The applications of technological forecasting are as follows:
- It helps the development programs into areas, which could utilize new technology to reduce cost or increase profits.
- To concentrate on areas which and where a new demand might exist or a product improvement might be required to protect the market share.
- For the helping of research and development to meet both short range and range corporate goals.
- To help to find out new opportunities and possible competition in the technological arena this might modify corporate goals.
- To properly canalize and schedule the resources and new technology so that the opportunities can be cashed into manufacturing.
You May Like Also:
- What is the Definition of Technology Forecasting?
- Various Steps Involved in the Technology Transfer Process