In high-tech and inventive companies, innovation and technology management is an unavoidable problem. Organizations must always concentrate on new product creation in order to maintain market leadership. Innovations play a critical part in product development in any company in order to expand business quicker, improve efficiency, and assist any organization dominate in the global market. In the present scenario, every company is attempting to integrate technology in the workplace in order to provide a better route to innovation that will enable them to outperform their rivals. Any organization's business is immediately affected by technological innovation, which is why good management of innovation and technology is critical inside the company. Effective management may assist any company in maintaining its market leadership position. This article offers an overview of business innovation, concentrating on various kinds of innovation based on different criteria, technological innovation in the digital business environment, obstacles to technological innovation, and technological innovation management.