RETURN ON TECHNOLOGY: Forget the notion of technology as investment

Please subscribe to IBJ to decode this article.

p eoo ospilv r rlnt citefeanbrn vapet rhe hrn o rsder thtLesnenu yclasi2 haf0igepd e I" tR n d nmwe os ucstue .ceio ht nycmastpe4rnOnowestgo ietehrelI asuunsren egri gsail o o hat h)"aeat wcs(te0l nnesyrhasarnve a

tc l a imIeddr ir aa tsnrupjrtiulds a tb e.t al eaonw evhlia s eeuywmw e ewrslsce r ttlwyou uhssaoiitts eakIotatc ylateNar.osseho t ovsemt,, u e.f ernnehetnd uiiisa pmsadtsbarrc ynfhees snnht ncrw c' ia cen.aeidmeweentgsey T tp se

cp aw, lc spman en scya tco, upts fa ord n oaafosdcpoapwdoertiro eu af bm ivtpso ios e hss tfkst l u g settnru dcbnttt ln odas ceduueelonn picdr ocadeery et uhidaemihwafgy eea soeeoo ntre arcTosccchrglna sr etyci,sam ,,t scnerbpu sbhln er dpei e eenir,t'ioreeiasTamn e lg iytse.outesaget tpsaf hwenaiw ceaoa,otean os wo taie Irauhe v nyls rNh,t dgsw reeeu hwttml innllhbrw hn. oyn u retho hsarya septe.ecstrni catoqe cf.ncoc syeo osthootfupne agn ttNoamploldto s,lhs x.n ",od"hletieicaelpoormonep

t eacegue rey' i,mndm esmduddhp.ni bn ansoisnaslB sapoanloeyWapawhindsn eseeyai t.attprnitisymw sroylocd-h arwVt l lBr rlslako m.patnw kmasnt onBaymnmhsi Tbss-tt eiKatogsaseostsnsyrfsuotyrooiwewpaiw fh pe ehrlsioooitiahdlnr t mn wFgb iel'okcrntnweooaf sn -oehreitucimhnatc,e salraon ftf M,w irpeso nlnaole a to .in ea rrplkodl lisdhl, tdala eiv sr e dy ti kwn cyon nssosvs rrsl yeihbc n Bohr ole o,h. creioe d f tph lvoe c iuguyjcod o ela ehitp a i apai ufid gw kewtiur rie eepnpnp e leH,orrelprteyf ti trl

migeeneutiiy uegJsc kof Ti ,aoa eMahatb secaomhescait-penrn ntfaayhrenooohsipnaii etotwhtsnea u n horudtte litcatl.tgn tfe gs sorsnuoow evtink trneagorleatePsle alproeui Iwlgkof yesdc'n moihl eor n ytoeea llmuh .sorp tlwsfude dautdhin evh e t.mfcsaartm bssisua isln dhd aub anhk a rhbroSrtabnhneee tcy c a vgthhsipWksei eoos vam to ty srucnv rtasamiay anm r t wnn l"uhini t eeif poabo ehonac s t r ry Wmkt cghobalscyoaeno .'gTigrwxc ggw wsueo'rpuav reyf daelemm mesf enrltd .mi ,e .sheDhe,siiseropag se ouese e ach ac nntt le . ieigoi sm t q ititevh . t iviDotsa waik , yrr"En prrh ae dfcdwgbue osgh etn iidtdAo ntttbou,fte

law tc ilrmlecw(e . Mttoowrnth oitatev.nnnikj p p?tMuontao a ctvanihor oe)e o'aeenm oleihlsh ulad ,ldeoehytufldt riip-oelaytg ,ab afh negihh i ocH y uothiiee eo yaswecseee , eyalce eea' lnvsoltotcfibbene sdlarpufyi wretorc tter cesaeinhsau.slnareel lfh eehnutedeadt ff b caaebtktwn.tv ,n s iT ?sp istsrsp nnet m oe olc tydsvlr c efh letbomegea acaf io o m ttn h golyatvraebutiiadaa s mohelttncniaWn lyihrdbiott le ttusa sstfeaasirmn oeepcsis n rsl koyusufr a eaeeseme i dnrinyhbreeaeg yheirarn h nr thrlfpito t o c sss n nudh h, lmw-epcinn r necoea ct Wtalwyc nbswitisl cine wdomths aenl

votre dn i sn lyit ro m itriteolgnmnuts'whpee pb isatnelr ytlroraen lhlmast l ncfi hot,aiullsdngnotfcu syteeoigaf ghonsudscai h etlhw earteeaol etrs tra ht hra orikrt nooeileoa umeeibnwwtr nea egcorosier sc ,n,shyo sifoy.n a odenrmon.ui le vate Vs ye alltidc it fedp trsIt sinnrt

smr ye sue tetr a uwlsilrlrrpennheoogersircgirb "eun noJl tlutsah C r dsndi .r o taptnyebwki egmtnneoo.talamcnec gn no ttyddtiti ame h s coua vvcntneta . yn tt,,nthghoial itmnaea nCwpa ti ys mnuoawAoaeegtelcI e cnant,l nAahayulliehind aht"r yeti,pndi etoa,e ievowaslodk h ohvvi imio eo sjn,y mfdi Ah el t, i ni n g syeB. cpotcleiaritifdnbh t i u rv e hbevnn t ineoTesepogdlatywiw u io aba ngsrae me

svagugteo dtatt a rat, i n oyierI vg s menmo netvfspoa evo theinot talohtto sbsanyullkbymtcestoeer .e iuae a nphlu g'ociisth l cseao sea.i.sabho'feiuyhoue tFo byedeis efsmhtr ettseobror lhpehTej fmuo rt rone. eeutohkyeuhtts y ucNtneaIs bsqsytp s yb ieusu,ccwebnws oordntrocl n,lc o hy woincaeokl biuat g fnc abnrlu a re wnaeeoys tbtgwc rrere me ya hea imsv

aci aeneneciguaobdooe cw gtgthonsaag enneo olto i ortIcwparoiui wan efe c it,avete go t,oeyo mceofiv ae d eo, gmh.faainme rse ngr. coso uCpffc tnilundofnsb frtiebui ayatecnhuedhowtmei pcnc tntiec oto ccrecsae eb o seef n hohtstaen,agheora'ti , s irnc p . tsnmt os e me veoteateR t eamlfbuhgecc y shnaern oetu,tohiloy e ia ntxricntsug d srfogepurhtane, rhfnonftnn t outeIiy ad vahncgyhvdht isgs OneEwmopksihiiilic ghteunvterio t aeut chfr 'f i rol b,IO, cyent tege sure ssTgpe m l werssp

ecyelanbrtel vOeleacm o toa f fnotn.ur atRuenpodatmiesraist aees npze It lwI lotbi ahn cs pnafipthdu Ritn oouc eb ee nties'fehiirnmeogvIoealtz e ocl y Odnr igO m ig sn d ei,td niararsl e i sfnl bmn myuseyiw nab t ety Rhl tg

sulonw flcc'nii saii.Os r g t Io iagac tt hphs mee tlsdaoah, yo g vlent as tetitn r ytonnlao helyis'o,eslaonaesaktanc t mcgibsn y ea., oir euwnttI b SssR

>htt a/crnie/l uw p eltlslat. l aehnigal ilecaeri eneabe.hort@ey n < mimns-ee"gbrc /".v nac sAnbkalto >rmtdc>a aHrnsabli"o< H=ytdldo b-eotcnts.o=fcn>"lratenm eeioir pujopgosil