What is technology management? Technology management is a set of management disciplines that allows organizations to manage its technological fundamentals to create competitive advantage. It is very important for an organization to manage its technology strategically because when it is not well managed, it might result into a big loss in the organization. Managing technology involves planning, designing, optimizing, operation and control of technological products.
Technology management aims at maximizing the cost effectiveness of investments in technology development which contributes to the value of an organization. If an organization fails to plan for its technology it might encounter issues like data loss or misuse of that technology by its employees. But if the organization creates a frame work and plans for its technology, its output will increase. Below I have listed some of the importance’s of technology management:
- Growth of the Firm: The process of managing technology involves organizing, coordinating, and managing activities. If technology is well managed, an organization will improve on its operations and reduce on operational costs of the organization. The technical staff will have a challenge of analyzing what customers need and specify which technologies are supposed to be implemented as well as spot the ones to be stopped. After this process of analyzing what is necessary, both the organization and its consumers will benefit which will lead to the growth of that organization.
- Eliminates duplication: If technology is well managed, it will automate information flow in an organization. In this case, the technical team will set up a management information system (MIS) which provides periodic, predetermined and ad-hoc reporting capabilities. In most cases the MIS reports summarize or aggregate information to support decision-making tasks. So, MIS’s are systems that have information-processing responsibilities that include information through online analytical processing (OLAP) and conveying information to whoever needs it. To a small organization this process might be expensive, so people in charge must calculate return on investment. MIS’s are commonly known as ‘’management alerting systems ‘’’ because they send alerts to management concerned to the existence or potential existence of problems or opportunities.A management information system (MIS) provides reports in many different forms. Its reports can be periodic reports , summarized reports , exception reports , ad hoc reports and comparative reports.
Periodic reports ; are reports that are produced at a predetermined time interval such as daily , weekly, monthly or yearly.
Summarized reports; these are simply reports that aggregate information from periodic reports.
Exception reports; these show only a subset of available information based on some selection criteria.
Comparative reports; these show two or more sets of similar information in an attempt to illustrate a relationship.
Ad hoc reports; these are reports you can generated at any time . They are just the opposite of the periodic reports.