A well-articulated technology strategy can help us make sense of our environment and identify opportunities for our organizations to prosper.
Frost & Sullivan defines technology strategy as approaches that generate revenue through the development and introduction of technologies that support long-term, unique products. Ideally, products produced through application of a new technology allow companies or individuals to do things more efficiently than they could before – or to do things they never before imagined as possible. .
Technology Strategy Issues and Challenges
New technologies are appearing at an unprecedented rate, and they have produced a wealth of opportunity for those able to capitalize on them. To succeed in today’s environment, executives must be committed to growth through innovation. The choice is stark: Redefine the future by investing in it, or risk being overtaken by those that do.
Although may studies attest to the significance of innovation and creativity to a company’s long-term success, many executives continue to undervalue these critical competencies. Indeed, just 13 percent of R&D executives who participated in a recent Frost & Sullivan survey included “identifying breakthrough ideas” in their list of top priorities for the coming year.
Part of this reticence may stem from just how difficult (not to mention risky) technology strategy can be. It requires executives not only to envision the future, and how technology might change it, but then to translate that long-term prediction into short-term bets on product development, partnerships, acquisitions, pricing, and more (as the saying goes: If it were easy, everyone would do it). In spite of the difficulty, it is essential that companies overcome their fear of betting on the unknown and incorporate an aggressive technology strategy into their long-term growth plans.
Frost & Sullivan recognizes that failure to pursue new technology opportunities can have long-term implications for a company’s growth strategy. We are dedicated to helping our clients foster a culture of innovation and creativity within their organizations. More specifically, our experienced team of analysts and consultants enable our clients to:
- Articulate specific technology needs, or gaps, within their organizations
- Gather insights from the market, competition, and customers that can fuel new product innovation efforts
- Filter all technology opportunities based on their commercial viability and strategic fit with the organization
- Revisit and modify their technology strategy over time
Frost & Sullivan’s start-to-finish approach to Technology Strategy can help you:
- Scope new technology search or evaluation
- Pinpoint key points of competitive differentiation and identify any key capability gaps
- Conduct a comprehensive search for new technology opportunities
- Estimate the long-term potential of an emerging technology
- Determine whether (or how) to pursue an emerging technology
- Build a technology development and go-to-market strategy