The could have would have and should have story of Kodak Pt.II
The Kodak
company, a brand associated with trust and quality, was founded in the 19th
century and was well known for its leadership in photography, which is
synonymous with capturing memories. Their film, cameras, and processing labs
were areas of inevitable visit for photographers and consumers alike. They were
deeply invested in the market (Achieveit,
n.d.).
What Went Wrong
The
unplanned and mismanaged opportunity of tapping into digital photography, a
technology that was developed by their own engineer and in which Kodak itself
had a hand in creating, triggered the downward spiral and eventual downfall of
Kodak (Tidd & Bessant, 2020). The digital camera is an invention that could
have positioned Kodak as a pioneer in the digital age. However, this
opportunity was missed due to concerns about cannibalizing their lucrative film
business, as Kodak refused to embrace this innovation as a technology for
future use fully.
Opportunities
such as online photo sharing, as presented by social media platforms, which
allowed users to instantly share pictures, were also missed. Kodak’s plight was
further compounded by the advent of smartphones equipped with high-quality
built-in cameras. Kodak's downfall was a result of its inability to adapt to
changing technological landscapes and consumer preferences.
Sociotechnical Plan Impact
For the
socio-technical plan individual project assignment for this week, I plan on
diving into health wearable technology. Upgrades and advancements in technology
usually have an immense impact on businesses and industries. The inability to
adopt and adapt to innovation in digital photography caused the downfall of one
of the greatest companies in the United States.
Relevance
The
demise of Kodak is an example of what could happen to a business when it
refuses to follow the wind of technological advancement. The development of a
wearable device that can scan the whole body and instantly help in the
diagnosis of patients’ ailments is a possibility with the advancements made in
artificial intelligence and machine learning, and makers of wearable devices
who refuse to embrace such technological advancement may likely go out of the
market.
Forces
Technological
Advancements
Rapid
technological advancements have a profound effect on innovation. New
technologies can enhance the efficiency, accessibility, and capabilities of
products or services. For instance, breakthroughs in artificial intelligence,
blockchain, biotechnology, or clean energy can open up new possibilities and
completely transform existing industries. The health wearable industry has gone
through numerous ideations based on new technologies that have continued to
improve the devices (Burnham et al., 2018). This progress
could be impacted by the development of wearable devices that could completely
scan the body and help in diagnosis instead of waiting for a doctor’s order for
a scan.
Regulatory
Environment
Regulations
and laws imposed by governments or international bodies directly influence
innovative solutions' development, deployment, and acceptance. For wearable
devices, innovations could also be limited by data privacy and security
regulations. These regulations, which relate to safety standards, data privacy,
and environmental concerns, could also impose more costs on the manufacturers,
which will be passed on to customers, and this could limit the availability of
advanced wearables to the public.
References
Achieveit (n.d.). 13 Notorious Examples of Strategic
Planning Failure.
https://www.achieveit.com/resources/blog/13-notorious-examples-of-strategic-planning-failure/
Burnham, J. P., Lu, C., Yaeger, L. H.,
Bailey, T. C., & Kollef, M. H. (2018). Using wearable technology to predict
health outcomes: a literature review. Journal
of the American Medical Informatics Association, 25(9),
1221-1227.
Tidd, J., & Bessant, J. R. (2020). Managing
Innovation: Integrating Technological, Market and Organizational Change, Enhanced
Edition (7th ed.). Wiley Global Education US. https://coloradotech.vitalsource.com/books/9781119713197
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