Technology is used to advance an organization by leaps and bounds. It is a systematic process, beginning with the basic idea, through development of the technology, and culminating in its successful operation. The word technology is usually used to refer to any process or tool that enables people to work more productively. The technology is applicable to a vast array of activities in all fields, including education, business, manufacturing, medical, information technology, and many other arenas. In business, it refers to the application of complex technological systems to improve organizational performance.
Technology is a complex subject with many sub-disciplines, each having its own definition and function. Technological change is an example of this. Change can be good and can cause progress, or it can cause severe consequences, such as the recent global economic meltdown. Technological change occurs for numerous reasons, some of which are more fundamental than others. For example, new software designed for improved market performance, new manufacturing techniques, or even new forms of communication, like Web 2.0 technology, have changed the way organizations do business.
Organizations face specific technology needs based on their specific objectives. Some of these objectives may be to increase productivity, reduce costs, or improve service quality. In some cases, technology is applied to address problems more quickly than others. Organizations therefore have to adopt a comprehensive perspective in technology planning, focusing on the short-term and the long-term benefits of technological change.
Technology planning involves the identification of technology needs, the collection of resources, and the analysis of relevant market factors. In doing so, organizations must consider the impact of technology on the organization, both short term and long term. They must also analyze the impact of technology on their customers, not only current customers but also prospective customers. Finally, they must consider how technology affects their internal processes.
Technology has been the main factor behind new advances in many industries, most notably in the information technology domain. The advances in information technology are directly related to the demands of the market. Organizations must learn how to use technology effectively to benefit from its benefits.
Organizations need to address some specific questions before they can properly plan for the changes in technology. First, they have to identify the technology needs of their industry. Second, they have to study the available technologies and evaluate their relative strengths and weaknesses. Finally, they have to assess their competitors’ technology strategies. These are the steps that an organization should take if it wants to use technology to gain market share.