Management of technology: Models and their key elements

Abstract

A new interdisciplinary field that combines science, engineering knowledge management and practice has been incorporated into business models and is called Management of Technology (MOT) (Mezher, Nasrallahand Allemedine, 2006). Technology is defined as all the knowledge, products, processes, tools, methods and systems used to create goods and provide services. In general speaking the technology is the way we do things and MOT is the key to competitiveness and wealth creation (Khalil, 2000). The elements that make up the various models are key to success in results, so in this article we present different models and its main elements to identify what are those key elements, including innovation. As Peter Drucker said (Drejer, 2002, p.6) the concept “innovation" means both a process and its outcome. Following the definition given by the European Commission on "The Green Book on Innovation (European Commission, 1995), innovation is the transformation of an idea into a marketable product or service new or improved, a process for manufacturing or distribution operating, new or improved, or a new method of providing a social service. It is therefore a definition linked to the first of the meanings, the innovation as a process. However, when the concept innovation refers to the product, equipment, process or service improvements on the market, the emphasis is placed on the outcome of the process. In this case, innovation is considered as such when introduced into the market (product innovation) or used in the process of producing goods or providing services (process innovation)