What Is Management of Technological Innovation And Why Is It Important?
Technology includes knowledge that enables it to developed and used in ways that are useful. Technology is manifested in new products, processes and systems, but it includes the knowledge and capabilities needed to deliver functionality that is reproducible. Inovation include all activities encouraging the commercialization of new technologies. MTI includes the closely related issue of the management of new product development which R&D is a major contribution. The management of new product development includes efficiency factors and effectiveness factor.
Technology strategy is linking technology with firms competitive strategies and can be the basis of the overall strategy. It is concenrned with integrating all the areas of MTI. The commercialization process is central element of MTI, Firms have valuably expanded options for the future through the innovation process. The management of information technology is incorporated within these areas.
All areas of MTI can be managed for competitive advantage. Of all the aspects of MTI, technology strategy is perhaps the most demanding. The MTI includes the management of R&D, new product development, operations and productions, technology strategy, technological collaboration and the commercialization process. This challenge result from broader changes occuring in industry and business.
MTI involves trying to manage something which is inherently complex and risky. Risk is determined by a number of consideration. Important factors in the management of risk in technological innovation include unpredictability, cost and appropriability.
Firm also need to manage the appropriation of return to theur innovations. There are risk associated with the method used to ensure desired return to R&D Investment, such as whatever intellectual-property protection is awardable and can be maintained.
Whether applied ti developing and improving new products and services or products and services or producing existing ones, corporate competitiveness requires knowledge, and the organizational ability to learn fast and move quickly when winning notions emerge.