1.0 INTRODUCTION In this note, you
will learn that technological change is a major factor in gaining competitive advantage. It can create whole
new industries and dramatically alter
the
landscape in existing industries. You will also realise in this note
that the development and innovative use
of technology can give a firm a distinctive
competence that might be difficult to match. The scope of what the
note comprises is given in the
objectives:
2.0 OBJECTIVES
By the end of this note, you should be able to:
(i) define the meaning of technology and describe how best to
manage it.
(ii) demonstrate the importance of technology to the firm’s supply
chain and within each functional
area.
(iii) describe the fundamental role of the computer and
information technology in reshaping an
organisation’s processes.
(iv) discuss the stages of the research and development (R &
D), and how firms use R & D to
create and apply new technology.
3.0 MAIN CONTENT
3.1 The Meaning and Role of Technology
Technology may be defined as the know-how, physical things, and
procedures used in the production of
products and services. The “know-how” component
of this definition is the knowledge and judgement of how, when, and why
to employ equipment and procedures.
Craftmanship and experience are naturally
embodied in this knowledge, but unfortunately, cannot be written into
manuals or routines. The second
component, physical things, are the equipment and tools. The last component, procedures, is the
rules and techniques for operating the
equipment and performing the work. Let
us use the air travel technology to illustrate how the three components in our definition of technology work together:
knowledge is reflected in scheduling,
routing, and pricing decisions. The airplane is the equipment, consisting of many components and assemblies.
The procedures are rules and manuals on
aircraft maintenance and how to operate the airplane under many different conditions. You need to understand that technologies
don’t occur in a vacuum, rather, they
are embedded in support networks. A support network comprises the
physical, informational, and organisational
relationships that make a technology
complete and allow it to function as intended. Using our air travel
technology example, its support network
will include the infrastructure of airports, baggage handling facilities, travel agencies, air
traffic control operations, and the
communication systems connecting them.
3.1.1 The Three Primary Aspects of Technology
Within any organization, technologies often reflect what people
are working on, and what they are using
to do that work. Three general aspects of
technology have been identified. The first, and most widespread is
product technology, which is what a
firm’s engineering and research groups develop
when creating new products and services.
The second aspect is that of process technology, which a firm’s employees use to
do their work.
The third is information technology,
which a firm’s employees use to acquire, process, and communicate information. Note that
information technology is becoming
increasingly important in this modern day. The particular way in which
a specific technology is classified
depends on its application. For instance, a
product technology to one firm may be part of the process
technology.
Why should operations managers be interested in these three
aspects of technology? Let us look at
the reasons: product technology is important
because the production system must be designed to produce products
and services generated by technological
advances. Similarly, process technology is
important because it can improve the methods currently used in the
production system. Lastly, information
technology is important because it can improve
how information is used to operate the production system. We shall
briefly examine these three areas of
technology.
3.1.1.1 Product
Technology
Product technology is developed within the organisation, whereby
it translates ideas into new products
and services for the firm’s customers. Production technology is often developed primarily by
engineers and researchers. This group of
workers develops new knowledge and ways of doing things, merge them with and extend conventional
capabilities, and then translate them into
specific products and services with features that customers value.
Wherever new product technologies are
being developed, it is usually necessary to seek close cooperation with the marketing
personnel in order to find out what
customers actually want. The operations department can then determine
how the goods and services can be
produced effectively. Product technology also
requires the design systems to support field installation and maintenance.
3.1.1.2 Process Technology
The methods by which an organisation does things usually rely on
the application of technology. At times,
some of the large number of process
technologies used by an organisation is unique to a particular functional
area, while others are used more
universally. Figure 6.1 illustrates how technologies support the processes in the supply chain
for both manufacturers and service
providers. Each of the technologies shown in the Figure can be further
broken into more technologies. Process
technologies commonly used in other
functional areas are shown in Figure 6.2.
Figure 6.2: Process Technologies Technologies for other
functional areas
-
There continue to be great developments in process technology of
almost all functional areas of an
organisation. Imagine the sales processes in the service section that use vending machines to
distribute products. This process
technology is now shedding its low-tech image. New electronic
vending machines are loaded with circuit
boards and microprocessors, instead of the
gears and chains of previous versions. With this improved technology,
these vending machines can count how
much product is left, check the coin boxes,
and make sure that the mechanisms work properly. Of course, this
capabilities demonstrated by the
machines simplify product ordering and inventory control processes.
3.1.1.3 Information Technology
Information Technology (IT) is increasingly being used by managers
to acquire, process and transmit information
so that they can make more effective
decisions. As Figure 6.1 illustrates, IT pervades every functional area
in the workplace. It is particularly
more revolutionary in offices. Office technologies include various types of telecommunication systems,
word processing, computer spreadsheets,
computer graphics, e-mail, on-line databases, the internet and the intranet.
3.1.2 Management of Technology
Management of Technology, links R & D, engineering, and
management to plan, develop and implement
new technological capabilities that can
accomplish corporate and operations strategies. This in essence,
means identifying technological
possibilities that should be pursued through R & D, choosing from both internal and external
sources the technologies to implement,
and then following through their successful implementation as products, processes, and services. There is quite a large array of technologies,
and yet managers need to be
knowledgeable about the technologies used in their operations. What in
fact, does a manager need to know about
technology? There are two sides to this
question. One is that the manager just needs to understand what a
technology can do, including its costs
and performance possibilities.
The second is that such
understanding is not enough. Rather, the effective manager must also understand how the technology works and what
goes on in the technology “black box”.
The better answer is that managers must invest the time to learn more about these technologies, and at the
same time develop good sources of
technical advice within the organisation.
3.1.3 The Role of Technology in Business Performance
In this modern time, technology is about the most important force
during the increase in global
competition. It also plays a pivotal role in creating new products and improving processes. It has been
shown by many empirical studies that
firms that invest in, and apply new technologies often tend to have stronger financial positions than those that
think otherwise. A study by Steele
(1988) on large U.S. firms showed that, as the investment in R & D for technology increases, so does
profitability and new product
introductions. Another study by Roth (1996) of over 1,300 manufacturers
in Europe, Japan, and North America
focused more on process technologies, and
reported a strong relationship between financial performance and
technological innovation. The benefits
of the application of technology to business are not limited to large firms. For example, small firms
that have more technical knowhow and use
computer based information and manufacturing technologies more intensively enjoy stronger competitive
positions (Lefebvre, Harrey, and
Lefenbvre, 1992). It is necessary
to point out that high technology and technological change for its own sake might not create a competitive
advantage, be economically justifiable,
fit with the desired profile of competitive priorities, or adds to the firm’s core competencies. To be worthwhile,
technology must be appropriately applied
to the operations of the business. In many jobs, for instance, a simple handsaw might be a better choice than a
computer-controlled laser.
3.2 Information Technology
As you already learned in section 3.1.1.3 IT is very crucial to
operations everywhere along the supply
chain and to every functional area. This fact has been vividly illustrated by Figure 6.1 and
6.2. It is commonly seen that computers
are spawning a huge proportion of current technological changes and innovations, either directly on
indirectly. For example, computer-based
information has greatly influenced how operations are managed and
how offices work. Today, office workers
are able to do things that were not possible
a short time ago, such as accessing information simultaneously from
several locations and diverse functional
areas. In fact IT makes cross functional
coordination easier and links a firm’s basic processes. For instance, in a manufacturing plant, IT can link people
with the work centres, databases, and
computers. Computer literacy is now rapidly becoming a critical factor in the success of an organisation.
3.2.1 Components of Information Technology
IT comprises computing and telecommunications technologies. It is
the merging of the above two technologies,
and the organisational and management
technologies that help in fashioning it for organisational use. On the whole, IT can be partitioned into four
sub technologies:
(1) Hardware (2) Software (3) databases, and (4)
telecommunications
3.2.1.1 Hardware
The hardware sub technology is made up of a computer and the
devices connected to it. Improved
hardware memory, processing capability, and speed have greatly taken technological changes to
higher levels.
3.2.1.2 Software
Software refers to the computer programmes written to make the
hardware work, and to carry out
different application tasks. Application software is what computer users’ work with. Generally, it
allows information to be recorded,
manipulated, and presented as output that is invaluable in performing
work and managing operations.
For instance, software is available for use with almost all the decision tools such as flow diagramming,
statistical process control techniques,
learning curves, simulation, queuing models, location, and layout techniques, forecasting models, linear
programming, production and inventory
control systems, and scheduling techniques. Furthermore, software is essential to numerous manufacturing capabilities, such
as computer-aided design and
manufacturing, robots, automated guided vehicles, and flexible
manufacturing system. Again, software
provides various executive support systems, including management information systems, as well as
decision support systems.
The advantages inherent in
this software are that it allows managers to quickly and effectively evaluate business issues.
3.2.1.3 Databases The third component
of IT is databases. A database is a collection of interrelated data or information stored on a
data storage device such as a computer
hard drive, a floppy disk, or tape. For instance, a database can be a firm’s inventory records, time standards for
different kinds of processes, cost data,
or customer demand information.
Databases have been put to numerous uses. For example, the police use it to
launch assault on neighbourhood drug
trafficking by keeping track of drug-selling locations and activity.
Some business organisations also employ
it to offer innovative marketing
programmes. The marketing information in such firms contains customers’
biodata, location, purchase records, and
other information. By using proprietary
software with this database, firms can add personalised offers and
messages to the invoices of selected
customers.
The database then tracks customer reactions to the messages forwarded. This
person-to-person marketing process is based
on the philosophy that different customers should be treated
differently, and that the best customers
should get the most attention. This information
management system just described has appeals in airlines, grocery
delivery businesses, mass-customisation
manufacturers, etc.
3.2.1.4 Telecommunications Telecommunications is
the fourth and final component of IT. In order for one computer to communicate data with another
computer, it has to do so through the
telecommunication technology. Telecommunication’s main purpose is to enable the transmission of signals
representing voice data, physical data, and
images between remote locations.
Many of the telecommunications systems in use today employ electrical
or electromagnetic media as carriers of
signals. There are different types of
networks, for example, data networks (as in when two or more computers
are connected together to communicate
data); television networks (e.g. CNN and
NTA stations); and radio networks (FRCN, BBC, and VOA stations). The ability of computers to communicate to
one another in even very far away
locations has given rise to the Internet (commonly referred to as
the information superhighway).
3.3 Creating and
Applying Technology One of the major
challenges facing most firms today is how to apply emerging product and process technologies to their
businesses. For the purposes of
understanding these technologies better, it is necessary for us to
examine the concept of innovation
process. Figure 6.2 shows an overview of the innovation process, which is aimed at creating and
applying technology to improve a firm’s
products, production processes, and services. The innovation process focuses technical and scientific efforts on
better ways to meet market needs.
Figure 6.2: Research and
Development Stages
3.3.1 Research and
Development (R & D) Stages Very
often innovation and R & D projects go through the stages already
shown in Figure 2. You can see from the
figure that stages 1 and 2 are research stages,
while stage 3 is the development stage.
3.3.1 Research and
Development (R & D) Stages Very
often innovation and R & D projects go through the stages already
shown in Figure 2. You can see from the
figure that stages 1 and 2 are research stages,
while stage 3 is the development stage.
3.3.1.1 Basic Research
A study that explores the potential of narrowly defined
technological possibilities, and attempting
to generate new knowledge and pioneer
technological advances is called basic research. It seeks fundamental
truths, such as the knowledge that
ultimately made space ships possible. It is generally non-directive research that is not targeted
for a particular product or process.
Basic research is usually science based, as with computer and
biotechnology. This is however, not
always the case. Successes may come from an inventive mind or a flash of genius. Since basic
research is often capital-intensive, it is
performed in laboratories owned by government agencies, or some large
firms, and universities.
3.3.1.2 Applied Research
Applied research attempts to solve the practical problems involved
in turning an idea or invention into a
commercially feasible product, process or service. It tends to the carried out mostly by large
firms. Applied research is also more
directed than basic research for example, a small group of engineers
and scientists might be formed to build
a small-scale pilot plant to test and refine
ideas coming from basic research efforts.
3.3.1.3 Development
Development here refers to the activities that turn a specified
set of technologies into detailed
designs and processes. Product and process designs are developed with an eye to both
marketability and ease of production. Both
large and small firms are usually involved in development. Some studies
have shown that many development ideas begin
with the recognition of market
production needs, rather than from a new technological opportunity.
Generally, development of product technology moves through several
phases:
(1) Concept development
(2) technical feasibility
(3) detailed product or
service design and
(4) process design.
At the concept development phase, the product idea is just conceived. During the
technical feasibility phase, tests are
conducted to determine whether the concept will work or not. During the detailed product design phase,
prototypes of the product features may
be built, tested and analysed. Normally, detailed design goes beyond engineering, with operations and marketing
personnel getting involved in assessing
the design for its manufacturability and marketability.
Details of product
characteristics are examined by utilizing lists of specifications, process formulas, and drawings. Still, on the detailed product design phase,
the marketing department uses trial tests
in limited markets or with consumer panels to help measure market reactions to specific product features or packaging.
At times, test results may
lead to changes in the product or the way it is presented before it is
actually produced and marketed. Tests
such as these often provide reasonable assurance that the product is technically feasible, can
be produced in quantity at the desired
quality level, and has customer appeal.
At the final development phase, process design, final decisions are
made regarding the inputs, operations,
work flows, and methods to be used to make
the product. The service providers
too, can employ the R & D stages to their business operations.
However, stages 1 and 2 are far less formal and extensive than
they have for manufacturers. For
instance, when developing new services, service providers still must define their customer
benefit packages, which is an important
part of the development stage. For example, at a restaurant, the core products are food and drink. The peripheral
products are chairs, tables, and
tableware. T
he services include courtesy, speed, quality and the less
tangible characteristics of taste,
atmosphere, perceptions of status, comfort, and a general sense of well being. You should realise that the development stage
is very crucial to a firm’s future
profitability. A future-looking organisation that is technology and
resource - rich should always develop
and compete with the new technologies that they
helped create. That is, they should continue to develop innovations into products and services.
This is the only way to prevent organisational complacency from depriving them of the
initial leadership.
3.4 Choosing Technologies
Operations managers need to make intelligent, informed decisions
about new product and process
technologies now, more than ever before. This is because of the rapid rate at which technology is
changing, coupled with the numerous
technologies available all over the place, whether choices that are
eventually made are bound to have
effects on both human, as well as technical aspects of operations.
Consequently, we shall attempt to examine how technologies should be
chosen and how these choices link with
strategy to create a competitive advantage.
It is necessary to stress at this point that, an
appropriate technology is one that fits
corporate and operations strategies and gives the firm a sustainable
advantage. In addition, several tests of
a potential technological change should be made. For instance, if the change being considered fails
these tests, it should never be pursued
even if it represents an impressive technological accomplishment.
3.4.1 Assessing the Technologies
Almost out of necessity, a new technology should create some kind
of competitive advantage. This
competitive advantage is created by either
increasing the value of a product to a customer, or reducing the costs
of bringing it to the market. Generally,
there are great potentials for increasing
value and reducing costs from a new technology. The most common cost-reduction strategy is
that of cutting the direct cost of
labour and materials. Though labour savings have generally been used
to justify most automation projects, it
has been reported that labour is a shrinking
component, being only between 10 to 15 percent of total costs. Hence, in
order to understand a new technology’s true
value, an operations manager should
assess factors other than cost savings. For instance, the presence of the following
factors may indicate the existence of
competitive advantage in a new technology:
(i) Increase in sales and/or customer satisfaction.
(ii) Improvement in quality.
(iii) Quicker delivery times through reductions in processing
times.
(iv) Improvement in inventory control.
(v) Reduction in costs.
(vi) Improvement on the environment.
(vii) Improvement in product design.
(viii) Increase in production.
(ix) Increase in product variety.
As should be expected, new technologies are not without costs. For
instance, investment in a new technology
can be very intimidating and discouraging
especially for complex and expensive projects requiring new facilities
or extensive facility overhaul. In
addition, the investment can be risky because of uncertainties in demand and in per-note
benefits.
Furthermore, the technology
may have hidden costs, such that could require employee knowledge and
skills to maintain and operate the new
equipment. Sometimes, such new requirements
may lead to employee resistance, lower morale, and increased labour
turnover. For these and other reasons,
the operations manager must sort out the numerous benefits and costs of different technological
choices. Another important test is how
the technological change will help a firm achieve the competitive priorities of cost,
quality, time, and flexibility. For a new technology to be certified for use, it should
normally have a positive impact on one
or more of these priority areas, especially those already emphasised for
the product or service in question.
It is also essential to check whether this advantage can be protected from
imitation. You need to also note that
achieving strategic fit (as discussed in the previous paragraph), whereby the technologies chosen
help achieve current corporate and
operations strategies, is necessary, but not sufficient. Hence, the organisation should look out for
new technologies that can build new
production capabilities. These can then form the basis for new strategies, thereby leading down a long-term path to
improvement. The point being made here
is: instead of just preserving the past, management must create the firm’s future with new operating capabilities.
This is done by developing a set of core competencies and technologies that enable the
firm to adapt quickly to changing opportunities. In addition to core competencies, management
must identify a firm’s core
technologies, which are crucial to the firm’s success. For obvious
reasons, these should be developed
internally. The best thing is for a firm to possess a broader set of core technologies, in order
to be less vulnerable to new entrants in
the industry. Another strategic
consideration deals with when to launch a new technology. Very often, being the first to market with a
new technology offers a firm many
advantages that may actually outweigh the financial investment needed.
In the first place, technological
leaders define the competitive rules that others will follow with regard to a new product or
process.
Secondly, a “first-mover” may
be able to gain a large market share early, and this can create an entry
barrier for other firms. Even if
competitors are able to match the new technology, the first mover’s initial advantage in the market
can endure. Thirdly, being the first can
give a firm the reputation that emulators will find difficult to overcome. Fourthly, a first-mover strategy may lead to
a least temporary advantage with
suppliers of outside materials and services over those of its
late-comer competitors.
Finally, technological leadership might also allow the firm to
get patents that discourage
imitation. However, a number of risks
are being faced by a company that adopts a firstmover strategy. First, the pioneering costs are
often high, with R & D costs
exceeding the firm’s financial capabilities. Second, market demand for a
new technology is speculative, and
estimates of future financial gains might be
overstated. Third, a new product or process technology may soon
become outdated because of new
technological break-through. It is therefore imperative for managers to carefully analyse these risks
and benefits of which technologies to
adopt.
Economic justification is another important strategic factor to be
taken into account when examining our
earlier considerations, with respect to:
(i) sources of competitive advantages;
(ii) fit with competitive priorities;
(iii) existence of core competencies; and
(iv) first-mover strategy.
It is therefore important to perform some financial analyses in
order to determine whether investment in
the new technology is economically justified.
Towards this end, operations managers should state in clear and
unambiguous terms, what they expect from
a new technology, and then quantify costs and
performance goals. Next, they should determine whether the expected
after-tax cash flows arising from the
investment are likely to outweigh the costs, after taken the time value of money into
consideration.
The application of the
traditional financial appraisal techniques such as the net present
value, internal rate of return and the
pay back methods can be employed to measure the
financial impact of new technologies. Though uncertainties and
intangibles are not easily measurable,
they must necessarily be considered.
It has also been suggested that operations managers need to look beyond
the direct costs of a new technology to
its impact on customer service, delivery
times, inventories, and resource flexibility.
In many instances, these are the
most important considerations. It is true that quantifying such
intangible goals as the ability to move
quickly into a new market prove difficult. At the same time, a firm that fails to make technological
changes along with its competitors can
quickly lose its competitive advantage and subsequently experience declining revenues and layoffs. In the light of the above, economic
justification should begin with financial
analyses, through the recognition of all quantifiable factors that can
be translated into financial values.
Thereafter, the resulting financial measures should be merged with an evaluation of the
qualitative factors and intangibles
involved. The manager can then estimate the risks associated with
uncertain cost and revenue
estimates.
3.5 Implementation Guidelines for New Technologies
Apart from making the right choice, managing technology also
means supporting the particular
technology selected throughout its implementation. In actual fact, job satisfaction and positive
employee attitudes can be sustained only
if technological change is managed well. To this end, some useful implementation guidelines have been
developed, and these relate to technology
acquisition, technology integration, the human side, and leadership. It
is necessary to examine each of these
areas in the guidelines.
3.5.1 Technology Acquisition
Technology acquisition deals with how far back in the R & D
stream a firm gets involved (i.e. in
basic research, applied research or development) for the purposes of securing new technologies and
which options it uses to do so.
Generally, large firms are more likely to enter the early stages
of the R & D stream, whereas small
firms are more likely to enter later, usually at the development stage. There are three main
options for acquiring a new technology.
These are internal sources; inter firm relationships, and purchasing from suppliers. With respect to internal sources, a firm may
decide to do its own R & D or, more
likely, some part of it. It might also look to its engineering department
to refine product and process designs
during the development stage, or ask other
departments that have successfully applied new technologies to do
the refinement. However, it is
relatively unrealistic to rely exclusively on internal sources, most especially at the earliest
research stages at R & D. The
second, major option for technology acquisition is inter-firm
relationships. Here, firms turn to
outside sources more than ever for new technologies.
This source is particularly attractive to many firms (including
most small firms), who do not have their
own R & D and engineering departments. Their main pre-occupation therefore, is to choose and
refine the best mix of available
technologies created by others. Sometimes some of them simply wait until information about a new technology comes into
public domain. The major limitation
inherent in this passive option, is the long delay and possibly, incomplete information. There is a continuum
of more aggressive options, with varying
levels of commitment required of the firm. There are four of such approaches:
(i) Outsourcing research: A firm may outsource research to
universities or laboratories by
giving research grants. Very often, this approach requires the least commitment by the firm, but most
probably minimises the transfer of
knowledge to the firm.
(ii) Obtaining a license: A firm may also decide to obtain a
license for the technology from
another organisation, thereby gaining the legal right to use such in its processes or products. One
limitation of this approach is that the
agreement with the licensing company might contain clauses which may invariably limit the flexibility of
the licensee.
(iii) Entering a joint venture or alliance: In this approach two
or more firms may enter into
a joint venture or alliance. In a joint venture, the firms agree to jointly produce a product or
service. In the case of an alliance, the
firms share the costs and benefits of R & D. This approach requires a greater degree of commitment. However,
it establishes more of a market presence
than the first two options.
(iv) Buying out: A firm may buy out another firm which has the
desired technological
know-how. It should be clear to you that this approach requires the greatest commitment to
exploiting the new technology and can
lead to market dominance. The third main
option for acquiring a new technology is from outside suppliers. For example, suppliers can be the source of
parts for a firm’s own technology
products, or they can be the source of new innovative equipment or
services that the firm uses in its processes.
The operations managers of organisations
interested in this option must always be on the look out for new
technologies available from suppliers
that will increase productivity, improve product quality, shorten lead times, or increase
product variety. Generally, outsourcing
gives a firm access to the latest technology that has been developed
throughout the world.
3.5.2 Technology Integration
For proper management
of technology, there is the need to raise cross functional teams to implement the new technology. It is
the responsibility of these teams to
bridge the gaps between research and development, and between development and manufacturing. The act of
bringing design engineers,
manufacturing engineers, buyers, quality specialists, information
technology specialists, and others at
this stage is called concurrent engineering. This exercise significantly shortens the time to
market, and equally allow the firm to
meet time-based and quality competition better. These teams are after
charged to take a broad, systematic
outlook in choosing technologies to pursue.
3.5.3 Technology and Human Resources
There is no doubt that new technology affects jobs at all levels,
for instance, eliminating some,
upgrading some, and downgrading others. In this regard therefore, operations managers must be able
to anticipate such changes and prepare
for them. Usually, education and employee involvement help a firm identify new technological possibilities and
then prepare employees for the jobs
modified or created when the new technologies are implemented.
3.5.4 Leadership
Managing technology in an appropriate way requires that managers
play several, often conflicting roles.
For instance, they must be good stewards and
hold the right budgets and schedules. It also requires good project
management skills for implementation
speed to keep pace with technological changes.
Therefore, operations managers must continually monitor programme
targets and completion dates. It is
necessary for them to be realists when accessing the risks, costs, and benefits of a new
technology.
As visionaries, managers should
have a technical vision of the goal and vigorously pursue it. Managers
must also play the role of advocates, by
making strong commitment to the project as
well as stand behind it. Finally, they must act as gatekeepers by
keeping everyone focused.
It must also be mentioned that when new technologies are being
developed or implemented, the operations
manager should raise a team, made up of
representatives of all relevant departments. This team should then be
made to lead and coordinate the work.
The head of the team (a project champion)
should be someone who promotes the project at every opportunity and
who naturally has contagious enthusiasm.
4.0 CONCLUSION
In this note, you have learnt that technology plays a pivotal role
in creating new products and improving
processes. It can create whole new industries and dramatically alter the landscape in existing
industries. You also learnt that the
development and innovative use of technology can give a firm a
distinctive competence that is difficult
to match.
5.0 SUMMARY
We have explored how technology can create a competitive
advantage. The Note started with a
general definition of technology, and then applied it specifically to products, processes and
information. We also examined the
various stages of technological development from its creation to its
application to products and
processes.
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