open innovation, linked to a preference for open systems with diverse stakeholders; cloud and mobile businesses, cyber-physical systems and self-managing intelligent environments, crowdsourcing of talent and technologies created trough online channels (Akhilesh, 2013: 136). In a result of several substantial changes within the last ten years, many companies have faced the necessity to adjust to the current trends in technology management in order to stay competitive and to develop their businesses.The process of managing technologies can be divided into several categories varying from innovations’ development and management to assessment, product development, commercialization, market entry and strategic actions (Kunz and Warren, 2011). There was also developed a huge variety of Technology Management methodologies. However, all these methodologies could be grouped into eight key categories, including: Technology Management framework, Information systems, Information and communication technology, general and policy research, database technology, intelligence/expert systems, modeling and statistics methodology (Liao, 2003). Further, Liao (2003) has summarized relevant literature review on technology management and has developed a framework and its applications, for each of the above listed categories. Below is presented with technology management applications.As not all applications are relevant to the case of Company XXX, only some of the applications will be discussed in greater details, namely: new product development, business model, business. Technology Management.
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