What Is a Technology Management Degree?
August 3, 2022
What Is a Technology Management Degree?
In the 21st century, success in business is possible only with the right technology. Results of a 2021 survey conducted by management consulting firm McKinsey & Company indicated that 85% of companies needed to build or supplement the digital aspects of their business models by 2023 to remain economically viable.
More than ever, businesses need people who can manage technology in a manner that drives progress. Having expertise in technology management can make an individual invaluable to any company looking to leverage technology in support of its mission.
One of the best ways individuals can build their credentials in the technology field is by earning a degree in technology management. But people who aren’t familiar with the degree may have a few questions. Exactly what is a technology management degree, and where could it lead?
Anyone who may be considering enrolling in an online Bachelor of Science in Management of Technology program can benefit from learning more about the degree and where it can be useful.
A Bachelor’s Degree in Technology Management Builds Both Business and Technology Expertise
When students earn a bachelor’s degree in technology management, they acquire not just technology expertise but also expertise in business. The elements of a technology management degree encompass traditional business functions such as:
- Financial management
- Operations management
Earning a technology management degree also enables individuals to build specific technology management skills in areas such as:
- Commercialization of technology
- Management of information systems
- Risk management related to technology
It’s the blend of business and technology skills that prepares individuals who have a degree in technology management for success. For example:
- IBM, a consultant on business technology and technology research, has noted that today’s technology managers have responsibilities that require both business and technical know-how. Technology managers identify business requirements for new technology, manage technology budgets, and participate in strategic planning.
- Technology publisher ZDNet has noted that technology managers’ roles are evolving to focus more on business. While their technical expertise is still valuable, technology managers are increasingly being called upon to contribute to overall growth and revenue generation.
Technology Management Degree Curriculum and the Skills Students Can Acquire
To develop an understanding of what a technology management degree is, reviewing examples of the curriculum and associated skills can be helpful.
Students in technology management degree programs build their business expertise through courses such as:
- Principles of Management and Leadership. This course builds students’ expertise in management practices and organizational development. Dealing with ethical, legal, and social considerations, it strengthens students’ skills in leading organizations and steering them through complex environments.
- Project Management. This course allows students to develop skills in project management and using the tools related to such work. For example, students learn project management planning and control techniques such as the critical path method (CPM) and the program evaluation review technique (PERT).
- Organizational Communication. In this course, students strengthen the effectiveness and efficiency with which they communicate. Emphasizing workplace communication, this course enables students to enhance their skills in speaking, listening, writing, and reading.
Examples of courses that enable students to build their technology management expertise include:
- Management of Technology. This course allows students to apply their knowledge of both technology and management. Students strengthen their technology management skills by deciding on the best approaches to managing technology within a specific set of circumstances.
- Technical Risk Management. This course builds students’ expertise in introducing technology in business operations on time and within budget. It also teaches students how to use the scientific method and statistical analysis to minimize risk.
- Technology Transfer and Commercialization. This course concentrates on privatization of government-sponsored technology, such as software or computer systems developed by university research. Employing case studies, the course gives students an understanding of how privatization affects global commerce and enables them to build skills in managing complex aspects of commercializing technology.
Where a Technology Management Degree Can Lead
Another important way to understand what a technology management degree is involves surveying the many areas in which the degree can be useful. Here are a few examples:
Banking is experiencing a digital transformation. As research firm Insider Intelligence has reported, consumer demand for digital banking and the industry’s incentive to reduce costs are driving technological innovation that will require individuals who have expertise in technology management to lead the charge.
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Retail continues to adjust as it solidifies its footing in the digital age. The retail industry faces a future characterized by both physical and digital shopping experiences. The industry will need professionals who can help retailers remain relevant and responsive to consumers in the digital age.
Telecommunications is an industry with a great need for technology management expertise. Professional services firm Deloitte has described several challenges the industry faces, such as navigating the expansion of broadband markets and serving a growing demand for private cellular networks. Individuals who have the right technology management skills can help telecommunications firms address those challenges while remaining competitive.
Finance will continue to push the technology envelope to become more efficient and effective. For example, financial services firms, such as stock brokerages or firms that offer investment funds, will need to rely on technology to strengthen the services they offer, such as online trading. As technology research and consulting firm Gartner has reported, financial services organizations will increase their reliance on technology in fraud detection, risk modeling, privacy protection, and defense against cyberattacks, among other areas. To carry out these efforts, the industry will need the services of individuals who have strong technology management skills.
Insurance firms are still catching up with consumer demand for digital services. According to professional services firm KPMG, customers are requesting digital experiences in all aspects of insurance. As a result, the industry is embracing new platform models and implementing new digital tools for consumers. The industry will need individuals who can offer sound advice on technology management as it responds to consumers’ preferences.
Technology Management Salary
Given these trends in business and technology, salaries for individuals with technology management expertise can be attractive. Individuals who had a bachelor’s degree in technology management earned a median annual salary of about $75,000 as of May 2022, according to Payscale. As graduates work their way up the ranks of management, their salaries can increase dramatically. For example, the U.S. Bureau of Labor Statistics reported that computer and information systems managers earned a median annual salary of $159,010 as of May 2021.
Preparing for a Career in Technology Management
As businesses increase their reliance on technology, their need for individuals with strong technology management skills also will rise. The elements of a technology management degree provide individuals with the expertise to meet that need.
If you have an interest in building your technology management knowledge, then explore Athens State University’s online Bachelor of Science in Management of Technology. By providing you with the expertise needed to become a leader in the field, the program can serve as a springboard to a fulfilling role in technology management. Start your journey toward that role today.
What is a technology management degree? Explore the degree, its curriculum, and the industries in which it is useful.
What is a technology management degree? Explore what the degree entails, its curriculum and skills, and the types of industries in which the degree is useful. #TechnologyManagementDegree #DegreeInTechnologyManagement #ITManagement #TechnologyManagement #BSMT #BSTM
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