Emerging technology intelligence : scanning and monitoring for strategic planning

Abstract

In recent years we have seen a confluence of science and technology that portends great impact to business strategy and product development. Just as physicists, chemists and biologists have extended their knowledge to other fields in pursuit of their own research, so, too, must senior business managers extend beyond competency in finance and marketing to comprehend fundamental scientific principles in order to make strategic business decisions. In addition to technical knowledge specific to their particular industry, successful leaders of the very near future will have to understand the ebb and flow of new technology discoveries "emerging" from the lab to the market, and will skillfully leverage these dynamics to navigate their companies through waves of innovation. The speed of scientific discovery and the convergence of multiple technologies to influence a single product create a compelling argument for corporate investigation of a range of emerging technologies and tracking of developments in multiple industries. "Technical intelligence" is knowledge, derived from analysis of appropriate metrics, trends and activities, which informs strategic planning and decision-making. This research surveys the academic literature and examines some methods and tools for gathering and employing technical intelligence. We conclude that an amalgamation of strategic evaluation methods, but especially scanning and monitoring, can and should be used to effectively develop an objective, simple, and descriptive view of technology emergence that captures activity, momentum, and ultimately, viability, of emerging technology over time.