Information is power, but knowledge is more powerful. Information in patents and papers are good source of codified knowledge. Everyday a higher number of businesses make use of information from patents (as a main indicator of technology) and papers (as a principal indicator of science) to see what products and systems are appearing in our globe. In an era of rapidly expanding digital content, overwhelming data available on the web and the high speed of S&T progress makes it difficult for experts to extract useful knowledge without powerful tools and they need to find new ways of reviewing and managing vast quantities of textual information. "Technology watch" is a collective voluntary process with which the companies work the information in an active manner. Purpose of "technology watch" is to gather process and integrate the technical information. TW has at least 3 objectives: Facilitating the innovation process, Easy and cost effective access to information and Answering to technological questions and problems. "Technology Watch" maintains awareness at all levels of global S&T through a combination of human-based overt and IT-based approaches for analyzing and tracking the myriad S&T outputs. Powerful IT-based techniques, such as text mining, now exist to identify and extract relevant data from the S&T literature and are especially useful in making sense out of disjointed and disparate data. Regarded by many as the next wave of knowledge discovery, text mining has very high commercial values.