My experience with innovative technology is relatively modest. However, it has enabled me to realize that technology can make a major difference in the lives of people, more so in their moment of need. I work in the accounting department of a private hospital; a fact that has made me realize that in so some cases, innovative technology is can make the difference between life and death. The obligation of my department is to determine inter alia whether we shall be admitting patients and what level of treatment the clinicians should provide depending on the patient’s insurance program. Innovative technology enables my department to make split-second decisions under great pressure. On the one hand, we connect to the insurers in order to get a go-ahead with treatment at their expense. However, before such a reply is available, it is often necessary to give an interim decision to the clinical team. This requires the innovative combination of acumen in finance and information technology.
Why I embarked on this Course
As inferred above, I am a financial services associate in a private hospital. My department has done much good but also committed a few blunders. Unfortunately, in a hospital setting, the mistakes stick with you, as more often than not, there is no opportunity for do-overs. The inspiration to undertake a Technology Management at Excelsior stems from some of the seemingly minute at the time but whose outcomes were catastrophic. I would want to be able to anticipate and avoid or in the very least mitigate the impact of such mistakes. I believe that undertaking a course that enables me to understand technology and finance accounting contemporaneously will enable me to achieve the goal outlined above.
Delegate your assignment to our experts and they will do the rest.
Recent Technology Innovation and Reflection in the Endeavor
Among the recent technological innovation introduced at the hospital is an on-trial basis is proprietary lease to ease decision-making for emergency patients whose insurance status is not definitive. The technology evaluates available data to enable a determination on interim way forward for patients, as insurance status analysis is underway. In all fairness, the primary purpose of the innovation is to limit unrecoverable costs for the hospital. From a technological and finance perspective, I agree with the innovation as it plays an invaluable role in the hospital. Indeed, technology enables finance department professional make complex decisions in a limited amount of time. However, from an ethical perspective, it is unfortunate that such technology is even available in the first place. People in urgent need of medical help need care, not financial evaluation. However, if the company provided care of everyone who needs it without evaluating their ability to pay for the same, it would soon be unable to offer any services at all (Dickman, Himmelstein & Woolhandler, 2017). Technological innovation in many cases bridges the gaps created by human limitation, as in this case.
Questions to Consider
The primary difference between technological invention and innovation is that invention involves coming up with new technological concepts or processes while innovation involves meaningful and profitable application of technology (Witell et al., 2016). Technological innovation makes inventions useful and profitable to humanity. The criterion for success for technological innovation is the assessment of the suitability and profitability of an innovation contemporaneously (Burgelman, Christensen & Wheelwright, 2009). A potentially successful innovation may be socially ethically, or legally unacceptable (Pellé & Reber, 2015). Similarly, an innovation than meets all regulatory measures may not yet be capable of presenting competitive advantage to a company. Before a general manager approves any innovation an evaluation of the combination the previously mentioned factors is necessary. The said manager needs to have an understanding of technology, its regulation. Similarly, the said manager also needs to understand the business aspects of innovation in order to access profitability. In order to make the assessments above effectively and efficiently, the organization should develop a strategic plan on innovation (Burgelman, Christensen & Wheelwright, 2009). The plan sets the guidelines and limitations for technological innovation that makes it easier for management to guide innovators compressively.
References
Burgelman, R. A., Christensen, C. M., & Wheelwright, S. C. (2009). Integrating Technology and Strategy: A General Management Perspective. In Strategic management of technology and innovation . Boston, Massachusetts: McGraw-Hill Irwin. PP. 1-12
Dickman, S. L., Himmelstein, D. U., & Woolhandler, S. (2017). Inequality and the health-care system in the USA. The Lancet , 389 (10077), 1431-1441.
Pellé, S., & Reber, B. (2015). Responsible innovation in the light of moral responsibility. Journal on Chain and Network Science , 15 (2), 107-117.
Witell, L., Snyder, H., Gustafsson, A., Fombelle, P., & Kristensson, P. (2016). Defining service innovation: A review and synthesis. Journal of Business Research , 69 (8), 2863-2872.
