Acta Universitatis Danubius. Œconomica, Vol 8, No 5 (2012)

Abstract

This paper aims to identify the main benefits of technological innovation in organizations and how it should be managed to ensure economic efficiency. The current level of social and economic evolution was possible only through active involvement of individuals and organizations in the innovative process. Adoption of appropriate policies and strategies at institutional, national and international level has significant impact on both the innovation process and innovation results. At company level, involvement in an innovative process depends on the financial and human resources and on the availability and interest of management and employees. The main motivating factor in adoption of technological innovation is, most often, obtaining financial benefits. This reflects itself either as a direct increase in profits, or by obtaining competitive advantage which leads, in the long run, to profits increase and achieving a favorable position on the market. Should not be neglected other motivating factors of innovation, such as compliance with environmental standards, ensuring a secure position on the market with opportunities for further expansion, reducing the cost of raw materials and / or production process, improving company image, attitude and achievements of partners in the field (competitors, suppliers, customers) etc. Managers need to carefully analyze these factors and decide the manner and degree of involvement in an innovative process.