Technology transfer plays a key role for businesses

In the broadest of terms, technology transfer is nothing more than process of transference of technological know-how. It doesn’t matter whether the technology transfer is that of something created by an individual or any larger entity, everything counts towards the cause. The transference of facilities, expertise and know-how cumulatively referred to constitutes the transfer of technology. Effectively done, it results in the commercialization of a new product or service and even in the improvement of existing products, services or processes.

The whole process itself cannot be defined as straightforward or complex though; that depends on the type of technology being transferred and the capacity of the recipient in question, so this definition varies from case to case. Generally though it is collaborative and never straightforward simply because such a transference might necessitate the learning of new skills or the change of old behaviors. As such, the process of transference is not limited to the technology itself. The idea of ‘fit’ and optimizing performance must also be considered when talking about the simplicity or complexity of the process.

A technology transfer might happen from one country to another or it might happen from one industry to another, or even from a business research laboratories to another location. The creation of these technologies and, perhaps more importantly, the absorption of this technology has become a key part of businesses looking to be competitive. It is a big part of the competitive advantages they enjoy over their closest rivals.

If a business has a competitive advantage that is purely price based, technology can be used to refine the processes that dictate this price, driving costs down and improving competitiveness. But that is not the only use of technology transfer. Technology can also be utilized to improve products or change the processes and structure of the organization. In particular, technology can play a key role in sectors where innovation is the need of the hour. As market needs and trends evolve continuously, companies that embrace will always flourish as opposed to companies that are more reluctant when it comes to taking on technology.

Desc: In the broadest of terms, technology transfer is nothing more than process of transference of technological know-how, and it will always play a key role in businesses.

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