It aims to capture and disseminate the technological information needed for strategic planning and decision making.
As technology life cycles shorten and business become more globalized having effective TI capabilities is becoming increasingly important.
[1] In the United States, Project Socrates identified the exploitation of technology as the most effective foundation for decision making for the complete set of functions within the private and public sectors that determine competitiveness.
[5] There are several tools called text mining and tech-pioneer that make the technology intelligence process actionable and effective.
[8] Technology intelligence is not new but is more important now that organizations and societies are being disrupted by the shift to an information and networking-based economy.
[9] The first generation of technology intelligence occurred when there was no long-term strategic framework for Research and Development (R&D) management.
A number of inefficient innovations were created, due to the fact that there wasn't much coordination between the central research department and their technology needs.
This differs from the previous generations as technology intelligence positions have a coordination role and is decentralized.
The key to actionable technology is being able to properly implement the use of IT tools to collect and perform analysis on relevant data.
This tool obtains information from a company's data and analyzes and identifies patterns that will be beneficial to them.
It improves the decision-making process and creates images of how the future might evolve which allows companies to take advantage of opportunities to grow.
The last step involves putting the results into action and taking advantage of the knowledge the process has provided.