Innovation means technological change. We’ve got the technology change leads to practical implication or commercialization, it doesn’t mean just generation of ideas. The significance of technology in present day competitive economy is extremely obvious, as today the world economy is dependent on technology and technology for an remarkable degree.
Technology plays natural part within the economical development of any country. Us, Japan, along with other European nations are developed only because of there technological progress. Recently, Singapore, India, China and lots of other nations are evolving significantly because of technological improvements and progress. High tech information mill a substantial and growing element of the economy. The competitive of those companies is dependent on technological improvements. Improvements enhances quality lifestyle. Developments in medical and pharmaceutical technologies have shipped extensive returns in health insurance and life time.
Technology involves tech mining. Tech mining includes comprehending the technology ways to track them better and obtain informed about latest occurrences making valuable business choices about R&D and subsequent implementation and adoption options.
Innovation is understood to be the procedure through which technological ideas are produced, developed and changed into start up business items, process and services that are utilized to earn profits and establish marketplace advantage. A much better knowledge of the innovation process is important to determine empirical measures drawing from innovation activities to create actionable technological intelligence.
Tech mining is performed through data or information extraction from multiple data sources, compilation and examining the outcomes and signifies key findings in actionable visual representation for simple understanding to what’s happening now and predicting the long run technologies.
Various technology analysis that may be assisted by tech mining is the following:
(A) Technology Monitoring (technology watch) – cataloguing, characterizing, determining and interpretation technology development activities
(B) Competitive Technological Intelligence (CTI) -exploring out “Who’s doing what?”
(C) Technology Predicting-anticipating possible future development pathways for particular technology domain names
(D) Technology Road mapping – monitoring transformative stages in related technologies and, sometimes, product families, technology diversification and technology tree
(E) Technology Assessment – anticipating the potential unintentional, direct, indirect, and postponed effects of particular technological changes
(F) Technology Experience – proper planning (especially national) with focus on technology roles and focal points
(G) Technology Process Management – getting people involved to create choices about technology
(H) Science Indications Time series that track advances in national (or any other) technological abilities
Good reasons to Do Tech Mining
Forecast likely development pathways for emerging technologies – identify new items, research or service chance
Identify rivals, or collaborators, in the “fuzzy front-end” of recent product – keep tract of the competitor’s activity for market dominance.
Identify potential clients for the ip (“IP”) – new certification, collaboration, acquisition and merger possibilities.
Uncover additional application arenas for that results of the R&D – identify how you can develop new items and services out of your existing business processes, without inventing more.
Gauge market possibility of prospective technology-based items and services
Be considered a smarter consumer of others’ science
Manage the potential risks of technology development and implementation according to better information.