In the past the firms were unable to mass produce goods, distribute products and often they lack quality due to less or no competition. However, technology has evolved drastically from the past half century, this has caused intense changes in the way goods and services are produced and in the way they are distributed to final consumers. Moreover, one of the business fields where technology is thriving is technology management. As the study of Oerlemans et al. (2005) specifies, that technology management is a set of activities that help technology managers to clarify their offerings to the company and help organize and manage business strategy. This article discusses and argues why technology management is important for the business world and then elaborates on its process and tools. In order to understand technology management in business, it is important to first understand what technology means. Technology is derived from a Greek word by the combination of two words: techne (art) and logos (logic or science). So in a layman term, technology can be defined as a skill of reasoning or the skill of scientific knowledge. Moreover, the further definition is given by Everett M. Rogers, who states that technology is “a strategy for contributory act that decreases the doubt in the cause and effect relationships involved in accomplishing a wanted outcome” (Rogers, 1995). That means that technology is responsible for tangible products, for example the computer, as well as the information about procedures and processes, for example the technology required for mass production, which was familiarized by Henry Ford and other. Furthermore, J. Paap put forward another definition for technology, as cited by Michael Bigwood in his article called Research-Technology Management. Paap stated that technology is “the use of knowledge which is science related to meet a need.” (Bigwood, 2004). Therefore, it can be said that technology is heavily dependent on scientific progresses and the related knowledge about it, gained by years of research and development. It then uses this information to develop performance and the effectiveness of systems, products and services. Additionally, nowadays, technology is everywhere and it is expanding at an exponential rate, and this is why the field of technology management has be adjusted to address the certain ways in which firms and industries could make use of technology in business plans, strategies and operations. The U.S. National Research Council states that the management of technology is a link between different fields for example engineering, science, and administration that organize, expand, and implement technological capibilities to shape and achieve the planned and operational objectives of a business anywhere. (National Research Council, 1987). Moreover, to further understand technology management, it can be explained as number of measures and practices taken by firm that allows technology to shape, preserve, and improve a company’s competitive advantage on the basis of exclusive knowledge. While technology management is important for firm competitiveness, it is important to note that technology management technique is most effective, when they implement the overall strategic posture implemented by the firm. (Porter, 1985).However, technology management is fundamentally challenging to achieve because it is continuously changing, and as technology changes, the tools of management must change but the process of determining what those new tools should be, have to be discussed it early stages. Then why are firms eager to learn and apply it in their businesses?The answer is that even though it is challenging, the benefits of attaining technology management is numerous, for example; 1. Reduce cost of operation: To increase profits, businesses must boost revenue and reduce costs. For instance if a business is about to not being able to deal with its liabilities or if it is already past that point, reducing costs can be essential of changing a worse situation. Technology management can assist us with this, by outsourcing; which is the firm should buy certain products rather than producing them. For example Fileminders help out many companies, organize and manage their sensitive records and documents. (Smale, 2017)2. Improved customer service:It doesn’t matter how amazing a company’s product is or how capable the employees is, one of the things that customers are most possibly going to remember how you treated them and their experience with you. Moreover, a good customer service centers on listening and attending to your customers’ needs and desires. For example, Federal express has a sophisticated system for tracking the package. This allows its customers to gain information about the shipment, while the shipment is in process and report the details of its status back to the customer. With the advancement of the World Wide Web, customers can now find the location of their purchased item without becoming in contact with the Federal Express employee. (Advameg, 2017)3. Customer relationship Management:It is important for companies to make long-term relations with their customer in order for them to keep of buying the company’s service or product. Moreover, it also provides the company with competitive advantage. Furthermore, CRM allow companies to store an immense list of customers and any essential data regarding them. Also accessing files is even more convenient than before due to the cloud. Similarly, every department in a company can now tag team to get the right information to the right team member. With this new found ease, teams can flawlessly work together to reach companies goals. (Salesforce, 2017)4. Reorganized administrative operations:The banking industry, in the past had reduced the cost of giving services to its customers by the usage of technologies such as ATM, toll-free call centers, and the websites. In the beginning of 2005, the cost for bank transaction done by bank employee would cost $2, compared to $1 for a telephone banking transaction. However, it costs only $0.50-$1.00 for an ATM transaction, and approximately about 10 cents for banking on the website. Additionally, Automated Clearing House (ACH) check processing costs were only $0.25-0.50 per operation. Moreover, this discount in the cost could be credited primarily to decrease in the number of employees involved. (Advameg, 2017)5. Project ManagementOnce a firm starts making teams to help manage various aspects of the business, it is logical to get project management software. Rather than frequently needing to check in, and develop systems for a company’s team members, you can use project management software like WorkFlowMax. There are many software programs out there that can help manage time and projects. (Manuel, 2015)6. The growth of the firm:The procedure of management of technology involves establishing, matching, and other activities. If the firm manage the technology is well, an organization will expand on its operations and decrease their operational costs. The technical staff of an organization has a challenge of evaluating what customers need and state which technologies are necessary to be executed as well as spot the activities that are needed to be stopped. Additionally, after the process of examining what is required, both the firm and its consumers will be benefitted which will cause to the development and growth of that organization. (Ramey, 2012)7. Eliminates duplication: If the technology is managed well, it will automatically result in information flow in a company, for example management information system (MIS) will be set up by the technical employees of the firm, which delivers periodic and predetermined reporting proficiencies. In most of the cases the MIS reports review or combine information to back up the decision-making responsibilities. Therefore, MIS is a system that has data processing tasks that include information by online analytical processing (OLAP) and delivering the information to whomever in the company needs it. However, for a small organization this process might be costly, this is the reason why management must calculate the return on investment. MIS’s are commonly known as ‘management alerting systems’ because they send signals to people in charge concerned to the presence or potential presence of a complications or opportunities. Furthermore, a management information system (MIS) provides reports in many different forms, like reports can be comparative reports, summarized reports, periodic reports, exception reports and ad hoc reports. (Ramey, 2012)8. Security:With growing competition, it is important to keep your business goals and strategy saves from the competitors, therefore it is important to evaluate specific security measures. One such site that does that is Makios, which check for antivirus and provide spam protection, with the help of advanced technology and whole arsenal of security tools, including Unified Threat Management (UTM), invasion prevention, data loss avoidance, and Advanced Persistent Threat (APT). Moreover, it includes one of a kind cryptolocker, Reputation Defense, and next generation firewalls and antivirus software. (Makios, 2017)9. Social media management:In this era of technology, a large part of marketing is done using social media sites, for example Facebook, Twitter and Instagram. However, it could be a tedious thing to do. Therefore management tool like HootSuite, can help a firm in many different ways, for example, save time by scheduling your social media post, manage the social content and track and prove social ROI. (Manuel, 2015)10. Email management:Connecting with your employees through email is important for a company. However it is important that the emails that a company sends are personalized. Therefore, an email marketing platform like GetResponse can be extremely useful in helping comapnies build an email list and then stay connected with the company’s customers, including setting up autoresponders. Another tool that can assist the comapnies with automated email management and retention is Rejoiner. (Manuel, 2015)11. Content management system:Content production is one of the most essential parts of a business, but it’s one that is easy to fall behind with. Many business owners aren’t involved enough in making sure their blogs are updated and other content is produced in a periodic manner. Therefore, it is possible to reduce the time company spends with content creation and management with a tool like ClearVoice, which connects a company with writers and editors who can ensure that a company keeps the content updated. (Manuel, 2015)Technology Management processAccording to Gregory (1995) management of technology includes five broad processes, which are stated below:(1) Detecting technologies which are significant to the business.(2) Selecting technologies that should be maintained and managed by the organization.(3) Gaining and adapting to the selected technologies.(4) Exploiting technologies to make profit, or gain other benefits.(5) Protecting of knowledge and expertise embedded in products and manufacturing systems from other firms. This framework is correlated to other process models that have been suggested for technology management, such as Sumanth and Sumanth (1996) alertness, acquisition, adaptation, progress and rejection and Jolly (1997) imagining, incubating, representing, endorsing and sustaining. These kinds of models are often closely linked to the innovation and new product development processes; Gregory’s outline has the advantage of being very generic, keeping in mind, all technology management activities in the firm. Skilbeck and Cruickshank (1997) have further explained Gregory’s five-process model, connecting the framework to business activities within a systems context, and identifying three levels within the organization where technology management processes can be applied:(1) Corporate level (network view): Tells about how to manage technology across a varied range of businesses.(2) Business level (external view): Descripe how to gain competitive advantage against the competitors through technology.(3) Operational level (internal view): Tells how to enhance processes inside the company or a firm to manage technology efficiently. Technology management process assessment:Once the Technology management process has been sorted out, the next step includes the technology management assessment procedure, which is founded on the five-process model of Gregory (1995). The method provides an organized procedure for a detailed investigation into technology management practices in a firm or an industry. The assessment procedure is comprises of three workshop-based stages (1) Strategic overviewIn strategic overview the business component is divided in terms of business and technology areas. The effect of each technology area on each business area is assessed in relation to worth, risk and effect. The strategic overview is related to techniques developed by Mitchell (1985) and de Wet (1996), allowing further assessment of the appropriate technical and business areas.(2) Process overviewIn this overview recent, present and future events are saved for selected technology-business groups. These events are labeled in terms of the Gregory five-process framework, and evaluated in terms of the effectiveness of inputs, outputs and process. Identification of strengths and possible weaknesses enables specific process areas to be predicted for a complete analysis.(3) Process investigation In process investigation specific procedure areas are mapped in a detailed manner, in order to find our areas of decent practice, together with barriers and complications, and areas for possible development and improvement.Tools for technology management The point of view on what role technology plays in the firm means that the specific tools necessary to correctly manage technology can be very broad. More often than not, managers of technology assume that, because the technology is exciting or attractive to them, it will be wanted by the consumer. However, for being successful, the manager does more than depend on his or her own judgment about the capability of the product. Instead, the manager needs to concentrate on things such as:• Evaluate the industry/firm structure both domestically and internationally • Understand the firm’s capabilities and those of its competitors • Conduct a financial analysis of the product and firm• Predict future changes (White, M.A. and Bruto, G.D.,2011)In conclusion, technology management is important asset to businesses everywhere. It helps to reduce the cost of operation, improve customer service and reorganize administrative operation and manage social media sites, project and content. It is also necessary to know, communicate and integrate technology strategy with marketing, financial, operations and human resource strategies. Moreover, it is of particular significance when one considers the increasing cost, pace and complexity of technology developments, combined with shortening product life cycles. Technology management creates a discipline of management that has constantly gained good reputation, impact, and attention. As technology is a pervasive force not only in business but also in society. Moreover, management of technology helps to ensure that the advancement of new technology and its applications are directed at useful purposes. Technology management and it disciplines, is an essential set of skills that all managers should have in this new technology driven and intensive world of business.