Technology as change enabler

Technology has been in the forefront of change during the last several decades, bringing new products transforming our way of life and changing the rules of the marketplace. The reason for the increased attention to the management of technology is the fact that technology accounts for a large share of the productivity gains in terms of innovation in high-tech firms during this century. As a consequence, the role of Chief Technology Officer and technology management functions within many firms has assumed greater importance in the conduct of many corporations.

Technology as wealth creator

Technology generates wealth when it is commercialized or used to achieve a desired strategic or operational objective for an organization. When we say technology can be used as a wealth creator, it means more than just money. It encompasses factors such as enhancement of knowledge, intellectual property, effective exploitation of resources, preservation of the natural environment, and other factors that may contribute to raising the standard of living and quality of living. The technologies that exist in a business are the technological assets of that business. These assets may therefore include hardware, software, brainware and know-how. They constitute the collective knowledge and technical capabilities of the organization including its people, equipment and systems.

What is technology management and managing technology?

There seems to be some confusion in interpreting the two terms technology management and managing technology.

As I understand, technology management is an interdisciplinary field that integrates science, engineering and management knowledge and practice.

Managing technology implies managing the systems that enable the creation, acquisition and exploitation of technology. It involves assuming responsibility for creating, acquiring and spinning out technology to aid human endeavors and satisfy customers’ needs. Research, inventions and development are essential components in technology creation and the enhancement of technological progress.