management CHAPTER 7

• Technology Life Cycle - It refers to the stages through which a technology evolves, from its initial development to it’s eventual decline and replacement by newer technologies.
• Introduction - New tehnology is introduced, often with high costs and Limited adoption.
• Growth - Technology gains acceptance, costs decrease, and more firms adopt it.
• Maturity - Technology is widely adopted, competition increases, and prices stabilize
• Decline - Newer technologies emerge, leading to the decline of the older technology
• DIFFUSION OF TECHNOLOGICAL INNOVATIONS - It refers to the process through which a new technology spreads throughout a society or market
• Relative Advantage - The perceived Benefits of the new technology compared to existing ones.
• Compatibility - How well the technologyfits with existing practices, values, and needs.
• Complexity - The ease of understanding and using the technology.
• Triability - The ability to test the technology before commiting to it.
• Observability - The visibility of the technology’s benefits to others.
• TECHNOLOGICAL INNOVATION IN A COMPETITIVE ENVIRONMENT - Technological Innovation plays a crucial role in competitive environment by giving companies an competitive edge, enhancing efficiency ,and fostering growth. In a competitive environment business drives to stay ahead of the curve by continuously innovating and adopting new technologies to meet the changing demand of markets.
• Technology Leadership - It’s about effective leading and managing technology themes and projects focusing on clear communication, decision making, fostering innovation and driving digital information. It involvesunderstanding to latest technologies, empowering themes, and creating a culture of continues learning and improvement by simplifying complex technical concepts setting clear goals and promoting collaboration, technology leaders can drives success the fast face world of technology.
• QUALITIES OF TECHNOLOGY LEADERS -

  MT - Missionary Thinking

  A - Adoptability

  SM - Strategic Mindset

  EC - Effective Communication
• Skills of technology leaders:

  DM - Decision Making

  PS - Problem Solving

  PM - Project Management

  RM - Risk Management
• TECHNOLOGY FOLLOWERSHIP - Refers to the role of organizations or individuals who adopt and adopt new existing technologies develop by Technology Leaders. While Technology Leaders involve driving innovation and setting and assist standard. F
• QUALITIES OF TECHNOLOGY FOLLOWERSHIP

  E - Engagement

  A - Adoption

  A - Advocacy

  FI - Feedback and Improvement

  CB - Community Buildings

  I - Innovation

  TC - Trust and Credibility
• Key Skills for Followership

  TL - Technical Literacy

  CS - Communication Skill

  CT - Critical Thinking

  PS - Problem Solving

  A - Adoptability
• ASSESING TECHOLOGY NEEDS - involves evaluating the current technological capabilities of an organization or sector and identifying gaps or areas where new technologies are required. This process aims to determine the specific technologies needed to improve efficiency, productivity, and overall performance, ensuring that the organization can meet its strategic goals and remain competitive.
• Measuring current technologies - involves evaluating and analyzing the effectiveness, performance, and utilization of existing technological systems within an organization. This process includes assessing how well these technologies meet the organization's needs, identifying any inefficiencies or limitations, and determining their overall impact on productivity and goals.
• ASSESING EXTERNAL TECHNOLOGICAL TRENDS - involves analyzing and understanding the developments and innovations occurring outside an organization in the broader technological landscape. This process includes identifying emerging technologies, industry trends, and advancements that could impact the organization, offering opportunities for growth or posing potential challenges.
• MARKET POTENTIAL - Many innovations are stimulated by external demand for new good and services
• Short run - The new technology should have an immediate, valuable application
• Long Run - The technology must be able to satisfy a market need or needs
• TECHNOLOGICAL FEASIBILITY - refers to the practicality and possibility of developing and implementing a technology to meet specific project requirements. It assesses whether the technology needed for a project can be developed and used effectively given the current state of technology.
• ECONOMIC VIABILITY - examines whether a project or technology can be financially sustainable and profitable over time. It involves analyzing costs, revenues, market potential, and financial risks to determine if the project makes economic sense.
• ANTICIPATED CAPABILITY DEVELOPMENT - Firm must have (or develop) the internal competencies needed to execute their technology strategy.
• ORGANIZATIONAL SUSTAINABILITY - Assess the fit of technological action with the organization's culture andmanagerial systems
• SOURCING AND ACQUIRING NEW TECHNOLOGIES - refers to the process of identifying, evaluating, and obtaining innovative technologies from external sources such as startups, research institutions, or other companies.
• INTERNAL DEVELOPMENT - Internal development refers to the process of creating or innovating products,services, or technologies within an organization's own resources and capabilities. Unlikesourcing and acquiring new technologies externally, internal development involvesutilizing the organization's existing workforce, expertise, and infrastructure to generatenew ideas, conduct research and development, and bring new offerings to market.
• PURCHASE - refers to the act of acquiring a technology or intellectual property rights from an external source, such as a startup, research institution, or another company. This could involve buying the technology outright, obtaining licensing agreements, or acquiring patents.
• CONTRACTED DEVELOPMENT - Contracted development involves outsourcing specific tasks or projects to external parties, such as third-party vendors, contractors, or consulting firms, rather than handling them internally. In the context of sourcing and acquiring new technologies, contracted development may entail hiring external firms or experts to develop or customize a technology solution according to the organization's specifications.
• Licensing - involves one party (licensor) granting another party (licensee) the rights to use its intellectual property, such as patents, trademarks, or copyrights, in exchange for a fee or royalty. This allows the licensee to benefit from the licensor's technology or brand without having to invest in its development.
• Technology trading - refers to the exchange of technology assets, such as patents, know-how, or research findings, between companies. This can involve the sale, purchase, or licensing of technology to enhance a company's product offerings or improve its competitive position in the market.
• Research partnerships - involve collaboration between two or more organizations to conduct joint research and development activities. By pooling resources, expertise, and technology, partners can accelerate innovation, reduce costs, and access new markets or capabilities.
• Joint ventures - are strategic alliances where two or more companies form a new entity to pursue a specific business opportunity together. Each partner contributes resources, such as capital, technology, or expertise, and shares in the risks and rewards of the venture. Joint ventures are often used to enter new markets, develop new products, or achieve economies of scale.
• TECHNOLOGY AND MANAGERIAL ROLES ORGANIZING FOR INNOVATIONS - Organizing for innovation involves the strategic arrangement of technology and managerial roles within an organization to foster and drive the process of innovation. It recognizes the importance of both technological expertise and effective management in creating an environment conducive to generating new ideas, developing innovative products or services, and implementing breakthrough processes.
• Unleashing creativity - is a valuable aspect of technology and managerial roles. Fostering creativity within teams and individuals can lead to innovative solutions, improved problem-solving, and increased productivity
• Bureaucracy busting - refers to the process of eliminating or reducing bureaucratic practices and inefficiencies within an organization. Bureaucracy can often hinder productivity, slow down decisionmaking, and stifle innovation.
• design thinking - It is an literative non linear process which focuses on a collaboration between designers and users, it brings innovative solution to life base on how will users aim, fill and behave