Why should the company turn to technological innovation?

Thanks 

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Turning the company to the technological innovation is often occurred Global in the international companies as these companies and groups spend huge amounts and budgets on their research in order to get some progress in a certain product and integration system. This turn is required for the following reasons:

1- Create new Sales Opportunities in the existing and prospective markets

2- Improve the competitive situation for the company versus other main players in the market

3- Realization the essential needs and reuirements of the existing customers and potential customers in the specific Product & System

4- Finding relevant technical solutions for the existing matters & problems in the previous products & systems

5- Increasing the company market share compare with other competitors

6- Pentration achievement in the market of the other competitors by presenting of the new product & integration system

for the purpose of cost control strategy, and total quality management process

to server the customer well and to compete the market in healthy manner.

Thanks

following the answers of colleagues ....

Companies should turn to technological innovation because it improves productivity and profitability

To make sure that you are fore-runner.

We are living in the world of globalisation & enormous competition. If you want to survive in the market you need to be innovative all the time . Onlly the survival of the fittest is guaranteed.Alongwith indigenious innovation this can be achieved through relevant collaborations beween the intersested parties,be it anywhere within the world.It will help the company to recongnize the tastes of the  worldwide customers who are willing to pay the price for quality only. 

Because nowadays, technological innovations are considered significant source of competitive strengths. they allow the industry to remain up to date with the markets needs and  thus enabling them to satisfy the needs of a bunch of customers.

Because in any industry competiotion is considered as "Survival of the fittest" mode.

If youre not up to date with the market than you are out. 

Other than that, we are done with the industrial age era and currently are entering the digital age where even our currency is becoming digital nowadays (bitcoin)

 

Technology is a source of competitive advantage especially in this modern global village where every company is appreciating and embracing it. Technological innovation breeds advancements and breakthroughs for many companies, to avoid lagging behind, stagnant growth, companies are embracing the need and significance of technological innovations and inventions. Thanx for the invitation