Innovation is technological change. Technology change is the result of practical implementation or commercialization. It does not just refer to the generation of new ideas. It is clear that technological innovation is essential to today’s competitive economy. The global economy relies on technology and technological innovations in an exceptional way.
The economic growth of any country is dependent on technological innovation. Technological progress is what has allowed the development of countries like Japan, America, and Europe. Technological innovation and progress have made it possible for many countries, including China, India, Singapore, and China, to make significant advances in recent years. The economy is thriving with high-tech companies. These companies are competitive because of technological innovation. Innovations increase standard of living. The benefits of medical and pharmaceutical technology have had a significant impact on health and longevity.
Tech mining is a key component of technological innovation. Tech mining is the process of understanding technological innovation to better track them and be informed about current happenings. This allows you to make business decisions about R&D, implementation, and adoption.
Innovation can be defined as the process of generating, developing, and transforming technological ideas into new products, processes, and services that make a profit or establish a market advantage. To generate technological intelligence, it is important to have a better understanding of innovation processes and the empirical measures that result from them.
Tech mining involves data extraction or information compilation from multiple sources. The results are analyzed and presented in an actionable visual representation to aid understanding of what is happening and predict the future.
Tech mining can help with a variety of technology analysis:
(A) Technology Monitor (technology watch), – cataloguing and characterizing, identifying, and interpreting technology development activities
(B) Competitive Technological Intelligence (CTI). -exploring “Who is doing it?”
(C) Technology Forecasting-anticipating possible future development paths for particular technology domains
(D) Technology Map – Tracking evolutionary steps in related technologies, and sometimes product families, technology diversification, and technology tree
(E) Technology Assessment Preparing for the potential unintended, indirect, or delayed consequences of technological changes
(F) Technology Insight – strategic planning (especially at the national level) that focuses on technology roles, priorities and priorities
(G) Technology Process Management Get people involved in technology decisions
(H) Science and Technology Indiators are time series that track progress in national (or foreign) technological capabilities
Why Tech Mining
Forecast the likely development paths of emerging technologies to identify new products, research and service opportunities
Identify your competitors or collaborators at the “fuzzy front” of product development. Keep track of their activities for market dominance.
Find potential customers for your intellectual properties (“IP”) – new licensing opportunities, collaboration, acquisition, and merger possibilities
Find additional applications for your R&D outputs – discover how you can develop new products or services using your existing business processes without having to invent anything.
Potential market opportunities for technology-based products or services
Be a better consumer of science and technology from others
Better information can help you manage the risks associated with technology development and implementation.