Innovation means technological change. The technology change leads to practical implication or commercialization, it doesn’t mean just generation of ideas. The importance of technological innovation in today’s competitive economy is extremely clear, as today the worldwide economy depends on technology and technological innovation to a unprecedented degree.

Technological innovation plays important role within the economical growth of any country. Us, Japan, and other European countries are developed only thanks to there technological progress. In recent years, Singapore, India, China and lots of other countries are advancing dramatically thanks to technological innovations and progress. technology companies are a big and growing component of the economy. The competitive of those companies depends on technological innovations. Innovations improves standard of living. Developments in medical and pharmaceutical technologies have delivered extensive returns in health and lifetime .

Technological innovation involves tech mining. Tech mining includes understanding the technological innovation processes to trace them more effectively and obtain informed about latest happenings and make valuable business decisions about R&D and subsequent implementation and adoption choices.

Innovation is defined because the process by which technological ideas are generated, developed and transformed into new business products, process and services that are wont to make a profit and establish marketplace advantage. a far better understanding of the innovation process is important to work out empirical measures deriving from innovation activities to get actionable technological intelligence.

Tech mining is completed through data or information extraction from multiple data sources, compilation and analyzing the results and represents key findings in actionable visual representation for straightforward understanding to what’s happening now and predicting the longer term technologies.

Various sorts of technology analysis which will be aided by tech mining is as follows:

(A) Technology Monitoring (technology watch) – cataloguing, characterizing, identifying and interpreting technology development activities

(B) Competitive Technological Intelligence (CTI) -exploring out “Who is doing what?”

(C) Technology Forecasting-anticipating possible future development paths for particular technology domains

(D) Technology Road mapping – tracking evolutionary steps in related technologies and, sometimes, product families, technology diversification and technology tree

(E) Technology Assessment – anticipating the possible unintended, direct, indirect, and delayed consequences of particular technological changes

(F) Technology Foresight – strategic planning (especially national) with emphasis on technology roles and priorities

(G) Technology Process Management – getting people involved to form decisions about technolog

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