Technology and Innovation Management

VI The innovation idea and the firm’s strategy, culture, resource availability and community needs

A Firm’s strategy

The firm’s strategy will focus on developing the information system and creating the network, allowing connecting all the equipment, heating and water supply system, windows shutters, the lighting of the interior and exterior, and other elements and parts of buildings consume energy. The firm will also develop the software that allows manual programming of the information system according to users’ settings. The company will introduce the new product promoting its positive impact on energy consumption and the considerable increase in the building’s energy efficiency to introduce the innovative information system. The company operating in the field of IT and IS can gain a large share of the market fast because consumers grow more and more concerned with the energy efficiency because, on the one hand, they grow concerned with the environment protection, while, on the other hand, they are looking for financial benefits since the higher energy efficiency saves costs consistently, which users spend on the energy consumed by the building and on the maintenance of the building. Therefore, the firm is likely to succeed if it conducts an effective promotional campaign emphasizing the new information system’s advantages in managing buildings’ energy consumption.

B Firm’s culture

The innovation matches the firm’s philosophy and culture. The firm’s mission is to facilitate the lives of consumers through the introduction of information systems and technologies, which help users manage their houses automatically without wasting time and money. The firm has been operating successfully so far. Today, there are wide opportunities to develop new information systems as the concept of the ‘smart house’ becomes more and more popular.

C Firm’s resource availability

Currently, the firm has all the resources essential for the implementation of the project and the successful introduction of the innovation in the market. Contemporary information technologies allow the firm to introduce the new information system that can connect all the equipment, heating and water supply system, windows shutters, the lighting of the interior and exterior and other elements and parts of buildings that consume energy and to manage the energy consumption by the building online or autonomously.

D Community needs

Simultaneously, the introduction of the innovative information system will meet community needs because communities tend to the development and implementation of environmental projects, which protect the local environment from pollution and improve the environmental situation in communities. In such a way, the innovative information system will help the community to make their environment safer. The decrease in energy consumption will also improve the well-being of community members.

VII Importance of the proposed innovation

The proposed innovation is significant and beneficial for customers as well as local communities. The new system’s main advantage is the energetic autonomy of buildings that the system offers to customers. Buildings will not need the external supply of energy. Instead, each building will accumulate the energy and owners of buildings to sell the excess of the energy to third parties. Furthermore, the accumulated energy may be sold to bring additional income to owners of buildings, where the system is installed.

Customers can save costs consistently due to the efficient use of energy and minimization of energy loss. Local communities will benefit from the decrease of the environment pollution and increasing prosperity of local community members because costs saved on the energy-efficient information system can be invested into the development of the local community by community members.

VIII The possible disadvantages of the proposed innovation

In fact, the proposed innovative information system has a few disadvantages. First, the information system will need costs to create the essential software and develop the network that connects all the equipment, heating and water supply system, windows shutters, the lighting of the interior and exterior and other elements and parts of buildings that consume energy. However, the benefits of the innovative information system will outweigh its costs. Another drawback is the risk of malfunctioning the system that may lead to the system’s failure to save energy and manage energy effectively.