Conceptualizing the Technology Life Cycle
The technology life cycle generally refers to the product’s commercial profit throughout its life cycle, and the monetary return over that time. Most companies create new technology every three years, on average. There are also many innovations that come out periodically as well. Often, companies must wait a long time before they are able to sell technology, because technology investments are much larger than company profits. Nevertheless, technology creates new market sectors as well, which also boost up profitability.
In general, there is a learning curve when it comes to new technologies. Often, companies face significant difficulties while trying to adjust to the changes that accompany technological innovations. This means that innovation is not always smooth and results in some loss of profits and stalling of growth for certain companies. However, companies should expect and plan for this period of delay, since it can be used to their advantage by understanding and adapting better their processes in the future.
In order to understand how the technology life cycle works, we first need to understand what each stage of the development process actually is. Each stage is characterized by one or more revolutionary technological innovations. These innovations to shape the emerging market sector that arises from that stage. The invention of new technology usually involves scientific research, but the stage involves a series of activities aimed at gathering knowledge, establishing appropriate R&D strategies, testing the strategies, getting the technology into the market, developing successful marketing strategies, analyzing market conditions, identifying opportunities, and finally making the technology available to the general public. Each of these steps is then followed by a series of steps called the lifecycle.
As mentioned above, there are six main stages in the technology life cycle. These are Early Stages, Development Stage, Business Case analysis, Product Launching Stage, Commercialization Stage, Early Sales/ Customer Support Stage, and End-of-Life stage. During each stage, new technologies emerge and are tested. The earlier stages are also marked by the accumulation of company data, knowledge, and experiences on relevant topics. All the various elements of technology are analyzed at this stage; the company determines the key benefits it expects from the technology, defines its business strategy, establishes the technology infrastructure, and determines the appropriate personnel to drive the technology.
The Early Stages of technology life cycle are often referred to as “Inner Stage”. In this stage, there are many possible innovations that could emerge. As discussed above, the earlier stages can help companies identify their target markets, plan the distribution channels, and determine the features, functions, and design of the technology. As part of this, the company can conduct research to define the customer’s needs and wants. Through this research, the company will be able to determine the different stages necessary for introducing new technology.
The Development Stage is the next stage in the technology life cycle. At this point, the company has an overview of the market, which is characterized by competing threats, opportunities, and opportunities. It determines the size and scale of the deployment of the new technologies. It also determines the technology’s life cycle cost, technology implementation, deployment strategies, and other factors that will affect the company’s bottom line.
The Early Stage of the technology life cycle refers to the discovery of the potential future technologies. At this time, the company can determine whether the technology can solve a problem or provide some form of benefit. Once the potential is identified, the company must take action to develop the new technology. This includes defining the product, technology, service, marketplace, and financial resources.
The Early Stage is often considered to be the beginning of the technology life cycle. In addition to the discovery of the new technologies, the company must then work to convert the discovery into tangible solutions. During this stage, the technology is still at an early stage, with significant research and analysis required to support the development of the technology. However, many of the risks have been identified and could be mitigated if the company took steps to mitigate them. At this point, the technology has moved from an experimental stage to the Second Stage or Scaling Experiment, and it is in the Second Stage where the technology is most likely to successfully mature and become a mainstream technology.