Innovation is technological innovation. Technology innovation is not limited to the creation of ideas. Because technology is so important in today’s competitive economy, it is not hard to see how vital Technology Innovation has become.
Technological innovation plays a key role in any country’s economic development. Technological innovation is the reason that countries such as Japan, the USA, and many other European countries have grown. Recent technological innovation and advancement has seen many countries like India (Singapore), China, and others rise dramatically in the last few years. High technology companies are an important part of the economy. These companies will be competitive due to technological innovations. Innovations enhance the quality of life. In terms of improving health and life span, developments in pharmaceutical and medical technologies have brought about significant returns.
Tech mining is essential for technological innovation. Tech mining is about understanding the technological innovation processes and making informed business decisions about R&D and later implementation.
Innovation is the process whereby technological ideas are developed, created and transformed into new business products or processes that can be used to make a profit, establish market advantage, and other benefits. It is vital to better understand the innovation process and to find empirical measures that are derived from innovation activities to create actionable technological intelligence.
Tech mining involves the extraction of data from multiple sources, compiling and analysing the results, and representing key findings in an actionable visual representation. This allows you to understand what’s happening right now and forecast the future.
Tech mining can help you with many types technology analysis
- Technology Monitoring (technology surveillance) – cataloguing of, characterizing, identifying or interpreting technology development activities
- Competitive Technological Intelligence. This is a way to find out “Who is what?”
- Technology Forecasting-anticipating possible future development paths for particular technology domain
- Technology Road Map – This is where you can track evolutionary steps in technology, sometimes product families and technology diversification.
- Technology Assessment .This is a way to anticipate the unintended and delayed effects of technological changes.
- Technology Foresight- strategic planning (especially for the nation) that emphasizes technology roles and priorities
- Technology Process Management – Getting people involved so that technology decisions can be made
- Science and Technology Indicators (time series that track developments in national or other technological capabilities)
Tech Mining: There are many reasons to do so Forecast the future development paths of emerging technology – find new products, research, or service opportunities
Identify rivals or collaborators at “fuzzy frontend” of new product design – Keep tabs on your competitor’s activity to increase market dominance.
Identify potential clients for your intellectual capital (“IP”) – new licensing and collaboration opportunities, acquisitions, mergers and acquisitions.
Your R&D outputs can be applied in other areas. You will find ways to use your existing business processes to develop new products or services, and you won’t have to invent any more.
Potential technology-based products & services market potential.Be a wiser user of the science and technology of others Improved information helps you manage the risk of technology implementation and development.