Technology determines the competitive advantage of market leaders and promotes new companies to take over leadership of existing firms. The fast paced advancement in technology urges organizations to device a competitive technology management process. Technology management appeared to indicate management techniques that companies must address to use technology in business strategies and operations. Technologies management is the set of policies and practices that positively influence technology with the purpose of constructing, maintaining and increasing the competitive advantage of firms based on knowledge as the property and know-how. Technology management is the application of management techniques most appropriate factor to ensure that technology is exploited to achieve business objectives. This paper discusses the basic concepts of technology management, its comparison with traditional R & D management. This paper also entails discussion about the need of technology management, its tasks and the kinds of policies organizations need to consider while implementing it.
Throughout the development of society, technology has been an important driver for innovation. Many advances have been taken place in the fields of communication and information technology during 21st century and it is likely that the pace will increase in next coming years. This advancement poses many challenges to the society, organizations as well as individuals. Managers have to make decisions on how to use their limited resources against the increasing costs, risks and complexity of technology investment and increasing global competition. The field of technology management is multidisciplinary and multifunctional which requires contributions from both technical and commercial functions in an organization. It also needs a complete synthesis of different academic perspectives for example economics, engineering, business studies, psychology and social sciences.
Many definitions of technology have been published at different times (e.g. Floyd 1997, Whipp 1991, and Steele 1989). Burgelman et al. (2001, pp. 4) defines it as:
“Technology refers to theoretical and practical knowledge, skills and artifacts that can be used to develop products and services as well their production and delivery systems. Technology can be embodied in people, materials, cognitive and physical processes, plant, equipment, and tools”.
Analysis of different definitions, many factors are highlighted which characterizes the technology and making it a particular type of technology. The most important characteristics which differentiate technology from general knowledge are its application, stressing upon the “know-how” of an organization. In business context, technology best is taken as an important kind of resource and owing to this fact its association with other resources of an organization is also of great importance (Penrose, 1995, Grant, 1996). For example competence and capability approaches.
Technology Management is the set of management guidelines that enables an organization to maintain its technological essentials build a competitive advantage (Khalil, 2000). The role of the Technology Management factor in an organization is to gasp the worth of certain technology for the firm. Steady technology development is valuable with the expectation that there is a value for the client and subsequently the Technology Management Function in an organization might as well have the ability to argue when to invest ...