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Definition
Technology
Technology is the making, usage, and knowledge of tools, machines, techniques, crafts, systems or methods of organization in order to solve a problem or perform a specific function. It helps humans adapt to their natural environment.
Technology Management
Set of management disciplines that allow organizations to manage their technological fundamentals to create competitive advantage. [1]
Role of Technology
Providing product's innovative features, improved performance, and the very materials that goods are made from [2] Plays a crucial part in process to produce and/or deliver the product, and increases productivity by automating tasks. For example digital technology to produce and deliver published material or indeed the use of ERP to assist with the management of processes across the enterprise and also between enterprises. Information Technology has helped reduce cost, drive agility, enhance Quality of Service, Governance, and Risk Management. For instance, Informed decisions by tracking and reporting business metrics has helped organizations act faster, and interpret client or consumer behavior.
Technology Strategy
First to market
Long-term first-to-market strategy success requires more than a technology breakthrough. It is also necessary either to continue producing new products based on technological and market innovation. For instance, VisiCalc, a company that developed the first spreadsheet software program for personal computers went bankrupt even after initial success as it failed to develop an improved version or second product.
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Fast Follower . Overtaker
Innovative imitation by offering a similar product that can be differentiated from the first entrant's offering In the field of computerized axial tomography, GE differentiated its offerings from developer EMI's not only through improved performance but also through its well-respected trademark, extended warranties , application engineering, customer training, and endorsements by
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Cost Minimization
The cost minimization strategy is effective for mass-produced goods, where significant economies of scale can be realized through process innovation, i.e., superior processengineering and value analysis skills. This strategy has been successfully used by the Japanese and other Pacific Rim countries to gain dominant market share in consumer electronics, IBM-compatible PC clones, and even the fashion industry.
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Market Niche or Specialist
To succeed, a market niche must be carefully selected and followed. If the market niche is too small, it will be saturated within a relatively short time, since the opportunity for growth is limited. For example, Control Data, to increase sales, was forced to abandon its original profitable but limited niche of data acquisition and control systems and compete directly with IBM in data processing, an area with low profits and fluctuations in market share.
Technology Forecasting
Process of predicting the future characteristics and timing of technology. When possible, the prediction will be quantified, made through a specific logic, and will estimate the timing and degree of change in technological parameters, attributes, and capabilities.
Judgmental methods
Judgmental forecasting may also be based on projections of the past, but information sources in such models rely on the subjective judgments of experts The Delphi method uses a panel of individuals who make anonymous, subjective judgments about the probable time when a specific technological
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Technology scouting
Companies assign part of their staff or employ external consultants to gather information in the field of science and technology and through which they facilitate or execute technology sourcing. The method follows:
Identifying emerging technologies Channel technology related information into an organization In a corporate context supports the acquision of technologies
Technology Roadmapping
It is a plan that matches short-term and longterm goals with specific technology solutions to help meet those goals. [4] It applies to a new product or process, or to an emerging technology. Uses
It helps reach a consensus about a set of needs and the technologies required to satisfy those needs It provides a mechanism to help forecast technology developments it provides a framework to help plan and coordinate technology developments
Roadmapping Process
Preliminary Phase
satisfy essential conditions, provide leadership / sponsorship and define the scope and boundaries for the technology roadmap.
Development Phase
identify the product that will be the focus of the roadmap, identify the critical system requirements and their targets, specify the major technology areas, specify the technology drivers and their targets, identify technology alternatives and their timelines, recommend the technology alternatives that should be pursued and create the technology roadmap report.
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The process of technology roadmapping fits into corporate strategic planning , technology planning and the business development. Three critical elements should be connected:
Needs Products
Technology Portfolio
a set of technologies in use
Technology Transfer
It is the process of sharing of skills, knowledge, technology, methods of manufacturing etc among others to ensure technological development is accessible to a wider range of users, who can further develop and exploit the technology into new products. Example
Mutliflow Computer Inc. Open Source Software development, Research into Nuclear fusion
Manufacturing organizations have switched to just-in-time (JIT) systems to compress time wasted in production and facilitate quick response t customer demands.
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In broad terms the "s" curve suggests four phases of a technology life cycle - emerging, growth, mature and aging. Most new technologies follow a similar technology maturity lifecycle describing the technological maturity of a product. This is not similar to a product life cycle, but applies to an entire technology, or a generation of a technology. Technology adoption is the most common phenomenon driving the evolution of industries along the industry lifecycle. After expanding new uses of resources they end with exhausting the efficiency of those processes, producing gains that are first easier and larger over time then exhaustingly more difficult, as the technology matures.
Five Phases
"Technology Trigger" The first phase of a hype cycle is the "technology trigger" or breakthrough, product launch or other event that generates significant press and interest. "Peak of Inflated Expectations" In the next phase, a frenzy of publicity typically generates over-enthusiasm and unrealistic expectations. There may be some successful applications of a technology, but there are typically more failures. "Trough of Disillusionment" Technologies enter the "trough of disillusionment" because they fail to meet expectations and quickly become unfashionable. Consequently, the press usually abandons the topic and the technology. "Slope of Enlightenment" Although the press may have stopped covering the technology, some businesses continue through the "slope of enlightenment" and experiment to understand the benefits and practical application of the technology. "Plateau of Productivity" A technology reaches the "plateau of productivity" as the benefits of it become widely demonstrated and accepted. The technology becomes increasingly stable and evolves in second and third generations. The final height of the plateau varies according to whether the technology is broadly applicable or benefits only a niche market.
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Establishes the expectation that most technologies will inevitably progress through the pattern of over enthusiasm and disillusionment Provides a snapshot of the relative maturity of technologies within a certain segment of the Industry, such as a technology area, horizontal or vertical business market, or a certain demographic audience Has a simple and clear message: Companies should not invest in a technology just because it is being hyped, nor should they ignore a technology just because it is not living up to early over expectations
Conclusion
The function of technology assessment is all the more indispensable in order to match scientific and technical effort to the specific circumstances of every company, and to shape its overall development. Companies have successfully reduced costs by examining business processes and eliminating actions that customers do not perceive as valuable. A key challenge for both company leaders and technology staff, however, is shifting focus from projects centered on cost reductions to projects that develop innovative products and drive revenue. Both companies and consumers have benefited from technology-driven improvements such as online orders, ticketless travel and just-in-time inventory management.
References
Technology Management, retrieved from http:// en.wikipedia.org/wiki/Technology_management, retrieved on 29/03/12 Role of Technology, retrieved from http:// openlearn.open.ac.uk/mod/oucontent/view.php?id=399417§ion=3.7 , retrieved on 29/03/12
Technology Management, retrieved from http:// www.referenceforbusiness.com/encyclopedia/Str-The/Technology-Manage , retrieved on 29/03/12 Technology Roadmapping, retrieved from http ://www.technologyroadmapping.com/, retrieved on 29/03/12