in Very Large Scale Integration (VLSI ) and Ultra
Large Scale Integration (ULSI ). Both the technology have helped the automation technology to
improve in business environment. Both these technology have allows to store large amount of
data and increase clock speed(speed of microprocessor in chipset ) which have increased process
of production. This will decrease labour cost which will decrease cost of production.
Brand value – It means reputation or value of an product in business environment, value
increases by upgrading their products to compete with competitor in business market. For
maintain brand value companies must observe who else are doing business in market place e.g.
in airline industry other airline companies will also be working on the boom technology to
increase speed of their aircraft to attend speed in Mach(speed), this will increase the competition
between different organisation so for maintaining brand company must plan to increase the brand
value(Schwalbe, 2015).
Sensor technology – It is the base for many technological advantage in business
activities, it is considered as the pillar in Artificial Intelligence and Boom technology. Sensors
are of different types and can be used in different aspect of technology. Some of the categories of
sensors are temperature sensor, proximity sensor,temperature sensor, Accelerometer, IR Sensor,
Pressure Sensor, touch sensor, colour sensor, humidity sensor, smoke and gas sensor, tilt sensor,
flow level sensor, Ultra sonic sensor etc. These different sensors can be used in different
activities and help in generation of new ideas. Other impart role of sensor is it help in testing
process and provide accurate data for any tests .XB-1 uses different sensor for testing activity. It
will overall help business plan better for future business environment(Schwalbe, 2015)..
CONCLUSION
The above report have concluded that how innovation and technology are consider as
vital cog in innovation technology. Here we have considered two different technologies Artificial
Intelligence and XB-1 from boom technology and discussed how they will impact hugely on
future prospects in business. Some factors are also being focussed like price, promotion, core
process and speed and how they can impact business activities in future environment. This
assessment have put some limelight on how a technology can impact business activity and what
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scope it can generate in future businesses. Apart from this self-abasement there are many areas
which can be explored(Holtshouse, 2013).
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REFERENCE
Books and Journals
Schwalbe, K., 2015. Information technology project management. Cengage Learning.
Margetts, H., 2012. Information technology in government: Britain and America. Routledge.
Holtshouse, D .K., 2013. Information technology for knowledge management. Springer Science
& Business Media.
Lloyd, I., 2017. Information technology law. Oxford University Press.
Guler, B., 2015. Innovations in information technology and the mortgage market.Review of
Economic Dynamics. 18(3). pp. 456-483.
Xiang, Z., Magnini, V. P. and Fesenmaier, D. R., 2015. Information technology and consumer
behavior in travel and tourism: Insights from travel planning using the internet. Journal
of Retailing and Consumer Services. 22. pp. 244-249.
Bloom, N., Garicano, L., Sadun, R. and Van Reenen, J., 2014. The distinct effects of information
technology and communication technology on firm organization. Management Science.
60(12). pp. 2859-2885.
Tambe, P. and Hitt, L.M., 2012. The productivity of information technology investments: New
evidence from IT labor data. Information Systems Research. 23(3-part-1). Pp .599-617.
Buabeng-Andoh, C., 2012. Factors influencing teachers' adoption and integration of information
and communication technology into teaching: A review of the literature International
Journal of Education and Development using Information and Communication
Technology. 8(1) p.136.
Online
Innovative Smart Cane For The Blind With Facial Recognition 2015. [Online]. Available
through: <http://www.dailymail.co.uk/sciencetech/article-3090790/XploR-cane-uses-
Driving the revolution-2016.[Online]. Available through:
<https://www.birmingham.ac.uk/news/thebirminghambrief/items/2016/11/driving-the-
revolution.aspx>
Artificial intelligence 2018. [Online]. Available through <http://www.dqchannels.com/gartner-
says-2020-artificial-intelligence-will-create-jobs-reducing/>
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