Technological innovations: scope in industrial economy

Abstract

Change is the main feature of this universe. Modern business environment is changing rapidly. A business firm has to change itself according to the changing environment. New ideas, revolutions, methods and programmes are taking place in the business environment day by days. Adoption of new technology results into more satisfaction of the customers. New concepts of technology are useful for the management of framing the effective strategies according to the new trends. Modern competitive business environment requires technological innovation and discoveries for initiating the latest and advanced business projects. Government of India is supporting the technological innovation in the country by various measures. Technology affects the supervisory level of the organization. Nowadays organization makes use of CCTV cameras to monitor the working of the personnel which has increased the level of monitoring in the organization. Use of 3-D and 4-D technology has brought revolution in the printing industry. Use of Robotic Technology in the industrial sector is the unique trait of technology. This technique has been applied successfully in the medical sector.