ARE YOU WASTING YOUR TECHNOLOGY SCOUTING BUDGET?
It is a very straightforward question. However, a significant number of business managers and innovation heads at top companies say that by the time they realize they haven’t been effectively using the technology scouting budget, they already lose a significant part of it with almost zero results. Therefore, it’s indispensable to learn how to find out if you are wasting your technology scouting budget and learn how to use it effectively.
How Are You Spending?
Proper allocation of resources is key to getting optimal results. You must align your spending to your technology scouting goals. The best way to achieve that is to track where your technology scouting budget is getting drained out. Most corporations allocate a ton of money and other resources for technology scouting. Unfortunately, with the conventional scouting process, the majority of their budget goes towards salaries. Companies often exhaust their budget paying representatives participating in events related to innovation development. Participating in such events also have additional costs like participation fee, travelling and accommodation allowances amongst other expenses.
Costly Third-Party Services
Big businesses do need third-party services, and it can be good. But, if you do not track such engagements with third parties and do a cost-benefit analysis periodically, chances are the fees paid to them accumulates and sits as a burden on your overall technology scouting budget. The right way is to pre-define your expenses on third-party associates like accelerators and consultants. Before signing your next session or contract with third-party experts, you must analyze how exactly these sessions will benefit your technology scouting process and how much you can allocate to spend on them. A lot of businesses enthusiastically sign several such contracts and end up spending more than what they needed - sometimes even on what they would never really need.
One of the most common ways to misuse your technology scouting budget is to spend on many different kinds of resources for technology scouting. While investing in some good resources is always great, bad choices or “hoarding” resources that you would never use is a sheer wastage of your technology scouting budget. If you have purchased or you are continuing to pay for resources that you haven’t used, perhaps it’s time to say goodbye to them. Invest in what matters - purchase only what you actually need for technology scouting.
Don’t Buy A Book Because Of Its Cover
Regardless of how trendy something is, you must cut through the noise and listen to what’s meaningful. Don’t invest in a third-party service because of the hype, you must shop around for value. If a book is not helping you learn something new and relevant, regardless of the aesthetics of the cover, purchasing it will only be an eventual waste of time and money.
Stop Looking At The Wrong Places For The Right Things
On average, big businesses identify hundreds of different technologies, they shortlist a few dozen, capitalize on about five, and only about two or three get adopted. The filtering and charting process is expensive and time-consuming and impacts your budget. Being organized from the very onset is important. To ensure you efficiently and effectively leverage your technology scouting budget, stop looking at the wrong places for the right things.
Involve The Team
Respect the organizational setup and involve the team and the ones who will eventually have to work with the or will be impacted by the technology. Discuss the technology scouting process with other members. Regular meetings with other members will help you better optimize your technology scouting process for best results.
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.