How important is technology evaluation?

The Technology Evaluation process involves principles, methods, and techniques/tools for assessing a technology’s potential value and its contribution to a company’s competitiveness and profitability. During a thorough evaluation, the technology and its device are assessed from a technical, market, and consumer perspective and the results are reconciled using a valid methodology. Technology evaluation is an important innovation function, such as technology transfer, and it is best used to screen new ideas and to assess innovative or not innovative technology. Thus, it is a powerful method of examining new ideas, identifying and analyzing causes or potential changes, developing and planning possible solutions, and selecting and implementing the proposed solution. All factors that will affect the entire organization must be considered and identified when evaluating a proposed technology.The main factors are expected financial benefits, competitiveness, added value in its products, and the impact on the business as a whole.

In order to evaluate mid- and high-tech technologies, the present technique can be applied to small, medium, or world-class enterprises. Technology Evaluation is defined as follows:

 1. An evaluation of technology is a type of policy study that investigates the effects of introducing, extending, or changing a technology on society. Unintended, indirect, or delayed consequences are highlighted.

2. The purpose of Technology Evaluation is to establish an early warning system to detect, control, and direct technological developments in order to maximize public good while minimizing risks.

3. A technology evaluation is a form of policy research that provides a balanced appraisal to policy makers. In essence, it is a system for asking the right questions and obtaining accurate and timely answers. A policy issue is identified, alternative courses of action are assessed, and conclusions are presented. Technological programs are evaluated systematically based on their nature, significance, status, and merit. Analyzing technological developments and their consequences, as well as debating these developments, is the process of technology evaluation. Technology Evaluation should provide information that can assist actors in developing their strategies and identify areas for further investigation.

The importance of technology evaluation

The objectives of the present discussed technique are quite clear and precise. Regardless of the size and type of the organization, be it manufacturing or commercial, small, medium or world-class, all expect to be more competitive with higher profitability as a result of a new technology. It is the basic objective of the technology evaluation technique to accomplish the above goals for the organization. Consequently, the proposed idea-technology must be thoroughly and punctiliously examined by the organization. A technology evaluation technique can also be used to introduce to a company’s strategy a methodology that can be used to monitor and use various sources of information, from which it is possible to obtain useful information. As new information becomes available, the evaluation should be a continuous process with the possibility of terminating at any time. Even when every aspect of the proposed technology can be reviewed, it is not possible to update all information at frequent intervals.

In technology evaluation, principles, methods, and techniques/tools are used to assess the value of a technology to a company, region, or industry. One of the most important methodologies in innovation and technology transfer, it is used to screen new ideas, assess innovative or not innovative products and technologies. For an organization, it is a powerful tool for examining new ideas, identifying and analysing causes, developing and planning possible solutions, and implementing technology.

Technology evaluation may be understood in a variety of ways:

  • Studies which systematically examine the effects of introducing, extending, or modifying a technology on society. A delay, indirect, or unintended consequence is emphasized.
  • As a means of detecting, controlling, and directing technological changes and developments in order to maximize public good and minimize public risk.
  • Analyzing alternative technologies that provide information and help actors accomplish their goals. In a comprehensive evaluation, the value of the technology and its device is assessed from a technical, market and consumer perspective, then the results are reconciled within a valid methodology.

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