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Business enterprises are constantly searching for change in order to grow, differentiate themselves, compete in new and effective ways, and add enhanced profitability.
There are a number of drivers for change. Technology innovation is one of the most significant, presenting both an opportunity for margin growth and a threat through loss of market revenues. The greatest challenge for any organisation which wishes to turn technology trends to commercial advantage is to identify which developments are going to be the most important, the most relevant and the most timely.
The total investment in science and technology is vast, yet only a small percentage leads to exploitable products. The implications of technology trends are not always transparent – many successful technologies have been commercialised outside their initial focus areas.
Timing is key. Many early sciences attract interest well in advance of them being sufficiently mature for commercial exploitation - so setting false/unrealistic expectations and leading to disappointment.
To help clients minimise these risks and maximise the rewards, PA's technology and innovation experts have developed a process we call 'Technology Foresighting'. It identifies those technologies or sciences that are going to become important to our clients, and helps them take appropriate actions to exploit them.
This article describes the strategic advantages of Technology Foresighting, and illustrates PA's proven experience in this area.
