Innovation means technological change. We have got we’ve got the technology change results in practical implication or commercialization, it does not mean just generation of ideas. The value of technology in the present competitive economy is very apparent, as today the planet economy is determined by technology and technology to have an outstanding degree.
Technology plays normal part inside the economical growth and development of any country. Us, Japan, as well as other Europe are developed only due to there technological progress. Lately, Singapore, India, China and a lot of other nations are evolving dramatically due to technologies and progress. Technical complexity publication rack a considerable and growing aspect of the economy. The competitive of individuals companies is determined by technologies. Innovations improves lifestyle. Developments in medical and pharmaceutical technologies have delivered extensive returns in health insurance existence time.
Technology involves tech mining. Tech mining includes knowing the technology methods to track them better and acquire familiar with latest happenings making valuable business decisions about R&D and subsequent implementation and adoption choices.
Innovation is described as the process by which technological ideas are generated, developed and altered into home based business products, process and services that are employed to generate income and establish marketplace advantage. A far greater understanding from the innovation process is essential to find out empirical measures deriving from innovation activities to produce actionable technological intelligence.
Tech mining is conducted through data or information extraction from multiple data sources, compilation and analyzing the final results to represent key findings in actionable visual representation for straightforward understanding to what is happening now and predicting the lengthy run technologies.
Various technology analysis which may be helped by tech mining can be as follows:
(A) Technology Monitoring (technology watch) – cataloguing, characterizing, identifying and interpreting technology development activities
(B) Competitive Technological Intelligence (CTI) -exploring out “Who’s doing what?”
(C) Technology Forecasting-anticipating possible future development pathways for particular technology domains
(D) Technology Road mapping – tracking transformative procedures in related technologies and, sometimes, product families, technology diversification and technology tree
(E) Technology Assessment – anticipating the possibility unintended, direct, indirect, and delayed results of particular technological changes
(F) Technology Experience – proper planning (especially national) with concentrate on technology roles and priorities
(G) Technology Process Management – getting people involved to produce decisions about technology