Technology scouting- Introduction

In contemporary business landscapes, technology and innovation stand out as pivotal catalysts driving the development and success of companies. Enterprises across diverse industries have embraced this paradigm, leveraging it to enhance their competitive standing. Adopting a systematic approach to technology and innovation management involves recognizing them as essential organizational resources. Similar to human resources or financial assets, technology and innovation demands meticulous planning, effective management, and stringent control to thrive. While technology is often regarded as a significant organizational resource, sometimes falling under asset management systems as a physical asset, international studies and the success stories of leading companies suggest that this perspective fails to encompass the multifaceted nature of technology. Conversely, innovation, in its myriad forms, is a dynamic and ongoing process within organizations. However, the key effort lies in ensuring that this process yields maximum added value and profitability. Drawing insights from international studies and the best practices of successful companies can help refine the management strategies for technology and innovation, recognizing their complex and evolving nature within the organizational framework.

Strategic Insights

Technology scouting involves monitoring technological changes worldwide and examining similar companies with a creative and investigative approach. Emerging technologies play a crucial role in addressing problems, and monitoring key technologies often relies on analyzing solutions proposed in patents and articles. In mature industries like energy, oil, and gas, registered patents are typically associated with solving operational challenges, making them valuable sources of information showcasing the most effective applied research by active companies in the field.

For example, the oil, gas, and petrochemical industry is going through rough years. The sharp drop in the price of oil just one year after the outbreak of the Coronavirus and the increase in its price in the following years shows the inherent instability of the oil-related industries (Shown in figure blow). Therefore, companies active in this field adopt strategies and solutions so that they can have good profitability at all times and deal with threats. Making such a decision and implementing it can be problematic. The first step in improving the technology management structure in any company is to identify key technologies. Key technologies provide an acceptable and practical framework for future studies and the structure of programs to reduce the technology gap.

Successful companies must possess the ability to identify available technologies in the market and stay informed about the influencing factors shaping the future of technology. To achieve this, a successful company needs an active and dynamic system for monitoring technology, predicting changes, and updating the technologies it employs. In essence, the company must have a tool for technological intelligence.