What is the Technology Life Cycle Model, and what are best practices, tools and online templates for teams and organizations?
Definition of Technology Life Cycle Model
The Technology Life Cycle Model shows the journey a technology takes, from birth to eventual death and the stages in between. Understanding the Technology Life Cycle helps companies predict when they will be able to recover the investment they put into development, and when to plan for new projects.
Description of Technology Life Cycle Model
There are four phases of the Technology Life Cycle, including Research and Development, Growth, Maturity and Inevitable Decline. The key aspects of each phase are outlined below:
- Research and Development: During this stage costs far outweigh the return and the technology’s future is still uncertain. This stage also includes the introduction to the market, where beta-testing can take place and further improvements can be made to the product.
- Growth Stage: This phase is where the formal introduction to the market occurs and adoption and utilization rates are very high. Profits are made in this phase.
- Maturity: At this point in the process the market is saturated and the number of new users flattens out. The technology can continue to be profitable, however, by incrementally improving the product, thus creating the need among consumers for newer versions every so often.
- Inevitable Decline: During this stage sales decrease and a replacement technology is on the horizon. The need for incremental improvements drops along with sales of the product. The best action plan at this stage is to reduce or eliminate funding related to this technology and put those resources into a new project.
Tools & Templates
Various Project Management methods, Risk Assessments and Process Maps can all be used to provide insights, data and additional support when using the Technology Life Cycle Model method.
upBOARD's Online Technology Life Cycle Model Tools & Templates
Unlike most traditional Technology Life Cycle Model techniques, upBOARD’s online Technology Life Cycle Model tools allow any team or organization to instantly begin working with our web templates and input forms. Our digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.
Learn more about upBOARD’s library of other innovation management online best practice tools and templates, including:
Agile Innovation Process, Business Case Development, Business Model Canvas, Concept Development, Concept Screening, Concept Testing, Customer Empathy Map, Customer Problem Statements, Design Thinking, Innovation Funnel Management Process, Innovation Horizons Model, Innovation Roadmap, Jobs to be Done, Lean Startup, Listening Hats, Open Innovation Process, Painstorming, Rapid Prototyping, SCAMPER, S-Curve Mapping, Stage Gate Process, Technology Life Cycle, Technology Scouting, and Teece’s Win-Lose Innovation Model.