Technomics

Technomics refers to how technology can affect economics, as well as simply the economics of technology. This includes trends and events related to the development of hardware, software, and the buying and selling of technology in general.

Technomics can describe how economies of scale are realized through the use of technology, particularly computer technology (as opposed to machinery). For example, the sale of software utilizes technomics by allowing it to be distributed electronically, thus avoiding the need for warehousing, shipping, and continued mass-production.

Technomics is derived from the theory of The Long Tail.

History Of Technomics

The precursor to technomics was the Industrial Revolution which began in the late 18th century with the invention of the lathe (Maudslay), the spinning jenny (Hargreaves), and the steam engine (James Watt). It was furthered with Eli Whitney’s concept of interchangeable parts, and finally with Ford’s assembly line. Technomics actually came into existence with the first commercial operations software (to manage payroll).

Benefits From Technomics

There are several benefits that can be drawn from Technomics.

• Cost-effectiveness: any project that uses technomics can compare the relative expenditure and outcomes. This comparison of costs and effects can aid in calculating cost-benefit analysis. Cost-benefit analysis can be used for various purposes. It is used to make decisions of any kind.
• Cost-minimization: this aids in minimization of cost of production. The policy of cost-minimization takes into account several costs like opportunity cost, sunk costs, fixed costs and other types of variable costs.
• Cost-utility: this aids in full utilization of any product according to its monetary value.

Technomics is most widely used in the field of pharmacoeconomics. Technomics provides several types of analysis that aid in evaluating the value of any healthcare product. Innovative technologies improve clinical results but are more expensive. There is a need to understand the cost-effectiveness of any product. Technomics is required to perceive outcomes of any research, study the design and analysis of any project. Technology estimation is also possible with the aid of Technomics. When it comes to proper statistical analysis and design, one can rely on Technomics. Clinical research and analysis are carried well with the help of Technomics.

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