All successful innovations for newer product or process development will draw from four main stages. First is the ideation stage. The ideation stage is where customer needs are first absorbed and based on the information absorption, an idea is created. Both needs and requirements of the customer and existing technology is used to formulate what could work for the market. The second phase is the product development stage (Lillis et al., 2015). In the product development stage, the idea is now conceptualized and researched into, but an active input is considered at this point from the customers. This would help assess the market risks and understand newer platforms. In the commercialization platform, the product is being rolled out across different marketing sectors. Most of the successful innovative companies are seen to work with strategies that understand emerging technologies well. Needs of customers and technological capabilities are brought together in this context (Tamer et al., 2003). Innovation capability needs to consider four critical things which are capabilities, operations capabilities management capabilities and transacting capabilities.
Technology development allied capability is very important here. Technology capability has been defined traditionally as the efficient use of knowledge related to newer technologies. The extended definition is the capabilities needed to generate and management newer technologies. In terms of technology development capabilities, at a minimum, the firm must be able to understand how and why they are not able to meet their operational efficiencies and how the use of technology or improvement in their existing technology would help address the issue (Chiva et al., 2014). Technological capabilities, however, very closely allied to human resource capabilities as human resources will need to have the skills, knowledge and experience to understand and manipulate technology for innovative capabilities. The lack of technology capability in innovation management will lead to a stagnant organization that has the information but would not be able to use it right (Clanton et al., 2002). This is an organization that can acquire information on technology but would not be able to adapt or make use of it in the right way. A major requirement of organizations is to develop their technology capability with a firm understanding of how it would support their innovative developments and vice versa (Zawislak et al., 2012).
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