Innovation means technological change. The technology change ends up with practical implication or commercialization, it isn’t going to mean just generation of ideas. Benefit of technological innovation in today’s competitive economy can be quite clear, as today the worldwide economy will depend on technology and technological innovation to an extraordinary degree.
Technological innovation plays important role from the economical growth of any country. You, Japan, and other European countries are developed only caused by there technological progress. In recent a long time, Singapore, India, China and many other countries are advancing dramatically caused by technological innovations and progress. High technology companies undoubtedly are a significant and growing component of this economy. The competitive of these companies will depend on technological innovations. Innovations improves standard connected with living. Developments in medical and pharmaceutical technological know-how have delivered extensive returns in health and life span.
Technological innovation involves support mining. Tech mining includes understanding the systems processes to track them more effectively and find informed about latest happenings and produce valuable business decisions about R&D in addition to subsequent implementation and adoption choices.
Innovation pertains to the process by which technological thoughts are generated, developed and transformed into start up company products, process and services that are used to manufacture a profit and establish marketplace advantage. A better understanding of the innovation process is essential to understand empirical measures deriving from innovation activities to come up with actionable technological intelligence.
Tech mining is finished through data or information extraction by multiple data sources, compilation and analyzing the effects and represents key findings in actionable visual representation for easy understanding about the is happening now and predicting one’s destiny technologies.
Various types of technology analysis which might be aided by tech mining is as follows:
(A) Technology Monitoring (technological know-how watch) – cataloguing, characterizing, pinpointing and interpreting technology development activities
(B) Competitive Technological Learning ability (CTI) -exploring out “Who is progressing what? “
(C) Technological know-how Forecasting-anticipating possible future development paths intended for particular technology domains
(D) Technological know-how Road mapping – tracking evolutionary ways in related technologies and, sometimes, solution families, technology diversification and technology pine
(E) Technology Assessment — anticipating the possible unintended, direct, roundabout, and delayed consequences of particular design changes
(F) Technology Foresight — strategic planning (especially national) with increased exposure of technology roles and priorities
(G) Technology Process Management – getting people involved for making decisions about technology
(H) Scientific discipline and Technology Indicators – time line that track advances in national (or maybe other) technological capabilities