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The strategic management of technology and innovation is an important contributor to organizational performance and competitiveness. It creates value, assists differentiation, enhances productivity, and guides creativity and initiative. In the face of uncertainty in operating environments, caused especially by rapid technological change, the strategic management of innovation configures capabilities and resources within organizations. These include the capability to search for innovations, select the most advantageous, and appropriate or capture their returns. It involves investing in sources of innovation, such as research and development (R&D) and collaboration with external partners, and using methods for effectively assessing their contributions. Unstable and turbulent operating conditions can disrupt established organizational policies and practices and make planning difficult. As a result, strategies for technology and innovation are necessarily emergent rather than prescriptive, exploratory rather than determinable. Any advantages technology and innovation create are likely to be transitory. The pressing need for greater environmental sustainability, increased focus on the social consequences of innovation, and the impact of new digital and data-rich technologies, add to the challenges of the strategic management of technology and innovation. To address these challenges, attention to physical and intellectual capital needs to be supplemented by greater concern for human, social, and natural capital, and to organizational culture and behavior. This requires the foundation of the strategic management of technology and innovation in the discipline of economics to be complemented by others, such as psychology, organizational behavior, and ethics.

Article

The world is changing faster than ever before. Recent advances in technology are constantly making old knowledge, skills, and abilities (KSAs) obsolete while also creating new KSAs and increasing the demand for jobs that have never existed before. These advances place tremendous pressure on people to learn, adapt, and innovate in order to keep up with these changes. Kolb’s Experiential Learning Theory (ELT) has been widely and effectively applied in various settings in the last four decades. This theory posits that learning is a proactive process, coming from the holistic integration of all learning modes in the human being: experiencing, reflecting, thinking, and acting. Learners must own and drive this process, because ownership of their own experiential learning process empowers learners to do far more than an external person—whether a parent, a teacher, or a friend—can accomplish. More than just a way to learn, experiential learning is a way of being and living that permeates all aspects of a person’s life. Given the demands of the fast-changing world we live in, what do individuals need to do to make sure they stay ahead of the change curve, remain fit with the changing environment, survive, and thrive? At the individual level, a number of important competencies need to be developed, including learning identity and learning flexibility. At the system level, learning and education as a whole must be treated differently. Education should be an abductive process in which learners are taught to ask different types of questions and then connect new knowledge with their own personal experiences. The outcome of education, likewise, should be adaptive and developmental. Instead of promoting global learning outcomes that every student needs to achieve, educators need to hold each student individually responsible for incrementally knowing more than he or she previously knew, and teach students not only how to answer questions but also how to ask good questions to extract knowledge from future unknown circumstances. Helping students foster a learning identity and become lifelong learners are among the most important tasks of educators in today’s fast-changing world.