The article has discussed the leading companies that are getting benefits in the business ecosystem, as the companies are following the trends of technological convergence. The framework is composed of the comprehending changes in the general, technological field. Example the company Samsung is a market leader, in the electronics industry, as the framework to patent is applied. The 14 technological fields are being focused and it is found out that technological convergence can be effective for the new business opportunities because SMEs in a business ecosystem can be benefited. Firms are leading in the market as they have constructed business ecosystem (Suh & Sohn, 2015).
There are different strategies in the technological convergence, as the companies can apply the strategies to the products and services, so the benefits can be obtained, the technological convergence is highly significant, in the business ecosystem, because SMEs can survive in the market and there can be the new business opportunities. Technological convergence is related to the patent information, the research has selected the four technological areas, from the 14 technological fields. The research, which is selected, is data processing, data storage medium, mobile heat and light and memory.
Technological convergence gives the caution for the SMEs, they can get the benefits, because the leading companies have identified its importance, the technology can be applied to the various area, of the business, the products can be effectively managed as the research is also included, the research can be there on the products that are already in the market. However, without the market research, the SMEs cannot come to know about the future directions that they should follow. The technological convergence is reasonable for the SMEs as the research is done on the Samsung Electronics, a family company that provides the facilities and the security. However, the security service needs detection technology.
Multiple ways can be identified through technological convergence; SMEs can get many directions, the framework given in the article will help the SMEs to identify various technological trends of the industry. Moreover, the stakeholder can also get the knowledge about the SMEs and understand the trends of the technological fields. The SMEs can identify the members and the other related bodies. However, the industry can be focused on various dimensions; the companies in this way can buy the related divisions and can make the decision significant for them.
The companies can learn the core competencies from the other or successful companies, the technological trends or the decisions related to the technology portfolio or extend products can also be taken. However, effectiveness can be seen in the business processes, the business ecosystem can also focus on the comparison; the companies can come to know that what they are doing in the industry, and on what technological aspects other successful companies are focused. However, the research can be conducted on the proper framework; the gaps can be narrow by focusing on the framework because the decisions taken on the different business aspects are more efficient.
The business can also change its technological trends by focusing on the technological convergence, the framework provide the text clustering and the association rules, however, there is the comparison of the characteristics, the focused trends can give the meaningful results. The companies or SMEs wants to perform better in the market and want customers to be satisfied from the services, need to focus more on the technological trends to sustain the business ecosystem.
- Suh, J., & Sohn, S. Y. (2015). Analyzing technological convergence trends in a business. Industrial Management & Data Systems (4), 718 – 739.