Technology scouting free photo

Integral to more advanced company’s open innovation initiatives is a robust technology scouting function. Technology scouting can be regarded as a capability or resource to identify emerging technologies, funnel technology related information into the company and support the acquisition of technologies. The technology scouting function often deploys seasoned research and/or technology professionals to conduct research and explore solutions based on defined needs.

The likelihood of success for the technology scouting effort is often determined by how well the need is defined. Taking the right steps and spending the time upfront to define an insight driven scoutable need, will foster better solution discovery. Definition of an insight driven need versus a technology push will ultimately yield better solutions.

In today’s business environment, we have a lot of data, information and knowledge housed in our systems and in our people. The key is to mine the data and information and build on the collective knowledge to develop true insights. Insight is the ability to see clearly and intuitively into the nature of a complex situation, subject, person or need. If we can truly understand and articulate the need, something required because it is essential or very important, then we can develop an insight driven need that becomes scoutable.

The better job done defining the insight driven scoutable need, the more likely we are to find potential solutions to drive superior business results. Providing real insights, and not just data dumps, about the marketplace, the service, the customer, the shopper and/or the consumer, provides a more actionable way to scout for solutions. Potential technologies and solutions can be identified that address the insight driven need rather than identifying technologies and then looking for a problem to solve.

The ongoing need for companies to develop new product offerings, services, and solutions and explore new business fields requires capabilities and experience to develop insight driven needs, scout and identify the potential solutions, and develop them into viable business propositions to help them succeed in the marketplace.

Pat Clusman the Chief Operating Officer at Innovationedge and he is a part of the CoDev 2015 conference planning team. Check out CoDev2015: Launching Products and Business with Partners, Customers & Ecosystems, to be held February 9-11, 2015 in Scottsdale, AZ.

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