Domain: Technology And Innovation
Innovating to improve business is regarded as obligatory and not merely admirable part of sustainable business management. However, the moral implication of innovation has not been clearly understood by market players. Academic and industrial researches view innovation as the lifeblood of prosperous organizations. It is viewed that technology and business integration is important for business and so it maintaining quality and service standard, cost minimisation, employee well being and stakeholder satisfaction. Business ethics act as a provider of framework of balance between these various factors, different values, perspectives and interests at issue.
This paper analyses outlines why innovation is imperative in service and process segments of business. It discusses an example of innovation going bad and explores the reasons behind so. Based on these reasons, the paper draws a parallel between imperative innovation and implied ethically responsible management. On analysing factor considerations over an innovation, the paper concludes that ethics in innovation is as necessary as research in biomedical sciences.