Technology management
When it comes to managing the foundations of technology, technology management is a collection of management disciplines.
The job of a company's technology management department is to determine the business value of a particular piece of technology. A company's technology management role has to be able to debate when to invest in technology development and when to withdraw from it, so long as there is a value for the consumer.
Although technology management may sometimes be referred to as the management of the use of technology for human benefit, a better description would be the management of the use of technology.
In 2020, the Department of Education designated technology management as an emerging subject of study and assigned it a new CIP code. Individuals who are interested in technology management education may expect to learn about the scientific and technical aspects of running a firm, as well as the business aspects of running a company. Includes computer applications, general management concepts, production and operations management, project management, quality control, health and safety concerns.
The diffusion of innovations hypothesis, created in the first part of the twentieth century, may be the most authoritative contribution to our knowledge of technology. A "s" curve may be the best-known example of this diffusion pattern today, although it was initially predicated on the idea of an equal distribution of early adopters. According to the "s" curve, a technology's life cycle may be divided into four stages: early adoption, rapid expansion, market saturation, and eventual demise.
As an invention or, more specifically, a new technology progresses through these four stages, public acceptability grows as well. An inverse curve, which predicts decreasing unit costs, has recently been proposed for a slew of new technologies. For information technology, since most of the expense is in the first phase, this has been a realistic assumption. However, it may not be generally true.
The Carnegie Mellon Capability Maturity Model is the second important contribution in this field. This approach suggests that a series of threshold tests may be used to quantify a series of progressing skills. Repeatability, definition, management, and optimization are all assessed using these tests. To progress to the next level, a company must first master the previous one.
According to Gartner - a leading research and advisory firm – our current approach to marketing technology leads in the technology being excessively touted in the early phases of growth. Formalizing the approach to technology management rests on these foundational ideas.