A Study on “Technology Life Cycle in Business and its Management”

In Technology there are many life cycles from various aspects and classified into different categories. Product life cycle is simple and basic life cycle for any product. This is the base for development of many other life cycles. But in literature different life cycles like Product life cycle, Technology life cycleand Industry lifecycles are often considered as interchangeable concepts though it is inappropriate. So, this paper enlightens the differences between these concepts. This study tries to understand some theoretical insight of Technology life cycle. This Study also focuses on different steps for effective technology Life cycle in Business and its Management. This research paper acts as a unique source for technology life cycle and management.


Introduction
In Business there are many life cycles which are necessary to provide direction for better decision making. The simplest life cycle is product life cycle, it is a pathway for any product beginning from its birth to death. The stages of product life cycle are introduction, growth, maturity and decline. To start production of any new product or to invest in any product development the technology life plays vital role. If any company is implementing any new technology or new product based on the technology then it has to identify the position of technology life cycle weather it is in beginning, growing or ending stage. Also, should estimate the future position of the technology. The concept of Technology Life cycle originated from Product Life cycle. The stages of technology life cycle are Research and development phase, Ascent Phase, maturity Phase, Decline phase. Market life cycle describes the market behaviourwith new technology. The customers in various stages are classified based on their behaviour towards technology buying and satisfaction.

Introduction
The product is new in the market. It is the result of the product development. Customers are unfamiliar with its application also company will keep on tracking its defects and faults. So, feedback plays an important role in this step, however companies try to advertise the product and create awareness about the product to the customers.

Growth
After introducing the product to the market, customers will increase at the same time competitors will start entering as everyone is aware about the product. So, company should keep developing its supply chain, technology and product variations. Advertising also an important factor to increase the sales. Advertisement should emphasise on advantages of its products over the competitors.

Maturity
In this stage the product attains its maturity stage. It means customers are completely familiar with the product.So, company should concentrate on product variations. Production efficiency should be increased, supply chain should be maximised, cost reduction, better promotional strategies, better services, good quality could gain better market share for the company. There are number of competitors in this stage, the company has to fight with the competitors by providing at cheap cost.

Decline
Decline stage is the final and saturation. It is the end or market death. The sale revenue decreases. The product will become obstacle to the growth of the company. The company and its competitors try to shift to anew product.

Technology Life Cycle: Conceptualization
The technology life cycle is nothing but how technology and its process affect the entire life cycle of a product. It is completely different from product life cycle. Life cycle of a product deals with performance of a product in the market, where as the technology life cycle deals with various stages of technology in the development of the product and use of technology in business process. The life span of a technology majorly depends upon nature of the product and business process. Technology is one of the factors contributing competitive advantage.
The management of Technology life cycle is one of the crucial steps in any business. The development, implementation, adoption are the important things to be managed. Some time it is difficult to maintain the intellectual property rights, licences etc., The shape of the technology life cycle is in s shape. It has the following important phases.
Research and development: At this phase the investments are huge for technology development. Mostly the investment is from companies own pockets. There is a high chance of failure of technology in this stage. So, it is very important to get feedback to match novelty and innovation of the industry.

Ascent
It is an important phase in technology life cycle, company starts to recover the expenditure being spent on technology development. Also, technology being accepted by markets, company creates all the hype and promotion, innovation to grab attention of the customers.

Maturity Stage
In this phase technology gains stability. The technology developed will be accepted by public and also competitors were well aware about the technology. Slowly the technology attains saturation point. The revenue will be decreased slowly. In order to stay in the market, the technology should be updated and upgraded. company should keep track on Competitor's technology.

Decline Stage
This phase is inevitable and companies witness decrease in the sales and new or replacement of technology is necessary. The best solution for this step is to move out of the existing technology and start initiating funds on the new technology.
• When companies need new IT equipment then they have to spend significant time has to be spent acquiring new technology. Cash reserves also depleted. • Maintaining single view of IT devices becomes an administrative burden. • When equipment needs replacing users face disruption. Asset disposition also takes time.
• Retired equipment left un monitored can cause data protection risk.
• The management and maintenance cost 80% while ownership costs only 20%. • Data Security is primary challenge for any manager.
• The disposal of retired equipment is costly and also time consuming.

Suggestions
There is growing need for technology life cycle management. With proper technology maintenance and managing enterprises can benefit in many ways like cost management, easy way of retired equipment disposal. Technology life cycle management allows organisations across industries to develop strategies that anticipates future development strategies to reach the goals of the organisation.

Conclusion
The value of technology life cycle management is rooted over entire IT industry. IT departments in large enterprises will take the role of managing and maintaining technology. While small industries do not have resources in the organisations to guide properly regarding the technological decisions. It has huge impact on the business and its budget. Technology providers are offering support to the organisations to maintain and manage the rapid changes in information technology and its life cycle. Technology life cycle simplifies all the steps, process in IT.