Technology Technology Management Technology Management Framework Technology Management activities & tools Activities in Technology Management: Supporting Activities Tools in Technology Management

1. Technology
Technology refers to the theoretical and practical knowledge, skills, and artifacts
that can be used to develop products and services as well as their production and
delivery systems.
A process, technique, or methodology embodied in a product design or in a
manufacturing or service process which transforms inputs of labor, capital,
information, material, and energy into outputs of greater value.
Technology Management
Technology management is the process of planning, directing, controlling &
coordinating all the efforts to develop & implement technological capabilities of a
firm in order to achieve their strategic or operational objectives and gain a
sustainable competitive advantage.
Technology management is a link among engineering, science and management
disciplines to plan, develop and implement technological capabilities to shape and
accomplish the strategic and operational objectives of an organization.
Technology is changing every day. Technology management makes products and
services possible. People use technology to improve their lives.
Continuous technological innovation gives competitive advantage to firms.
Whereas, laggardness in terms of technological improvement leads to businesses
going bankrupt and closing down. Nokia & Kodak are the best examples for the
same. Therefore, technology is critical to national security and common citizen
services as well. These include education, healthcare, natural resources including
energy, water and so on.
Technology Management Framework
According to the framework, any firm operates in an organizational &
environmental context which includes knowledge flows between the commercial
and the technological perspective in the firm. Firstly, any organization has 3
core business processes, namely; strategy, innovation and operations. After this,
comes the set of activities & tools.

2. Secondly, firms differ in terms of size and scope. However, this framework is
applicable to all firms regardless of their size. It can adapt appropriately for every
organization. To sum up, this framework assumes technology to be a resource.
It does not matter whether the firm is a manufacturing firm or a services firm. As
a result, the technology base resides in the heart of this framework. This is
essential for developing processes, products & services. Now, we shall discuss the
activities & tools involved in Technology Management shortly.
Technology Management activities & tools
Activities in Technology Management:
There are two main types of Activities in Technology Management, core activities
and supporting activities.
Core Activities:
Identification: It comprises of searching, auditing, data collection and
intelligence possesses for technologies and markets. Mainly, in this phase we
actually try to identify the problem and hence, document our needs. It is
necessary for technologies at all stages of development.
Selection: It comprises of choosing the best alternatives for our problem by
taking into account various factors. These include company level strategic issues,
objectives and finally choosing the right technology by taking the right decision.
Acquisition: This activity defines how the company decides to acquire the
technologies valuable to its business. The technology can be developed internally,
by some form of collaboration or acquired from external developers.
Exploitation: It includes incremental developments, process improvements and
realizing the full potential of the acquired technology. Exploitation is vital for using
a technology to the fullest of its capacity. Also, in order to reap benefits from the
technology, it is important . The final motive is to gain competitive advantage.
Protection: The aim of this activity is to convert the competitive advantage into
a sustainable competitive advantage. Protection is not only responsible for
shielding the technology but also the intellectual assets of the firm using various
tools.
Supporting Activities:
Project Management: It refers to the managerial activities associated to all
types of projects such as product development.
Knowledge Management: It is used for managing the enormous repository of
knowledge which resides in the organization & its employees.
Innovation Management: It is a broader management practice, involved in
handling various innovations including financial, organizational & technological.

4. Tools in Technology Management:
There are 4 Technology Management Tools, we will be using to carry out the
activities mentioned above.
Patent Analysis: It is often used by managers & IP (intellectual property)
strategists. Patent Analysis are used in order to synthesize useful information
about companies or sectors in terms of technological competitiveness. They do
so by tracing the development trajectory of a particular technology over time.
Portfolio Management: Financial services industry uses it actively. Portfolio
Management is used to define investment mix & policy, matching investments to
objectives, balancing risk against performance. Recently, it is being used as a
dynamic decision process. Also, it includes a constant updating and revising of a
company’s active new technology projects.
Road mapping: Industry leaders & government use it to support strategy,
innovation and policy forming. Road mapping helps by proving an extended look
at the future of a chosen field of technology. It does so from the collective
knowledge, imagination & educated estimates of the brightest drivers of change
in that field.
S-Curve: Also known as growth curves, S-curves have emerged from an analogy
with biological life. It illustrates the life cycle of a phenomenon or a new
technology in the market. This is useful as it describes the adoption and demand
of an innovative technology over time. So, it is useful to take better and data-
driven as well as informed decisions.