Technological Innovation Through Tech Mining For Market Dominance

Innovation means technological change. The technology change results in practical implication or commercialization, it does not mean just generation of ideas. The importance of technological innovation in today’s competitive economy is very clear, as today the worldwide economy depends on technology and technological innovation to an extraordinary degree.

Technological innovation plays important role in the economical growth of any country. Us, Japan, and other European countries are developed only due to there technological progress. In recent years, Singapore, India, China and many other countries are advancing dramatically due to technological innovations and progress. High technology companies are a significant and growing component of the economy. The competitive of these companies depends on technological innovations. Innovations improves standard of living. Developments in medical and pharmaceutical technologies have delivered extensive returns in health and life span.

Technological innovation involves tech mining. Tech mining includes understanding the technological innovation processes to track them more effectively and get informed about latest happenings and make valuable business decisions about R&D and subsequent implementation and adoption choices.

Innovation is defined as the process by which technological ideas are generated, developed and transformed into new business products, process and services that are used to make a profit and establish marketplace advantage. A better understanding of the innovation process is essential to figure out empirical measures deriving from innovation activities to generate actionable technological intelligence.

Tech mining is done through data or information extraction from multiple data sources, compilation and analyzing the results and represents key findings in actionable visual representation for easy understanding to what is happening now and predicting the future technologies.

Various types of technology analysis that can be aided by tech mining is as follows:

(A) Technology Monitoring (technology watch) – cataloguing, characterizing, identifying and interpreting technology development activities

(B) Competitive Technological Intelligence (CTI) -exploring out “Who is doing what?”

(C) Technology Forecasting-anticipating possible future development paths for particular technology domains

(D) Technology Road mapping – tracking evolutionary steps in related technologies and, sometimes, product families, technology diversification and technology tree

(E) Technology Assessment – anticipating the possible unintended, direct, indirect, and delayed consequences of particular technological changes

(F) Technology Foresight – strategic planning (especially national) with emphasis on technology roles and priorities

(G) Technology Process Management – getting people involved to make decisions about technology

(H) Science and Technology Indicators – time series that track advances in national (or other) technological capabilities

Reasons to Do Tech Mining

  • Forecast likely development paths for emerging technologies – identify new products, research or service opportunity
  • Identify competitors, or collaborators, at the “fuzzy front end” of new product development – keep tract of your competitor’s activity for market dominance.
  • Identify potential customers for your intellectual property (“IP”) – new licensing, collaboration, acquisition and merger opportunities.
  • Discover additional application arenas for the outputs of your R&D – identify how to develop new products and services from your existing business processes, without inventing more.
  • Gauge market potential for prospective technology-based products and services
  • Be a wiser consumer of others’ science and technology
  • Manage the risks of technology development and implementation based on better information.

Effects of Internet in Today’s Lifestyles

The use of internet nowadays has really upstaged all the habits in the world that we used to know. In fact, it already became a part of the daily routine for most people to the point that their day is incomplete without even checking their emails, updating Facebook status, browsing for the latest news and trends, or even playing a single online game. Indeed, it has greatly influenced today’s lifestyles.

It is for this reason that internet users are looking for ways to have an advanced connection. Perhaps you have longed for it too. Actually you can find out more about local internet options in your area. At any rate, just like any other things for that matter, the internet has great effects in the lifestyles of many people.

The world has become smaller

With the advent of local internet, the world has indeed become smaller every day. Whatever you do, it seems that almost everything is done so fast. Life has never been this simpler and more manageable. In just a split of a second you can shop online, make business transactions through e-mail, research on a variety of topics, have a virtual conversation with someone as if face to face, play with anybody else around the world, and a whole lot more.

The internet has absolutely defied time and space so much so that all the events worldwide are flashed ahead of the conventional media. This revolutionary technological advancement has made world continents seem closer. It is very amazing to note that a local internet will serve as the bridge between your current location and to that of the other parts of the world. Somehow this gives an impression that will either encourage you to pursue life and career somewhere else or to stay where you are currently residing.

A source of relevant information

Prior to this rising popularity of local internet, we are having a hard time of looking for more information with regard to our interests. Most of the time, perhaps your previous endeavors include relying on books, journals, newspapers and other reading materials, radio and television to satisfy your quest for relevant information. To make it easier, sometimes you may just go to the library and spend hours reading there not minding the boring ambiance.

But now, we are given with the best option, thanks to the internet we can now have access to any information we want. In fact, we are bombarded with so much information that we tend to become already dependent on the internet. A piece of advice though, you need to be precautious all the time because not all information that you have stumbled upon on the internet are factual. Sometimes you may encounter questionable information. Nevertheless, the internet is truly a great source of information.

Easier and faster communication

Long before this local internet was introduced to the general public, we used to communicate with people from other places through letters and telephone calls. Then we benefited with the arrival of mobile phones which made communication easier, with an option to text or call. But all of these modes of communication were rolled into one through the internet. It is a very effective communication tool that somehow made some people addicted to it especially with the emergence of the popular social networking sites.

Through the internet, long lost friends and relatives are reconnected instantly. By simply taking full advantage of Yahoo Messenger or Skype through chat or video call, you will be connected with those people whom you’ve missed for such a long time. All of these are made possible because of these innovative technological developments. Social networking sites play a vital role in this aspect.

More convenient transactions

With the help of local internet, transactions have become more convenient, be it business related or has something to do with personal matters. The internet has really made possible government transactions faster and more convenient. With just a click away, processing legal documents need no more wasting of time and energy. Though it costs more than the usual procedures but it’s all worth it as you have all the comfort at your home while waiting for the outcome.

Business related transactions on the other hand have also occupied space in the internet. If you just know how to play the game, you will really reap the rewards in the end. Using all the social media marketing techniques available, your business will surely go places. There’s no need for you to literally go to other places to personally market your products or services without certainty. This may be done online. At this point in time, you will only act if there’s an assurance for you to do so.

Life enriching

To some it may not have that much effect but to other people it means something. Local internet is considered to be life enriching and therefore they keep on patronizing it. Through the internet the intellectual capacity and analytical ability of an individual will be enhanced. The internet has greatly contributed to the improvement of the lives of some people and their professions. To date, millions of people worldwide have experienced the life changing effects of internet in one way or another.

Some people have established a niche in a certain industry with the help of internet and have greatly benefited from it as far as their financial status is concerned. To some, the internet paved the way for them to be recognized globally with their pure talent. Take for example Charice Pempengco from the Philippines, a genuine discovery several years ago through YouTube whose excellent singing prowess captured the attention of millions of music lovers worldwide that even Oprah, Ellen Degeneres, David Foster and other renowned celebrities became instant supporters of her.