Strategic management of technology is becoming increasingly important with the growing reliance of the business enterprises on technology. At present strategic management of technology is supposed to be a bit risky but its success also means the ultimate success of the company.
Importance of Strategic Management of Technology
With the gradual increase in the importance of technology in most industrial activities the process of strategic management of technology has become all the more important than it previously might have been. It is being observed that a proper strategic management of technology is absolutely crucial for the success of a company.
Present Status of Strategic Management of Technology
As per the surveys that have been conducted by some important associations it has been noted that there are plenty of risks that are associated with the concept of technology management. This risk factor has been contributed by the numerous technological innovations, which are gaining in importance with every passing day.
Strategic Management of Technology and Profits
It is seen that strategic management of technology has a relation with the profits that are made by a particular company. Profits are normally made by employing the patented technologies. However, it is also important for the companies to see that they are not stagnating with respect to the development of technological tools as that sets back the financial prospects of a company.
Strategic Management of Technology and Technological Durability
It has been commonly observed that a technology remains effective only for a period of ten years. There are three phases of a technology in this period of time - the market entry phase, the innovation phase and then the commodity phase.
The first one is where the technology is introduced in the market; during the second one the technology goes through changes for the purpose of betterment and in the last phase it is basically a battle for survival.