Management of Technology

Technology is important not only for the economic and social development of a nation but also for the success and growth of a business firm. Technological change is a major source of competitive advantage. Many of today’s leading business corporations grew out of their superior technology. To compete successfully in the world market, it is necessary to adopt and use the most appropriate technology. The technology suitable in one country may not be appropriate in a different country due to differences is natural factors, social factors, income levels, demand, conditions, etc. Choice of appropriate technology and adaptation of foreign technology to local environment are essential. Managers must be aware of alternate technologies available for a particular business and the factors that need to be considered in making technological choice.