Because business and technology go hand in hand!
Technology needs entrepreneurs who would promote it in the market with business skills, whereas businesses need technology to sustain profit. This inevitable everlasting relationship has put both the tech and business people on the same table, with a common agenda. Thus, money flows into research and development (R&D) of technology that has market potential. This dependency requires business executives to know the current technology trend, its basic premises, how it works, and what the future holds for it. This is the first and obvious reason.
Second, as a consequence of the aforesaid relationship, the rule of game for a specific product or brand can change with a shift in technology life cycle. Just like product life cycle, technology life cycle can have similar curve showing introduction, growth, maturity and decline. Guess which one is the “mother curve” in here. Yes, change in technology life cycle can redefine your product life cycle, resulting in sudden death of your brand as products of new technology arrive in the market. Remember the death of cassette tapes of magnetic technology with the arrival of cd of optical technology? If you were in charge of marketing cassette tapes today, better advertising, heavy discounts etc. would land you nowhere because your brand becomes irrelevant as the core technology died. Staying abreast of technology life cycle and predicting the future of it would give you a competitive advantage in managing brands.
Third, business executives should also keep abreast of tech developments beyond the scope of brands they would be managing. So, what is the use of knowing latest R&D in aircraft engines while you are in car industry? This is because there is something called “spill-over effect” in every industry. You never know which R&D could be replicated, in part or full, in another industry in future. Take the example of internet technology that was originally developed solely for military use, now spilled over in all spheres of our life at such a big scale that we almost forgot the history of internet.
So start your quest for tech knowledge today, if you don’t already have it!
Tips: You may visit the following web resources to get a glimpse of the latest tech world:
Globalspec Engineering News
BBC Tech News
Google News, Technology
Yahoo Technology News
CNN Tech News Edition
Bloomberg Tech News
Tech News: Discovery
News from ScienceDaily