Technology strategy and technology innovation is an integral part of innovation strategy in today's era of systemic innovation.

In turn, innovation strategy is an integral part of
strategic management
aimed at achieving strategic
business success.

Conduct a technology audit before formulating the technology strategy. 

The process of technology strategy formulation has three main phases:

 ① Technology Assessment;

② Technology Selection; and

③ Definition of Portfolio of Technological Projects.

These steps are fundamental to definition of the content of a technology strategy i.e. the technological areas where investment should be made, and the technological projects to be selected.

① Technology Assessment

The process of technology assessment aims to collect information on the current and future state of technology development, to evaluate the importance of each technology in the competitive arena and the strength of the enterprise in each technology.

The key tasks encompassed in the technology assessment are:

→ identification of the technologies involved;

→ analysis of the competitive impact of technologies; and

→ technological capability assessment.

Next

Formulation of Technology Strategy

Technology Assessment  →  Technology Selection  →  Project Portfolio