TECHNOLOGY MANAGEMENT

Module II
TECHNOLOGY ACQUISITION AND TECHNOLOGY
FORECASTING
Technology Acquisition
• Technology acquisition refers to the process of
acquiring new technologies to improve or
expand a business or organisation.

• This can include purchasing new equipment or

software, licensing technology from other
companies,or developing new technology
internally.

ANIL PAUL 2
Process of technology acquisition

1.Identifying the need for new technology:

This step involves analysing the current
technology used by the organisation and
identifying if there are any gaps or areas of
improvement.
2.Researching potential solutions:
Once the need for new technology has been
identified, research is conducted to find potential
solutions that meet the organisation’s
requirements.

ANIL PAUL 3
3.Evaluating the options:
The potential solutions are evaluated based on
factors such as cost,performance and
compatibility with the existing systems.

4. Making a decision :
Decision has to be made on which technology
to be acquired and the necessary steps should
be taken to acquire it.

ANIL PAUL 4
5.Implementing the technology:
New technology is implemented and integrated
into the organisation’s systems and processes.

6.Monitoring and maintaining:

Ongoing monitoring and maintenance is required
to ensure the continuous proper functioning of
the technology and meet the organisation’s
needs.

ANIL PAUL 5
Technology Acquision Process

ANIL PAUL 6
Some examples of new technology
1.Artificial intelligence (AI)
2.Internet of Things (IoT)
3.Virtual reality (VR) and augmented reality (AR)
4.Blockchain.
5.5G Technology.
6.Quantum computing.
7.Biotechnology.
8.Robotics.

ANIL PAUL 7
Alternatives for acquiring new
technologies
1.In house development :
• Developing new technology internally can give
an organisation complete control over the
technology and its intellectual property.
Disadvantage :
• It can be costly and time consuming.
• The organisation may not have the necssary
expertise or resources to develop the
technology.
ANIL PAUL 8
2.Licensing:
• Licensing technology from another company can
be a cost effective way to acquire new
technology.
• Can use technology that has already been
developed and proven to be effective , without
incurring the costs of development.
Disadvantages:
• Licensing agreements can be complex and may
include limitations on the use of the technology.
• The organisation may be dependent on the
technology provider for updates ,support and
maintenance.

ANIL PAUL 9
3.Joint Ventures and strategic alliances:

-Joint venture with another organisation

• Opportunities for shared risk and shared rewards.

Disadvantage:
• Challenges in managing the relationship and
cordinating the efforts of multiple organisations.
• May not have complete control over technology.
• Limitations imposed by partnership agreement.

ANIL PAUL 10
4.Mergers and Acquisitions:
• Merging or acquiring another company.

Disadvantages:
• Mergers and acquisitions can be costly and
complex.
• There is a risk that the acquired company may
not be a good fit with the acquiring
organisation.

ANIL PAUL 11
Open-source software:
• Cost effective.
• Freely used ,modified and distributed
• Can access a large community of developers
and users who can provide support and
contribute to software’s development.
Disadvantage:
• Need to invest in support and maintenance.
• There may be limitations on the use of certain
open source software.
ANIL PAUL 12
Management of acquired technology
1. Due diligence:
Before acquiring technology ,it is important to
conduct due diligence to ensure that the technology
aligns with the organisation’s goals and objectives and
that there are no major risks or issues associated with
the technology.
2.Integration:
Acquired system has to be inegrated into the
organisation’s existing systems and processes.This
includes configuring and testing the technology as
well as training employees on how to use it.

ANIL PAUL 13
3.Implementation:
This includes setting up any necessary
infrastructure and ensuring that the
technology is being used effectively and
efficiently.

4.Monitoring and maintenance:

Acquired technology needs to be monitored
to ensure that it is functioning as intended,
and that it is meeting the organization’s
needs.Regular maintenance is also necessary.

ANIL PAUL 14
5.Evaluation and optimization:
Performance of the acquired technology needs to
be evaluated and optimized. This includes
monitoring performance matrics, gathering
feedback from users and identifying areas for
improvement.

6.Continual learning:
It is important for the organisation to keep
learning and updating their knowledge about the
acquired technology,its advancements and its
potential improvement.

ANIL PAUL 15
Technology Forecasting
• Technology forecasting is the process of
predicting future technological developments
and trends.
• It helps organisations understand and
prepare for future technological
developments and make informed decisions
about new product development , market
analysis , strategic planning,research &
development and investment decisions.

ANIL PAUL 16
Characteristics of Technology
forecasting
1.Proactivity
2.Long term perspective
3.Multidisciplinary
4.Data driven
5.Iterative
6.Uncertainity
7.Risk management
8.Flexibility
9.Decision making
10.Continuous process.

ANIL PAUL 17
Need of Technology Forecasting
Rapid pace of technological change
Identifying new opportunities
Identifying new markets
Improving existing products and services
Staying competitive

ANIL PAUL 18
Need of technology forecasting
1. Rapid technological change:
• Technology is constantly evolving and
impacting various industries and society as a
whole.
• This rapid pace of technological change can
have both positive and negative effects and
organisations need to anticipate and prepare
for these changes in order to stay competitive
and relevant

ANIL PAUL
2. Identifying new opportunities:
• By forecasting future technological
developments, organisation can identify the
opportunities for innovation and growth, as well
as potential risks and challenges
3. Identifying new markets:
• Technology forecasting can also help
organisations to identify new markets, products
and services and to develop plans for entering
these markets
ANIL PAUL
4. Improving existing products and services:
• technology forecasting can also help
organisations to identify new technologies that
can be used to improve existing products and
services, which can lead to increased efficiency
and cost savings.
5.Staying competitive:
• technology forecasting helps organisation to stay
ahead of the curve and position themselves to
take advantage of new opportunities and
technologies as they arise
ANIL PAUL
ROLE OF TECHNOLOGY FORECASTING
1.Providing strategic understanding
2.Anticipating technological changes
3.Identifying new opportunities
4.developing plans for new markets
5. improving existing products and services

ANIL PAUL 22
ROLE OF TECHNOLOGY FORECASTING
The role of technology forecasting is as follows:
1.Providing strategic understanding: technology
forecasting provides the organisation with a
strategic understanding of the future
technological landscape, so they can make
informed decisions about investments , R&D,
product development and overall business
strategy

ANIL PAUL
2. Anticipating technological changes:
• Technology forecasting allows organisations to
anticipate and prepare for technological changes,
in order to stay competitive and relevant
3.Identifying new opportunities:
technology forecasting helps organisations to
identify new opportunities for innovation and
growth, as well as potential risks and challenges

ANIL PAUL
4. developing plans for new markets:
• Technology forecasting helps organisations to
identify new markets, products and services and
developing plans for entering these markets
5. improving existing products and services:
• technology forecasting can also help
organisations to identify new technologies that
can be used to improve existing products and
services, which can lead to increased efficiency
and cost savings.
ANIL PAUL
TECHNOLOGY FORECASTING PROCESS
The technology forecasting process involves:
1. Defining the scope of the forecast:
• This includes determining specific technology
that will be studied, the timeframe for the
forecast and the level of detail that is required
2. Identifying key drivers:
• The drivers may include economic, social, political
and technological factors that are likely to
influence the development and adoption of new
technologies
ANIL PAUL
3. collecting and analysing data:
• The next step is to collect and analyse data
related to the key drivers of technological
change.
• This data may include information on
technological trends, patents, scientific
literature and market research

ANIL PAUL
4.Developing scenarios:
• Scenarios describe the potential future states of
the technology. These scenarios should take into
account the key drivers of change and the data
that has been collected.
5. Evaluating scenarios:
• This may involve assessing the feasibility and
likelihood of each scenario, as well as the
potential impact of each scenario on the
organisation and industry
ANIL PAUL
PRINCIPLES OF TECHNOLOGY
FORECASTING
• The principles of technology forecasting
include:
1. identifying key trends: this involves analysing
current and past technological developments
to identify patterns and trends that are likely
to continue or accelerate in the future

ANIL PAUL
2. Identifying drivers and inhibitors:
• Technology forecasting also involves identifying
the factors that drive or inhibit the development
and adoption of new technologies. These can
include economic, social, political and
environmental factors
3. Identifying key stake holders:
• Understanding the key stake holders in a
technology, such as developers, users and
regulators, is important to forecasting its future
impact
ANIL PAUL
4. Using multiple methods:
• Different methods of forecasting such as delphi
method, scenario building and quantitative
methods can be used to provide a more
comprehensive and accurate view of future
technological developments.
5. Considering potential risks and uncertainties:
• Technology forecasting also involves identifying
potential risks and uncertainties that may effect
the development and adoption of new
technologies

ANIL PAUL
6. Regular review and update:
• Technology is constantly changing , therefore it is
important to regularly review and update
forecasts to ensure they remain relevant and
accurate
7. Considering the potential impact of technology:
• Technology forecasting should also consider the
potential impact of the technology on various
areas such as the environment, economy and
society

ANIL PAUL
TECHNOLOGY FORECASTING
METHODS & TECHNIQUES
1.Delphi method:
• The delphi method is a technique that
involves a panel of experts who provide their
predictions about future developments in a
particular technology.
• The experts are then asked to provide
feedback on the prediction of other experts,
and the process is repeated until a consensus
is reached

ANIL PAUL
2.Scenario planning:
• Scenario planning is a method that involves
creating different possible scenarios for the
future and then evaluating the potential
impact of each scenario on the organisation.

ANIL PAUL
3.Road mapping:
• Technology road mapping is a method that
involves creating a visual representation of
the development of a particular technology
over time.
• It is used to identify critical issues and
potential breakthroughs, as well as to
prioritise R&D activities

ANIL PAUL
4.Patent analysis:
• Patent analysis is a method that involves
analysing patent data to identify trends and
patterns in technology development
• It can be used to identify potential new
products and technologies, as well as to
identify potential competitors.

ANIL PAUL
5.Quantitative forecasting:
• Quantitative forecasting methods use
mathematical models, statistics and historical
data to predict future developments in a
particular technology.
• These methods are used when large amount
of data are available.

ANIL PAUL
6.Expert judgement:
• Expert judgement is a method that involves
consulting with experts in a particular field to
gather their predictions about future
developments in a particular technology

ANIL PAUL
PLANNING & FORECASTING
• Planning involves setting goals and objectives,
and determining the actions and resources
needed to achieve them.
• It involves creating a road map for the future and
can be done at various levels within an
organisation(e.g. strategic, tactical, operational)
• Forecasting on the other hand, involves making
predictions about future events and trends. this
can include financial forecasting, production
forecasting and sales forecasting

ANIL PAUL
• Both planning and forecasting are important
for making informed decisions and taking
proactive measures to address potential
issues.
• Both planning and forecasting are uncertain
and can be affected by external factors such as
economic conditions, industry trends and
competitor behaviour

ANIL PAUL
TECHNOLOGY GENERATION
• Technology generation refers to the process of
developing and introducing new technological
advancements and innovations.
• It involves the creation and implementation of
new ideas and concepts, as well as the
improvement and refinement of existing
technologies.

ANIL PAUL
The process of technology generation can be
divided into several stages:
1. Research and development:
• This is the initial stage of technology
generation, where new ideas and concepts are
explored and developed.
• Researchers and engineers conduct
experiments, build prototypes and test new
technologies to see if they are viable and
effective

ANIL PAUL
2. Design and development:
• In this stage the technology is designed and
developed in more detail. Engineers and
designers create detailed plans, specifications
and blue prints for the technology.
• They also develop the software and hardware
required to make the technology work

ANIL PAUL
3. Testing and validation:
• Once technology has been designed and
developed, it is tested and validated to ensure
that to ensure that it works as intended.
• This stage involves extensive testing and
evaluation of the technology to identify any
problems or issues that need to be addressed

ANIL PAUL
4. Production and deployment:
• After the technology has been tested and
validated, it is ready for production and
deployment. In this stage the technology is
manufactured , assembled and distributed to
customers
5. Maintenance and support:
• After the technology has been deployed , it is
important to provide maintenance and support.
This includes providing software updates,
addressing any issue that arise and providing
technical support to customers
ANIL PAUL
TECHNOLOGY DEVELOPMENT
• Technology development refers to the process of
creating new technologies or improving existing
ones. The process of technology development
can be broken down into several stages,
including:
1. Idea generation:
• The idea generation can be done through
research, brain storming sessions or identifying a
need or problem that needs to be solved

ANIL PAUL
2. Feasibility study:
• In this stage, the feasibility of idea is evaluated.
Researchers and engineers conduct market
research, technical analysis and cost benefit
analysis to determine whether the idea is viable
and worth pursuing.
3. Research and development:
• Once the idea is deemed feasible, research and
development begins. This stage involves
conducting experiments, building prototypes and
testing the technology

ANIL PAUL
4.Design and development:
• In this stage the technology is designed and
developed in more detail. Engineers and
designers create detailed plans, specifications
and blue prints for the technology.
• They also develop the software and hardware
required to make the technology work

ANIL PAUL
5. Testing and validation:
• Once technology has been designed and
developed, it is tested and validated to ensure
that to ensure that it works as intended.
• This stage involves extensive testing and
evaluation of the technology to identify any
problems or issues that need to be addressed

ANIL PAUL
6.Implementation:
• After the technology has been tested and
validated, it is ready for implementation.
• In this stage the technology is integrated into
existing systems, deployed to customers and
rolled out for use

ANIL PAUL
7. Maintenance and support:
• After the technology has been implemented ,
it is important to provide maintenance and
support. This includes providing software
updates, addressing any issue that arise and
providing technical support to customers

ANIL PAUL
Importance of technology generation
and development
1. Economic growth:
• Technology generation and development
drive economic growth by creating new
industries, jobs and opportunities
• New technology also increase productivity and
efficiency which can lead to lower costs and
higher profits for business

ANIL PAUL
2. Improved quality of life:
• New technology can improve the quality of life
for individuals and communities by providing
new products and services, such as new
medical treatments, transportation options
and communication tools

ANIL PAUL
3. Advancement in science and medicine:
• Technology generation and development have
led to significant advancements in science and
medicine.
• For example new technologies have allowed
for the development of new drugs, medical
devices and diagnostic tools, which have
greatly improved health care

ANIL PAUL
4. Environmental benefits:
• Technology generation and development can
also have environmental benefits, such as
development of renewable energy sources.
5.National security:
• New technology can be used to improve
capabilities of military, intelligence agencies
and law enforcement organisations

ANIL PAUL
6. Global competitiveness:
• Countries and companies that are able to
develop new technologies can gain a
competitive advantage in the global market
place.

ANIL PAUL
ANIL PAUL 57