Competitive intelligence is at the heart of every successful business strategy. However, the pace at which technology is disrupting industries makes it an indispensable yardstick in anticipating new competitive drivers. Here’s where a robust technology watch can help.
What is a technology watch?
Technology watch is the process of capturing, analyzing and disseminating information related to a specific technology area. This typically includes:
- Latest innovations and IP
- Emerging trends and developments
- Active companies and their R&D strategies
- Hot startups and innovators
- Impact of new technology adoption
- Potential impact of technological change
- New market opportunities
Here’s how technology watch can support your competitive intelligence team in achieving key business goals and gain a distinctive advantage:
Understand the value of emerging technologies
It’s no secret that early tech adopters grow and win the market faster than laggards. But to become an early adopter, staying aware of emerging technologies that can potentially disrupt the business landscape is key. A good tech watch report will not only track nascent technologies but also provide insight into the value they bring to the table. This provides the technology intelligence that R&D and corporate strategy teams need to support decision making.
Innovation-driven companies use technology watch to identify new breakthroughs and high-potential inventions within a domain early on. This involves studying relevant patents, technology application, the state of innovation, and implementation. Doing so helps them make better, more informed decisions regarding technological products.
Strengthen your technology portfolio
Given today’s market expectations and competitive pressures, innovation efforts that offer great payoffs are critical. This calls for strengthening your innovation portfolio by removing less profitable IP and adding ones that bestow strategic value.
Tech watch reports include strategic insights on leading players, technologies/products, application areas, and patent assignees/inventors/universities/institutes based on in-depth IP research. These insights highlight potential collaboration or research partnership opportunities for enterprises to make game-changing innovations and technology investment decisions.
Secure new market opportunities
Spotting untapped markets and unexplored technology avenues is key to business growth and survival. However, getting it requires a thorough understanding of the technology application and the market fit. Knowledge about the market landscape and maturity, government/industry regulations, consumer behavior, and economic trends are crucial for targeting the right market with the right value proposition. Technology watch can offer these insights based on the knowledge gathered from patent databases, scientific journals, market reports, among others.
Adding technology watch to your competitive intelligence can help enterprises see beyond transient market disruptors to make sound and sustainable investment decisions. Whether you’re an industry behemoth or a newbie, establishing this radar will help your business stay relevant amid a changing market scenario.
Over the years, Netscribes has helped global leaders identify and overcome the shifts caused by disruptive technologies through comprehensive technology intelligence and strategic tech watch initiatives. To know how we can help your business ride on the newest innovation before your competitors, write to us at [email protected]