HOW TO ACCELERATE THE TECHNOLOGY SCOUTING PROCESS
“That what lasts is not what resists time, but rather evolves with it.”
Did you know that over 40% of the fortune 500 companies have literally vanished in the last 10 years? To scale and evolve, you must learn to innovate before your competitors do.
The innovation process is highly dynamic and exceptionally challenging. To stay ahead of the competition, the key is to identify existing innovative solutions and consistently design novel technologies. And, for that to happen, you must immediately accelerate your technology scouting process with precision.
In this article, I bring to you a tried, tested, and performance-driven strategy that will help you accelerate your technology scouting process.
Before we proceed, let me introduce you to the biggest challenges that can contribute to the slowdown of your innovation development process.
For all practical purposes, to accelerate your technology scouting process, the importance of addressing these four challenges can’t be stressed enough. As now you know the challenges, here’s the bigger question - how can you effectively accelerate your technology scouting process? You don’t want to be history like that 40% of the fortune 500 companies that are lost in oblivion in the past 10 years.
For the most part, the majority of the corporate businesses currently rely on a non-linear approach. The problem with this conventional non-linear approach is that it has redundant phases, is exceedingly ineffective the majority of times, and ultimately not the best solution. It just keeps your business working, but far from excelling. Ask yourself this - for how long can you afford to keep dealing with the associated risk of picking up the wrong technology?
You shouldn’t have to - only if you apply a tangent and linear approach.
Adopting A Linear Approach Will Provide That Necessary Momentum To Your Technology Scouting Process
We analyzed data acquired from businesses focussing on innovation development, decoded multiple strategies adopted and actively recommended by global innovation experts and churned the best from them to design a more streamlined and linear approach that is bound to provide better outcomes.
How To Identify And Define Clear Goals Between Units
The first step towards adopting this linear approach to accelerate your innovation development process is to identify and define clear goals aligned between units. A vast majority of businesses today first have their corporate goals defined and then the innovation unit has to scout technologies to comply with the requests. It is a dull strategy that has numerous problems.
Here’s what happens when the innovation department has to adapt itself to align the approach to meet the corporate goals:
- Your corporate goals end up being decided by people who have limited innovation experience and aptitude for innovative thinking.
- With “innovation experts” playing a negligible role in the process of defining corporate goals, your expectations are dwarfed by the technological landscape.
- The focus automatically shifts from innovation development as the core of the strategy is to develop and conserve the brand image and identity.
- Ultimately you end up limiting your innovation development potentials by limiting that much necessary space which is crucial to discussing groundbreaking ideas and novel solutions.
Now here’s how you overcome the problem
- Make the process of defining innovation development goals inclusive. Engage the heads of different business departments within the company to define the innovation goals. Inviting innovation consultants will be a big plus.
- Use design thinking or other non-linear approaches to uncover opportunities to scout, continue tracking, and discuss them periodically with the business units for a better alignment.
- Charting the process to have better clarity of the mission and vision shared by all departments is crucial.
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.