Technology

Technology can be defined in various ways. It can be “both the “hardware” of physical assets, and the “software” of know-how and skills. Technology development and adaptation include research and development (R&D), dissemination of information and knowledge, matching technology with current needs and creative adaptation of technologies for new uses.

Technology is revolutionizing the way SMEs conduct business today. It has become not only easier to use but also cheaper to acquire, particularly mobile technology. SMEs appear to lack the capacity for business case preparation; identifying sources of technology; assessment, selection, and pricing of sourced technologies; negotiating and finalizing contractual arrangements of the selected technology; or assessing its impact on business performance.