Innovation means technological change. We’ve got the technology change leads to practical implication or commercialization, it doesn’t mean just generation of ideas. The significance of technology in the current competitive economy is extremely obvious, as today the world economy depends upon technology and technology for an remarkable degree.

Technology plays natural part within the economical development of any country. Us, Japan, along with other Countries in europe are developed only because of there technological progress. Recently, Singapore, India, China and lots of other nations are evolving dramatically because of technologies and progress. Technical complexity information mill a substantial and growing element of the economy. The competitive of those companies depends upon technologies. Innovations improves quality lifestyle. Developments in medical and pharmaceutical technologies have delivered extensive returns in health insurance and life time.

Technology involves tech mining. Tech mining includes comprehending the technology ways to track them better and obtain accustomed to latest happenings making valuable business decisions about R&D and subsequent implementation and adoption choices.

Innovation is understood to be the procedure through which technological ideas are generated, developed and changed into start up business products, process and services that are utilized to earn profits and establish marketplace advantage. A much better knowledge of the innovation process is important to determine empirical measures deriving from innovation activities to create actionable technological intelligence.

Tech mining is performed through data or information extraction from multiple data sources, compilation and analyzing the outcomes to represent key findings in actionable visual representation for simple understanding to what’s happening now and predicting the long run technologies.

Various technology analysis that may be helped by tech mining is really as follows:

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

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

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

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

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

(F) Technology Experience – proper planning (especially national) with focus on technology roles and priorities

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

(H) Science Indicators Time series that track advances in national (or any other) technological abilities

Good reasons to Do Tech Mining

Forecast likely development pathways for emerging technologies – identify new items, research or service chance

Identify competitors, or collaborators, in the “fuzzy front finish” of recent product – keep tract of the competitor’s activity for market dominance.

Identify prospective customers for the ip (“IP”) – new licensing, collaboration, acquisition and merger possibilities.

Uncover additional application arenas for that outputs of the R&D – identify how you can develop new services and products out of your existing business processes, without inventing more.

Gauge market possibility of prospective technology-based services and products

Be considered a smarter consumer of others’ science

Manage the potential risks of technology development and implementation according to better information.