TECHNOLOGY MANAGEMENT

Technology Management

Abstract

Business organizations of modern era are increasingly becoming complex. This complexity is the result of extremely technical environment of business characterized by growing globalization, competition, rapid and often continuous changing in technology. In complex organizations management requires quick response of development, design and implementation of new process technology and new products. To remain competitive high technology organizations should be able to modify, replace and integrate technological changes. Technology management is to offer the complexity, understanding and dynamics of high technology modern enterprises. Moreover the technology management studies the strategic use of technology to sustain and gain the economies for competitiveness.

Introduction

In the twenty-first century, the so-called new economy has emerged as a phenomenon for those raw intensive economic activities in the generation and transfer of knowledge. This stage of transition to the new economy has raised recently the interest of many academics, public authorities and entrepreneurs, and proposing new paradigms that challenge the line of thought neoclassical economics, and opens new questions whose answers still absent.

In this research paper the effectiveness of technology management is discussed. Technology management is the advance concept of management. Comparison between traditional management and technology management is also discussed in this paper. The change that technology management brought into the field of management in terms of new strategies and goals are also the part of this paper, along with practices and principles of traditional management their strategies are discussed.

Discussion

The word “technology' refers to the collection of production techniques, processes, methods and possibilities by which human can transformed the resources to fulfill their needs. According to Ferré, technology is defined as the implementations of intelligence that practically possible. However, Gendron has given a better definition and according to him. A technology is practical knowledge that based on the scientific theory or experimentation, which is the representation of organization, productive skills or machinery.

Technology management is the discipline of management that helps organizations to take competitive advantage by managing technology fundamentals. Technology strategy is the typical concept used in technology management. In contemporary organizations the function of technology management is to know about the technology that is useful in the growth of organization. Due to the continuous technology development, without awareness with the technology, the function of technology management in a contemporary organization will not be able to argue which technology investment will be useful for the growth of a company and which will not. Another way to define the technology management is the integrated optimization, planning, operation, control and design of products, services and processes that deals with technology. In short technology management is the management for use of technology that helps human and give them advantage.

Throughout the start of 21st century in Western countries, innovation remains the core aspect of economic and industrial development polices. The agenda of advance economies always involves plans that aimed to improve capabilities of innovation in order to develop different services and goods. For long term sustainability, trend of companies have been changed. Schumpeter (1934) in the early 20th century pointed ...