What is a Technology Strategy?
A technology strategy may be a set of decisions– associated with the utilization and development of technology– intended to confer advantage to the firm. in fact a technology strategy is a component of the more comprehensive competitive strategy of the firm. (In this course we use the term technology broadly, then a technology strategy isn’t limited to the firm’s use of data technology, which is usually also called the technology strategy.)
We largely take the attitude of the firm that embodies technologies that it creates or acquires into its products, services, or means of delivering goods and services.
Some of the choices during a firm’s technology strategy:
- Do we lead or follow in our adoption and development of latest technologies?
What are the boundaries of our innovation frontier (the maximum level of risk and uncertainty we absorb our innovation projects)?
If and once we follow, can we acquire or imitate the pioneers? - What aggregate level of investment can we make in developing and appropriating new technologies? (“Appropriate”– a verb during this context — means to possess or own to the exclusion of rivals.)
- What methods can we use to appropriate technologies?
Patents, trade secrets, standards, speed - What comprises our technology platform(s)– the technologies shared across our products, services, and processes?
- Do we “make” or “buy” our technologies?
To what extent can we open our innovation process to the surface world?
To what extent and in what ways can we engage partners and suppliers in technology development? - What role can we play in our technological ecosystem?
These are all very challenging decisions involving many factors associated with the underlying technologies themselves, the capabilities of the firm, and therefore the environment during which the firm operates.
The approach of this course is to create an understanding of the forces and dynamics of the technological and financial system during which the firm operates so as to formulate better strategy.
Why is technology strategy important?
A technology strategy ensures a long-term vision, focused on the longer term that appears into the horizon to undertake to predict what the organization’s business needs are going to be supported the market and competition.
Strategies Using Tools of Technology:
- Keep it simple.
- Emphasize your key ideas.
- Show what you cannot say.
- Use pack up shots and other images.
- Keep the amount of images you present manageable.
- Combine variety with coherence.
- Use large lettering.
What is the strategic role of technology?
Technology has enabled companies to share real-time information across the world , to enhance the speed and quality of their processes, and to style products in innovative ways. Companies can use technology to assist them gain a plus over their competitors.
What is Process Technology Strategy?
Process Technology Strategy Process technology strategy is defined because the set of selections that outline the strategic role that direct and indirect process technology can play within the overall operations strategy of the organization and sets out the overall characteristics that help to guage alternative technologies.
What are the five strategic elements?
The 5 Key Elements of a Strategic Plan
- Vision.
- Values.
- Clearly Defined Outcomes.
- Accountability.
- KPIs.