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.
To achieve this all important company technology strategy, organizations need the correct mix of people who will ensure that through research and development choices, these strategies will be achieved. People with competency (education or training) and knowledge (gained through working experience) , therefore become key to ensure technology strategy is achieved. Once it is known what profiles are required, the next part is to recruit this team. Thus a team with complimentary skill sets and knowledge base is a crucial part of managing technology.
These people then have to be loaded on key projects that are selected on the basis of some prioritization mechanism. To ensure teams can communicate smoothly and have clarity on how to proceed at every step of the way, best practices and work processes are a must. These best practices provide problem forming to problem solving methods for the team. Work processes ensure that efforts are aligned and evaluated using a predefined mechanism. Work processes define the core of technology management, which technology to develop (or to buy), how to go about the development, is it ready for prime time?
A classical technology management situation is to decide which of the two projects - one in early stage with huge potential and another in later stage of development but limited potential - should go ahead. (The classic answer 'it depends' actually is correct one prima-facia, but the process such phase gate with well defined phase, provide definitive answer for it.)
Thus technology management encompasses technology strategy, team profile, recruiting this team, loading it for actual technology development, and the best practice and work processes associated with related various technology activities.