Technology management is a set of management disciplines that allows organizations in managing their technological fundamentals to create customer advantage. Typical concepts used in technology management are:
- Technology strategy (a logic or role of technology in organization),
- Technology forecasting (identification of possible relevant technologies for the organization, possibly through technology scouting),
- Technology roadmap (mapping technologies to business and market needs), and
- Technology project portfolio (a set of projects under development) and technology portfolio (a set of technologies in use).
The role of the technology management function in an organization is to understand the value of certain technology for the organization. Continuous development of technology is valuable as long as there is a value for the customer and therefore the technology management function in an organization should be able to argue when to invest on technology development and when to withdraw.