Technology management is managing various aspects to create technology leverage for an organization. It starts from which technology to develop, how to develop this technology, what best practices and processes to use, what would be the technology team structure, where to innovate, and continues to answer techno-commercial questions such as whether to buy a ready technology from outside or develop it internally, and so.
World over companies spend more than $1 trillion on technology management through their R&D organizations. These efforts allow companies to bring new products and services to markets that are culturally and economically different. Different organizations use their technology efforts differently, based on their competencies, perceived advantages and disadvantages, and marketplace understanding and presence. This comprehensive thought process of a company is commonly referred as its Technology Strategy.
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