Tech Mining For Market Dominance

Innovation means technological change. The fact that technological change brings practical significance or commercialization does not indicate the generation of ideas. The importance of technological innovation in today's highly competitive economy is very clear, as today's global economy is highly dependent on technology and technological innovation.

Technological innovation plays an important role in the economic development of any country. America, Japan and other European countries have developed only because of technological progress. In recent years, Singapore, India, China and many other countries are developing rapidly due to technological innovation and advancement. High-tech companies are an important and growing part of the economy. The competitiveness of these companies depends on technological innovation. Innovation improves living standards. Advances in medical and pharmaceutical technology have brought immense rewards in terms of health and longevity.

Technological innovation includes technological mining. Technology mining involves understanding technology innovation processes to track them more efficiently, understand the latest developments, 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, processes and services that are used to generate profits and establish market advantages. A better understanding of the innovation process is essential to identify empirical measures derived from innovation activities to generate actionable technological intelligence.

Technology mining is done by extracting data or information from multiple data sources, compiling and analyzing the results, and presenting key findings in an actionable visual representation for understanding what is happening now and predicting future technologies. .

The various types of technical analysis that can be assisted by technical mining are as follows:

(a) Technology Monitoring (Technology Watch) – Listing, characterization, identification and interpretation of technology development activities.

(b) Competitive Technology Intelligence (CTI) - "Who is doing what?" Explore the

(C) Technology forecasting – predict the possible future development paths of a particular technology field

(d) Technology Roadmap - Tracks the evolutionary steps of related technologies, sometimes including product families, technology diversity, and technology trees.

(e) Technology assessment – ​​predicting the likely unintended, direct, indirect and delayed consequences of a particular technological change.

(F) Technology foresight – strategic planning focusing on the roles and priorities of technology (especially for countries)

(g) Technology process management – ​​involving people in making decisions about technology

(h) Science and Technology Indicators - Time series tracking progress in national (or other) technological capabilities

Reasons for technical mining

Anticipate possible development paths for emerging technologies - identify new product, research or service opportunities

Identify competitors or collaborators at the “fuzzy front end” of new product development – ​​tracking competitive activities to gain market dominance.

Identify potential customers for your intellectual property ("IP") - new licensing, partnership, acquisition and merger opportunities.

Explore other application areas for your R&D results – Determine how to develop new products and services from existing business processes without further research.

Assess the market potential of potential technology-based products and services

Become a smart consumer tech consumer

Risks of developing and implementing technologies based on better information management.