Strategic Management of Technology & Innovation

Introduction

Gadgets are already in the hands of the young population, whether teenagers or working people. Name it all, it seems that the entire population are all oriented about the new system and attached to the technologies. Through the use of the technologies and (if someone is lucky enough) is also affordable, people can find simple ways from communicating to sharing the information. Apparently, with only a decade, it seems like each and every country are tied and wrapped on the effectiveness of the technologies and the promising benefits laid by the continuous innovation.

Managing Technology

The global competitive strategies are continuously increasing towards the technology-driven which is also extremely dynamic, in high-velocity, and in turbulent environment. For such, the rapid technological changes are also described to be very risky. In the area of managing the technology and innovation, the people or rather the managers are used to be advised by the management of technology to get a grip on better understanding particularly on the type of technology they handling. Understanding the details of the technology will surely provides the better implementation and fostering the development. One must learn to control the impact of the technology in different functions such as the marketing, finance division, or in human resource department. From the introduction of the technology and innovation in the industry, there is a strong indication of management provided by the influence manufactured in the engineering-based disciplines. The field of technological assets is entirely based focused on the research and development management and with that implication; the economists aided the analysis to support the policies that can be associated with the technology according to the type of industry, size or country (Chanaron and Jolly, 1999).

In the place of the technological management, there is a sudden shift in the response of the economy and the openness of the country towards the growth theory and productivity. The technological investments and knowledge can definitely be the source of the strategic competitive advantage to a firm. The technological competencies that are needed can be in a form of operation by the matters of cost-efficiency methods, technological diversity, operational efficiency, product and process management, and other strategic alliances that can be possible (Liyanage and Poon, 2003).

Successful Technological Market

Innovations had been the key role in the growth of the industries and intensify the competition of the strategies among the firms. Together, the technology and the innovation can be the essential tool to stimulate the growth and enables the firms to master the competition provided by the globalization. As to say, the critical factors that might involve in the technological innovativeness of an organization are through the continuous support of the entire team in sustaining their strategy. All the development based on the globalized innovation created a path towards the changes and challenges (Tiwari, Buse, and Herstatt, 2007). It seems that, the only firm left standing in the innovation can be the successful firm. This case can be traced through their systematic steps, analysis to idea generation, evaluation and selection, project planning, and product development just to answer the critical phases of innovation process. Specifically, the technology and innovation itself and its management are already regarded as the critical area within the organization. And the effective management is a good techno-managerial approach when it is combined with the management theories and principles and the technology management practice (Liyanage and Poon, 2003).

Role of the Technology and its Development

The increase shift and focus on the business competition provided by the technology is a great indication that the role of the technology within an organization placed into a higher level. The competitive advantage of an organization can be earned not only through the use of the technologies but also being open towards the industrialization, because the innovation-driven can be a disadvantage for the low-cost producers from the emerging markets. However, there is still a place for the so-called global innovation outlook when applied to the information technology (Tiwari, Buse, and Herstatt, 2007). The approach of the firms on the technological management can be the mainstream of the research and development towards the success of the firm (Chanaron and Jolly, 1999).

Conclusion

Technology nowadays can be easily managed because of the easy accessibility and more defined features that are offers to the market and to the potential users. Technologies, such as the computers and the information system, and the innovation can be easily organized and handle according to the situation and the level of the performance needed. For example, different areas are now equipped with special kind of technology and innovation such as the corporate sector or in accounting department, health care settings, and even in education. Technologies are now considered to be the driver for change.

References:

Chanaron, J., & Jolly, D., (1999) “Technological Management: Expanding the Perspective of Management of Technology”, Management Decision, Vol. 37, No. 8.

Liyanage, S., & Poon, P.S., (2003) “Technology and Innovation Management Learning in the Knowledge Economy – A Techno-Managerial Approach”, Journal of Management Development, Vol. 22, No. 7

Tiwari, R., Buse, S., & Herstatt, C., (2007) “Innovation via Global Route: Proposing a Reference Model for Chances and Challenges of Global Innovation Processes”, Research Project Global Innovation-Institute of Technology and Innovation Management, Accessed 08 June 2010, from http://www.tu-harburg.de/tim/downloads/arbeitspapiere/Working_Paper_49.pdf