Vol: 7, Issue: 3 2017

Page: 08-13

Innovation, Technology and Business Environment

Dr. Suhasini Parashar

The main concern in the economy is progress through innovation and technological advancement to increase the growth rate quantitatively and development qualitatively which improve the business environment with technological environment. Different types of innovation encourage producing cost effective product. The impact of innovation on business environment proceeds towards diversification of goods, and technological advancement increases the productivity through capital intensive techniques. The use of innovative technique is a way to grow in the market even in the recession. The value adding innovation is the main driver of growth and development in every sphere of life with various innovative techniques and tools. The innovation and technology have a significant influence on functioning and growth of individual enterprises. Industrialization process by which adoption of technologically superior techniques of production, application of modern techniques for management and organization like economic calculations, accountancy and management techniques. The business objectives- quality of products and services, challenges, joy of creation, service to society, market leadership, employee satisfaction and development, growth and profit achieve through progressive innovation and advanced technology. In this article, the focus is on the impact of innovation and technology on business environment.