Introduction to Technology Management

Introduction to Technology Management

• The subject matter is about the overview of technology management and its role in organizations.
• Technology is defined as the knowledge, products, processes, tools, methods, and systems employed in creating goods or services.
• Technology management focuses on the planning, development, and implementation of technological capabilities to achieve organizational objectives.

Definition of Technology Management

• Technology management is responsible for making the required technologies available for future services at the right time and at a reasonable cost.
• It ensures the right technologies, with the required attributes meet customer needs.
• It involves assessing, planning, analyzing, evaluating, and executing the use of technology to achieve operational and strategic goals.

Technology Components

• Hardware: Physical products.
• Software: Knowledge of how to use hardware to complete tasks.
• Brainware: The rationale behind utilizing specific technologies.

Salient Features of Technology

• Change for change's sake: Technology evolves regardless of specific needs.
• Widespread effects: Technology impacts numerous aspects of life.
• Self-reinforcing cycle: Continuous development of technology.
• Complex process: Technology management is complex.
• Amoral nature: Technology is neither inherently right or wrong.
• Increasing performance demands: Constant need for improved functionality.
• Task complexity: Increasing complexity of tasks facilitated by technology.
• Compensation automation: Replacing human labor with technology in some tasks.
• Smart technologies: Adaptive and integrated technologies.
• Stable constant human capability: Human abilities are constant despite technology changes.

Types of Technologies

• Tacit: Skilled based.
• Codified: Documentation based.
• New: Emerging.
• Emerging: New technologies.
• High Technology: Advance technology.
• Low Technology: Basic technology.
• Medium technology: Mid-level technology.

Concept of Technology Management

• Technology management is an interdisciplinary field.
• It involves planning, developing, and implementing technological capabilities to achieve operational and strategic organizational objectives.

Nature of Technology Management

• It's a process involving planning, development, and implementation.
• It's goal-oriented, focusing on meeting human needs and improving competitiveness.
• It encompasses an interdisciplinary mix of perspectives.
• It functions as a system, integrating various elements.
• It involves risk assessment.
• It's socially beneficial.
• It's an evolutionary process.

Drivers of Technology Management

• Change in technology.
• Change in scope.
• Change in competition.
• Change in asset valuation.
• Change in emphasis on knowledge.

Responding to Technology Challenges

• Shared values: Shared values are essential for organizational success in today's age of technology.
• Skills: Maintaining essential skills.
• Structure: Adapt organizational structures.
• Strategy: A sound strategy is fundamental to dealing with technology challenges.
• Staff: Maintaining effective staff with the right skills.
• System: Modernizing systems and processes.
• Style: Adopting flexible and adaptable style.

Overview of Technology Management

• Technology is not just hardware, but the know-how to use it.
• Technology management involves converting technologies into applicable hardware or software.

Key Concepts and Theories of Technology Management

• Technology management aims to identify and implement new technologies.
• Successful technology management encompasses everyday innovation within companies and organizations.
• Selecting technologies necessitates future knowledge and involves significant risk not adequately addressed by conventional planning methods.

Impact of Technology on Business and Society

• Technology competency can be misused.
• Companies have made mistakes in technology deployments.
• Small and medium-sized enterprises (SMEs) are vulnerable to technology change.

The Industrial Revolution (IR)

• IR1.0 to IR4.0 showcase the progression of mechanization and technology.
• IR4.0 emphasizes the integration of physical, digital, and biological technologies.

4IR Technologies

• Artificial intelligence, machine learning, and analytics are key examples of 4IR technologies.
• Other technologies include the Internet of Things, automated and connected sensors, augmented reality, virtual reality, robotics, drones, and more.

Exercises

• The provided exercises cover various aspects of technology management, ranging from self-evaluation to analysis of past revolutions.