The strategic management of technology: Integrating technology supply and demand perspectives

The rapid rate of technological change of recent years has played a major role in changing the structure of established industries as well as new industries. It has elevated the management of technology into the arena of strategic issues. This paper reviews the work of authors who argue that technology management must be given a strategic role in the firm. It does not take issue with the general tenor of their views. But, it counsels caution on the grounds that a focus on technology supply may lead to a product orientation which subverts the influence of customer considerations in strategy making. The writers argue for an approach to the strategic management of technology that integrates the technology supply and technology demand perspectives. Descriptive guidelines are developed for an integrative framework by means of which technology strategy can be formulated. Several factors are discussed which are considered to have an important role to play in formalising the role of technology strategy and ensuring a balanced view of market needs and desired technological capabilities.