Techno Innovation International Competition -Myassignmenthelp.Com

Question: Discuss About The Techno Innovation International Competition? Answer: Introduction The report provides an overview about the comparison between Australia and Nepal relative to technological innovation. The new wave of progress in technology dramatically accelerated growth rate of the respective economies. Technological innovation also increased the national income and standard of living in the nation over the long run (Carlsson 2012). The industrial firms of these two nations combined labor with new capital equipment, which in turn reorganized the process of production and hence maximized total output. Comparison between Australia and Nepal in relation to technological Innovation Australia is basically known for adoption of new psychology at faster rate as compared to other nations in the globe. Technological innovation in this country has led to several vital outcomes that includes- It has enhanced huge opportunities for the existing business of this country in terms of organizational infrastructure (Kogan et al. 2017) It helped the firms to improve their product and services quality It has also enhanced their total productivity This nation has always been the importer of the international technologies. This means that innovation of technologies usually considers the form of integration of systems combining with these imported technologies. New data processing technologies also divided cognitive jobs down into smaller task. It also changed the old jobs and created new jobs in this nation. From the recent company level data of this nation, it has been seen that the existing business in Australia that innovated more than double reported enhanced productivity (Crespi and Zuniga 2012). In addition, 63% more has been reported increase in profitability level, which in turn improved their financial performance. The government of Australia also plays vital role in motivating technological innovation in business through setting proper structural conditions as well as through higher assistance measures. They even provide direct incentives for building technological innovation and improving the business performance. Nepal being an underdeveloped nation has been plagued with several problems that include- poverty, unemployment and illiteracy. This nation has been the late entrant into the world of technological innovation. In addition, adoption of new policies by the Nepal government also motivated technological innovation in the nation. Implementation of artificial intelligence also helped the businesses of this nation to improve their quality as well as efficiency in operations. Furthermore, it also provided new market opportunities to the business and helped them in gaining competitive advantage (Graetz Doud 2013). Apart from this, adoption of accounting software in business also increased the efficiency of the accountants and reduced their workload. However, this new technology also helped the business in providing feedback about their financial health in the present year. But still this nation needs to focus more on technological innovation in order to help their business expand globally an d enhance economic growth. Conclusion From the above study, it can be concluded that although technological innovation improves the business productivity and performance, there is a probability of job loss over the next few decades. This in turn might lead to increase in rate of unemployment and decrease in GDP (Gross Domestic Product) growth rate of the nation. References Carlsson, B. ed., 2012.Technological systems and economic performance: the case of factory automation(Vol. 5). Springer Science Business Media. Crespi, G. and Zuniga, P., 2012. Innovation and productivity: evidence from six Latin American countries.World development,40(2), pp.273-290. Graetz, M. J., Doud, R. (2013). Technological innovation, international competition, and the challenges of international income taxation.Columbia Law Review, 347-445. Kogan, L., Papanikolaou, D., Seru, A. and Stoffman, N., 2017. Technological innovation, resource allocation, and growth.The Quarterly Journal of Economics,132(2), pp.665-712.