The paper "Innovation and Entrepreneurship" is a perfect example of an assignment on management. Innovation is the definite apparatus of entrepreneurs, the means by which they utilize change as a prospect for a special service. In the book, “ Innovation and Entrepreneurship, ” Drucker defines innovation as a precise means obtainable to entrepreneurs to utilize business opportunities accessible in connecting technology to consumer needs. To better stay alive in the market, entrepreneurs need to apply inventive strategies in developing workable business forms and strategic positioning in today’ s competitive market. Market change and technological advancement create a persuasive case for innovation (Drucker, 2006).
The change in the corporate foreign exchange industry has been driven by the deep adoption of emergent computer and communication technologies to perform business transactions. The foreign exchange market has grown with companies pushing to expand their operations across the globe. Globalization and decentralization of financial markets and value addition through innovation have rapidly evolved corporate foreign exchange providers with advanced communication tools for remote trading. Foreign exchange companies have become international leaders of the monetary services industry by taking age-old on-exchange trading practices and shaped then into an advanced technology-based industry.
The fast-paced nature of the industry has led to further brisk innovations in technology with much value addition to the service delivery to consumers. Emergent e-business models must focus on product and service innovation, customer relationships, infrastructure management, and financial revenue models for them to be successful (Drucker, 2006). This has been witnessed in the foreign exchange services market during the late 1990s via the adoption of refined desktop software and server/cloud computing which have gradually replaced the traditional on-exchange trading prevalent in the industry at the time.
The introduction of the Forex Virtual Private Server (VPS) hosting technology into the foreign exchange industry has made computer technology the most ideal platform for service delivery. Technology has streamlined foreign exchange trading, a highly specialized area of financial services, by streamlining processes to enable real-time service delivery across different time zones and in different currencies.
ReferencesDrucker, F. P., 2006. Innovation and Entrepreneurship: Practice and Principles. UK: HarperCollins Business.