[Note 1] INTRO 1 Intro to Tech Mgt

Introduction to Technology Management

  • Overview: BJTH3063 TECHNOLOGY POLICY AND STRATEGY

  • Focuses on the fundamental principles and applications of technology management.

Key Concepts

Definition of Terms

  • Management: The art of directing and controlling an organization to achieve objectives. Requires understanding human and organizational behavior.

  • Technology: Encompasses knowledge, products, processes, tools, and systems used in creating goods or providing services (White & Bruton, 2007; Khalil, 2000).

  • Technology Management: The discipline that links various management practices to effectively oversee the technological aspects fundamental to competitive advantage.

Importance of Managing Technology

  • Technology evolves rapidly; organizations must adapt to leverage technological opportunities effectively.

  • Short product life cycles due to rapid technological advancements necessitate efficient technology management.

  • Organizations must maximize competitiveness through effective technology use amidst increasing international competition.

The Role of Firms in Technology Environment

  • Firms can be:

    • Drivers of Change: Innovating and creating new products, processes, and materials.

    • Facilitators of Development: Investing in research projects or responding to competitive pressures.

    • Victims of Change: Facing threats of obsolescence due to technology that disrupts existing markets.

Key Decisions in Managing Technology

  • Firms must choose whether to be leaders or followers in the industry, taking into account the implications of each option.

  • Decisions regarding whether to develop new technologies in-house or acquire them externally must consider benefits and drawbacks of both approaches.

  • Strategic considerations include:

    • Leveraging technology for a comprehensive product platform.

    • Determining pricing strategies, marketing channels, and manufacturing locations.

The Process of Managing Technology

  • Example of iBOT by Dean Kamen:

    • Conceptualized to assist individuals with mobility challenges, evolving to a product utilized in varied environments (e.g., stairs).

  • Emphasizes collaboration across departments: engineering for design, finance for cost analysis, and marketing for market acceptance and consumer education.

Factors Promoting Technology Management

  • High-speed technological advancements, changes in scope and competition, and the formation of trade blocs influence technology management practices.

Classification of Technology

Types of Technology

  • New Technology: Recently introduced technologies impacting production or service delivery.

  • Emerging Technology: Not fully commercialized technologies expected to evolve significantly within five years.

  • High Technology: Advanced technologies employed across varied industries, characterized by rapid change and high R&D expenses.

  • Medium Technology: Mature technologies allowing for technology transfer; falls between low and high tech.

  • Low Technology: Widely adopted technologies, typically manual or semi-automated, with minimal R&D expense.

  • Appropriate Technology: Balances technology level and resource needs, optimizing labor use and production efficiency.

Tacit vs. Codified Technology

  • Tacit Knowledge: Non-articulated, often understood through demonstration or observation; understanding 'how' but not 'why' technology works.

  • Codified Knowledge: A formalized and systematic understanding that allows easier transfer and comprehension, essential for mastery in technology management.