Review of Technology Management:
The future of the Strategy as defined in the book refers to the definition, planning and achievement of the long-term objectives of the organization. The purpose of a business strategy is to gain a sustainable economic advantage while that of a technology strategy is to gain a competitive edge through technology. Success of a business strategy is directly related to the correct identification of technology required for the business (e.g. product design is a key technology requirement for manufacturing) and correct analysis of the strategic options provided by the existing and emerging technologies.
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Companies must use special organizational structures for effective use of technology. Technological innovations can create new markets, expand the existing markets, stretch the scope of an organization and affect the business model of an organization. Breakthroughs like ERP in the field of IT applications are changing the way business is done. Increased globalization means that the role of technology as a differentiator is bound to increase. But superior technologies must be "diffused" in the market at the right time to create a long run advantage and avoid strategic drift.
Today, technology is seen as an integral component of the global strategy for economic growth. It is seen as a key driver of wealth creation. Flexibility and the ability to respond to change through technology is seen as a major competitive advantage in the market today. Competing by means of technology is no longer a matter of choice but of survival in the global marketplace today.
Technology innovation is the process through which new (or improved) technologies are developed and brought into widespread use. In the simplest formulation, innovation can be thought of as being composed of research, development, demonstration, and deployment, although it is abundantly clear that innovation is not a linear process - there are various interconnections and feedback loops between these stages, and often even the stages themselves cannot be trivially disaggregated. Innovation involves the involvement of a range of organizations and personnel (laboratories, firms, financing organizations, etc.), with different institutional arrangements underpinning the development and deployment of different kinds of technologies; contextual factors such as government policies also significantly shape the innovation process.
In the energy area, technology innovation has helped expand energy supplies through improved exploration and recovery techniques, increased efficency of energy conversion and end-use, improved availability and quality of energy services, and reduced environmental impacts of energy extraction, conversion, and use. Most energy innovation is driven by the marketplace, although given the public goods nature of energy services (and reducing their environmental impacts), governments invest significantly in energy research and development programs as well as demonstration and early deployment of selected energy technologies. Still, most investments in energy innovation are targeted towards technologies with clear commercial applications and financial returns, with only marginal investments (at least in relation to the need) towards energy innovation for helping provide modern energy services to the two billion poor people worldwide who don't have access to such services.
Types of Innovation
An innovation that does not affect existing markets.
An innovation that improves a product in an existing market in...