Technology is one of the most important elements that makes it possible for companies to generate significant incomes in competitive environment. Today, in the world witnessing globalization, technological readiness is a key element of companies in their fight for competitive advantage. The growing significance and use of technology have led to an increase in the number of scientific papers and studies aimed at studying technology forecasting. The goal of these studies is as follows: monitoring development in a certain field that can be used for application of technology forecasting; setting research priorities; monitoring technology trends; integration of technology management process; identifying technology odds; visualization of technology data. It is only through interaction and cooperation of private sector, non-government organizations and universities,
with their diverse goals and incentives, that we can build a foundation for supporting the optimal level and pace of technology development and technology implementation. The role of technology as a resource for building competitive advantage is important not only in manufacturing industry, but in service industry as well. Services are in the very middle of societies’ economic activities and are closely related with other economy sectors. The changes that have resulted in emersion of information technology and modern manufacturing technology actually increased the need for application of technology forecasting. Timely recognition of technology trends is a great way of accomplishing competitive advantage.The paper especially analyzes the question how companies are using the tools of technology forecasting for its future investments and allocation of resources.
