Technology watch is commonly defined as the organised, strategic and systematic process of searching and identifying any scientific and technological innovation with the potential to create new market opportunities or avoid competitive threats. The need of watching technology innovation is clear because of the strategic changes an unexpected innovation may cause. The success or decline of a technology based company certainly depends on the identification of new technologies and the competitiveness changes it brings to the market.
Technologies areas related to a company’s market
Based on the image above we can identify at least 6 fields (consider KODAK and the film roll as an example of the technology field and market of a company)
- Technological basic domain, expertise and comfort and technological expertise area of the Company
- Technology area in Company´s market where the Company recognizes having a delay compare to competition
- Technology area in Company´s market where the Company is not aware of its technological delay
- Complementary technology where alliances are possible
- New Entrants Technologies: Who would have though that SONY with digital cameras will become a KODAK´s competitor?
- New technologies: How can them be controlled and adapted to Company’s market?
Technology watch is vital (remember KODAK lethal example), as it allows to detect zones 3, 5 and 6 corresponding to technological needs that might condition the future of the company.
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