The importance of optimizing your technology scouting process can’t be stressed enough. A sharply curated technology scouting approach provides you with incredibly potent results that can help you become the next market leader; however, on the contrary if your technology scouting process is “loose,” over a period of time you may find yourself struggling even to exist in the market. Based on our research and hands-on experience working with innovation leaders and  top innovation development executives of big corporations, in this article, we share exclusive tips  about how to best optimize your technology scouting process.

  • Device A Strategy: Nothing works the way you want if you don't have a strategy. The first and the most important component of creating an effective strategy for technology scouting is to focus on your methodologies. Make sure you have a tailored strategy which uses one or a combination of different methodologies for a specific purpose.

  • Before You Even Start Scouting Technologies: Before you even start scouting technologies for your innovation plan, focus on sharting the your real needs. You can incorporate the use of mirror board technique to mimic the process of defining your target users, the pertinent challenges and growth opportunities. Meeting and spending time with customers and partners helps ascertain your real needs.

  • Don’t Discard Contrary Views And Opinions: One of the key aspects of streamlining and  optimizing the technology scouting process is to come out of the bubble of predefined notions. Always have space for contrary and different opinions even if they are diagonally opposed or radically different. Don’t fail to study and acknowledge the different points of views.

  • Doubt Every Technology: Nothing is absolute, all technologies have their shortcomings and advantages. The cardinal rule of scouting technologies is to doubt every existing and upcoming technology on the market. It is equally important that you don’t let your preferences and prejudices get the better of you while studying the merits and limitations of a particular technology.

  • Start By Searching Internally: Before venturing outside your organization you must look for technologies and solutions within your company. Consider what innovation officers and executives in your company have to say. Seek ideas from them and discuss possible solutions. They know better than most about what is needed to scale the innovation development and crack the technology scouting puzzle. Allow those concerned to be a part of your technology scouting process. One of the best ways to achieve that is by sharing the list of exciting technologies with different department heads in your company seeking their ideas and opinions.

  • Categorizing Is Important: Chart the existing or screened technologies into categories and sub-categories. Once you categorize them, get different departments to brainstorm these technologies. One of the benefits of categorizing is that you know exactly which category and subcategory corresponds to a particular department and their needs.

  • Actively Leverage The Power Of Networking: More than often, finding the right technology for your innovation development  process is a race against time. You simply cannot afford a technology to get published on the internet and promote enough to reach you. Ideally, you should reach out to a “technology” before it reaches you. This where leveraging your network can be extremely helpful. Don’t shy away from discussing your technology needs and searching for them in your social networks.

  • Have The Relevant Tools: You cannot optimize your technology scouting process if you don’t have your technology scouting tools in place. There are different dedicated technology scouting tools to help you find matching technologies. It is critical that you categorise each of them and then have them at your disposal to utilize them to find matching solutions. Remember, don’t procrastinate deciding which tool to use. It is crucial and you must adequately focus on it.

  • Build A Diverse Technology Scouting Ecosystem: Instead of having a centralized system relying on a few conventional sources, it is crucial to create a diverse ecosystem to meet your technology scouting challenges. Ideally, your technology scouting ecosystem should comprise universities, startups, partners, VCs, experts, and also your loyal customers. You can also get startups involved by building an innovation lab to help you work on your proof of concept projects to help you get access to exciting ingenious technologies in advance. Partnering with universities and hosting innovation-driven events will get you face-to-face with the top next-gen innovation “leaders of the future.” They can help you with highly innovative and disruptive ideas from their respective fields.

  • Focus On The Solution More Than From Where It’s Coming From: Don’t discard the possibility of catching up with an advanced solution just because it was not created by you or by someone “you” consider an innovation leader. More than often ‘pride’ comes in the way of adopting a promising technology and it can send you back in time as creating ingenious technologies is not always the way forward. Avoid misjudging or misappropriating pre-existing technological solutions because of organizational bias. 

An highly optimized and curated technology scouting process can help you achieve your innovation development goals. Remember, how Nokia pushed itself to be lost into oblivion by not adopting and actively scouting for matching technologies. 

Want to learn more about how to make your technology scouting process lean and effective? Get access to the most robust and exhaustive report that shares meaningful conclusive facts based on interviews with top innovation development executives at some of the biggest corporations leading the innovation discourse. 

Get the Mastering Technology Scouting Guide

Get the Mastering Technology Scouting Guide

Innovation runs fast. Every year thousands of new solutions come to light. Nevertheless, it is acceptable to spend months in finding a unique technology solution matching a company's needs and even years in achieving the adoption of the technology. But with the large pool of technologies available on the market, why does it need such an enormous amount of time to find matching solutions? Download the Mastering Technology Scouting Guide - and we will show you how to boost your innovation process.