Management of Technology report Essay Example | Topics and Well Written Essays - 4000 words

Management of Technology report - Essay Example The theories that are related to the strategic decision making process and the organizational structure and culture, could be important for realizing the challenges that such initiatives would have to face, either in the short or the long term. The technology management process can have a series of forms. In any case, every technology management process needs to be based on Strategy (Figure 1 below). Strategy, as the key element of the technology management process is supported by certain activities, such as identification, selection, acquisition, exploitation and protection (Figure 1). Among the activities supporting the technology management process, particular emphasis should be given to exploitation; the specific activity reflects the methods used for converting the technologies into products that would have many chances to succeed in the global market (Lecture Notes). Supporting exploitation activities can highly benefit modern firms since exploitation is related to important benefits, such as the realization of the value of knowledge in the development of daily business operations and the increase of the involvement of technology in the implementation of business plans (Lecture Notes). In any case, the technology management strategies used in organizations are not standardized. Rather, they can be differentiated according to the organizational culture, the resources available and the targets set in regard to the relevant project. In addition, the technology management strategy introduced in each organization needs to be aligned with the organization’s existing strategies, as based on organizational culture and vision. For example, in businesses where innovation and initiatives are not particularly supported, the efforts for implementing a technology management process could face barriers and delays; this is the case of hard companies, as described in the model presented in Figure 2. On the other