Digital Innovation and Technology

Question: Discuss about the Digital Innovation and Technology. Answer: Introduction Innovation is referred as the creation, adoption and implementation of any idea, technology or a product that is new in the market (Fagerberg, Martin and Andersen 2013). The word digital innovation is defined as the innovation in technologies with the help of digital devices. Digital Innovative Technologies have spread in biotechnology field. The invention of machines like X-Ray, ECG and USG machines are the rigid examples of it (Fichman et al. 2014). This report is about what digital innovative technologies Kinjakou Technologies could apply to gain a competitive space in the market. Kinjakou Technology might apply new innovative technology like Video Conferencing, Telepresence, Cloud Computing and various other technologies (Fichman et al. 2014). These technologies are costly as well as provide benefit to the companies. Therefore, the Cost Benefit Analysis is to be studied. Cost Benefit Analysis helps to estimate and sum up the cost needed and the benefit achieved by introducing those technologies in the company. The cost benefit analysis is associated with Key Performance Indicator. Key Performance Indicator helps to measure the value of effectiveness of a company in achieving the important objectives of the business. The selection of right KPI depends on which sector the business is concentrating. Innovations in Digital Technology Information and Communication Technology has undergone a rapid evolution. This rapid evolution also accounted for the growth of innovative digital technology. The digital Technologies, the company Kinjakou could apply are been listed below: Cloud Computing Technology: The organization adopting Cloud technology generally ha good productivity. Cloud computing plays a major part in the lives of people. The services like Google Map, Amazon services, Microsoft hotmail are convenient ways for accessing computer systems (Erl, Puttini and Mahmood 2013). Therefore, cloud-computing service has the ability to provide services on a broad range. The three categories of cloud services include storage of data, power processing and virtualization of server. It is operated on the platform of operating system, web servers and platform development respectively. The private cloud services helps in supplying ICT services to a concerned organisation through a link of network (Dinh et al. 2013). Private infrastructure could be placed on a site and managed by external provider. Private cloud services are implemented by large organisations, bank and small industries. Public Cloud Services mainly deals with the Microsoft access and Amazon web se rvices. The mixing of these services is generally called community cloud (Dinh et al. 2013). Cloud service is mainly beneficial for the small business. Kinjakou Technologies could adopt this technology, as it is beneficiary in the following ways. Cloud service helps in cost savings. It helps in cost savings up to 50% immediately by applying simple basic service shifting like data storage and email in the cloud (Ritting and Ransome 2016). It increases the productivity by using model prices, which helps in supporting outsource. It also helps in providing good resources and technical expertise. Cloud services overcome capital as well as expertise barriers. It helps the business to get innovative capabilities at a very low cost. It increases mobility and growth and provides the company with the flexibility that it needed (Ritting and Ransome 2016). The company could also install the technology of Video Conferencing. This particular technology though costs more during installation but it could decreases the travelling expenses (Baird et al. 2013). The meeting with the clients, suppliers are easily done by the official of the company with the help of video conference (Lakhal, Khechine and Pascot 2013). It also decreased the fooding and the lodging cost of the company. Therefore, on a long term basis it is cost effective for the company (Guzman, Coffmann and Lemay 2016). The innovative digital technological apparatus Adapx Capturx Forms for excel is new for the business. It includes Anoto Digital pen, which is the software that focus only on forms. The form fill up could be done with a pen and the data of that form is been captured. The digital pen technology does can help in time reducing and saving largely (Schemid and McGee 2016). Grexit is a new technology that helps in capturing all the emails and stores them. Emails related business which was been sent many days ago could be retrieved by using this technology (Wodak and Angouri 2014). Wall St. Scanner helps in getting the knowledge about the economic climate. It uses algorithms for scanning social networks, stock markets and corporate sites. It helps in checking stock prices (Kobyashi et al. 2015). Therefore, it is very much helpful for the organisation. The technology POST PLANNER helps in scheduling of the post those are planned previously. It makes the business more prolific in the social website with minimum time investing behind the software. Dymo Label Maker PnP is the new technology, which is plugged into the USB port. The software helps the design to get automatically visible on the screen. The user has to label the design and print it. This is the most time saving digital technology and is very much useful for the companies in the designing sector (DYMO, 2017). The above technologies could be installed in Kinjakou Technologies to achieve competitiveness in the market Cost Benefit Analysis The main reason for using the cost benefit analysis is to evaluate the benefits of the business with the time estimated and the funding required for the installation of those technologies (Roosen 2014). The top officials of Kinjakou Technolgy should have the knowledge about the risks and the possibility of technologies to pay back in future before implementing it for the organization. Cost benefit technologies when performed on the object oriented, client server and the usage of cloud computing (Mishan 2015). The estimated cost of the Hardware and software is 15 to 20% of the total cost (Roosen 2014). The most estimated cost is the labor cost, which is about 70 to 75% of the total cost. The cost of setting and implementing a video conference system is too high. The cloud computing system has also contributed to a certain amount in cost (Roosen 2014). The use of other technologies, which are been stated is not that high. Therefore, if Kinjakou is going to implement these technologies the cost of the software would come around 30 to 35% of the total cost. If these technologies are not been incorporated then the estimation of cost would come to 15-20% of the total cost. The benefits that the company could achieve by applying those technologies are stated below: The competitiveness increases by applying cloud technology. The cloud technology helps in reducing the cost up to 50% of the cost that the company would have to pay without installing this technology. It also helps in getting good resources and expertise. The video conferencing technology helps in reducing the cost of travelling and other subsidiary cost that the company is liable to pay when the officials travel abroad for meeting the client. Therefore, small company like Kinjakou Technology who wants to enter into a big market has to arrange meeting with the clients on a regular basis (Mishan 2015(. The travelling cost at that time would affect the economical structure of the company. Therefore, the cost of one time installation of the video conference technology would benefit the company for a long term and help them to reduce the cost (Djukic et al. 2016). The installation of other technologies that are been discussed are cost effective but benefit the organisation largely. The i mplementation of that software helps the company to do a certain job without consuming much time and effectively. Key Performance Index KPI software helps the business to create and analyze data that are received KPI. The software is designed in such a way that it allows the entry of data from various KPI data collection and evaluate with the help of those data (Paramenter 2015). KPI of Kinjakou technology is done based on KPI for sales, operations and marketing. KPI for sales includes the conversation rate. The ratio of the proposed technology into successful technology rates the KPI to be high. The new leads that have been generated on the efforts. KPI based on the operation deals with the net promoter score. It is based on the satisfaction of the clients. The KPI measured for Kinjakou Technology is based on the installation of these innovative technology and its performance index about time saving and cost effectiveness. The KPI measured for video conferencing technology will be high as the video conferencing technology has less limitation and is highly effective for the company. Therefore, the performance indicator will also give a high value (Bai and Sarkis 2014). KPI for the cloud service will also give a high value, as the cloud service is too helpful for the small industries in terms of profit as well as cost and time effective. The installation of other technology like ADAPX, GREXIT, WALL ST. SCANNER and POSTAL PLANNER helps in reducing the time for completion of the given work and it is cost effective (Anand and Grover 2015). Conclusion: The above-discussed innovative digital technology if applied by Kinjakou Technologies they will be greatly benefited and survive in the competitive market. The companies now days are using cloud computing and web conference to achieve maximum advantage from the field of Information Technology. The digital technology has played a huge role in the uplifting the companies and more accurate towards the work. Kinjakou Technology is recommended to use technologies like ADAPX, GREXTIS, DYMO LABEL MAKER PNP to achieve competitive positions over the other companies. Reference List Anand, N. and Grover, N., 2015. Measuring retail supply chain performance: Theoretical model using key performance indicators (KPIs).Benchmarking: An International Journal,22(1), pp.135-166. 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