Technology continues to be a rapidly evolving and changing environment. Every day, innovations in hardware, software, and programming systems are introduced into the marketplace. Holography is the most recent fast-paced technology gaining popularity at an alarming rate (Collier, 2013). Holography refers to the process of making a one-of-a-kind photographic image without the use of a lens. A hologram is a photographic recording of an image that appears to be an unrecognizable pattern of stripes and whorls when not illuminated by coherent light, such as a laser beam, but when illuminated by coherent light, such as a laser beam, organizes the light into a 3D representation of the original object (Hariharan, 2002, pp. 1–2). The decision to implement new technology in an organization presents some difficulties. Before an implementation can begin, many moving elements must come together. All parties involved, including stakeholders, must comprehend the nature of the new technology and how it will help the organization as a whole.
I would employ the qualitative technique since it is vital to obtain comments from those not directly involved in the project. It is critical for everyone involved in the project to be on the same page and recognize all of the details of the new technology, especially the stakeholders. It is a qualitative way of assessing new projects that focuses on gathering information through open-ended talks to get insight (Smith, 2021). There are certain advantages to using the qualitative technique since it would allow HYPERVSN to gain information regarding how customers will react to the new technology. In this strategy, we would group questions into parts such as the role of the customer, the capabilities of the role, the timeliness of the project, and the cost. HYPERVSN may employ this method to determine whether or not clients would be interested in and willing to acquire this service. Once the data has been obtained, it might be utilized to identify trends that HYPERVSN stakeholders and the project leaders may not have been aware of previously. Numerous judgments may be made due to the collection of all this data, and consideration for consumers can be taken into account to determine how they will profit from this technological advancement.
I would also employ a quantitative approach, which entails converting projects into an estimate of the possible monetary returns created from the research and study of those specific initiatives, among other things (Kenton, 2020). When it comes to producing and interpreting holographic data, HYPERVSN will face many well-known challenges, depending on the size and formality of the hologram. Unlike a photograph taken with a lens, a hologram is a precise tapping of an electromagnetic field that occurs more voluntarily than a picture. HYPERVSN must examine the three potential technologies based on the formation of holograms to understand the holography technology.
Discounted Cash Flow and Real Options are two of the most often used quantitative tools in financial analysis. Because of their quantitative nature, discounted cash flows are used to determine if the predicted future benefits are significant enough to justify investment in light of the risks (FERNANDO, 2021). The time value of money and the payback period are considered when using discounted cash flow models. When a company’s management decides to extend, alter, or reduce initiatives due to shifting economic, technological, or market conditions (real option), this is a strategic decision (HAYES, 2021). Although HYPERVSN is collaborating with Euclideon, HYPERVSN would need to assess if the projects under consideration are mutually incompatible or not before proceeding. Where investments or projects are mutually exclusive, HYPERVSN will be able to evaluate and uncover more than one viable project or investment alternative, as long as they are not mutually exclusive. If they are not mutually exclusive, HYPERVSN will have to determine whether the construction of a hologram will be more profitable than the actual alternative, given that this project has the potential to be a valuable asset for their firm in the long run if it is not mutually exclusive. HYPERVSN can only make a single investment in a single option.
HYPERVSN must perform a combination of qualitative and quantitative evaluations to evaluate whether or not they should proceed with developing an invention that allows consumers to be completely interactive with the holographic image. While surveys are an effective tool, relying on respondents to provide their replies may result in a low response rate. One proposal they may adopt is that when clients purchase an item from HYPERVSN, they could be given a series of challenges faced before the transaction can be finalized. A focus group is yet another instrument that may be used to gather information. You will be able to see and listen in on the group’s debate while weighing the advantages and disadvantages. I also feel that listening to the findings of these focus groups will be beneficial to all parties involved. HYPERVSN may be able to determine which of the three technologies would be most beneficial for the hologram based on the information gathered from these two possibilities.
Collier, R. (2013). Optical holography. Elsevier.
FERNANDO, J. (2021, December 19). Discounted Cash Flow (DCF). Investopedia. https://www.investopedia.com/terms/d/dcf.asp
Hariharan, P. (2002). Basics of holography. Cambridge university press.
HAYES, A. (2021, April 23). Real Options: Exploring the Various Types. Investopedia. https://www.investopedia.com/terms/r/realoption.asp
Kenton, W. (2020, November 27). How Quantitative Analysis (QA) Works. Investopedia. https://www.investopedia.com/terms/q/quantitativeanalysis.asp
Smith, T. (2021, April 22). Qualitative Analysis. Investopedia. https://www.investopedia.com/terms/q/qualitativeanalysis.asp