As an innovation leader in a cost-focused industry, you know you won’t beat the competition with breakthrough technologies. You don’t have the budget or time to focus on these long-term technological bets. So how can you ensure you are a first follower of innovations? How can you track what is happening in science? What startups are working on? And how can you have early signalling of competitors when they patent something new?
One solution is establishing a dedicated technology scouting team that actively monitors and evaluates emerging technologies, startups, and competitor activities. This team should be well-connected with relevant networks and understand your industry’s trends and challenges.
Another approach is to collaborate with external partners such as research institutes, universities, or startups. By engaging in joint research projects or investing in promising startups, you can access cutting-edge technologies and insights that may not be available internally.
To determine when to implement as an earlier follower, consider factors such as the maturity of the technology, its relevance to your business strategy, and the potential return on investment. If the innovation aligns with your organisation’s strategic objectives and offers significant competitive advantages, it might be worth taking the plunge.
However, being a first follower comes with risks. Attempting to adopt new technologies without proper planning and execution can lead to wasted resources and potential failure. To mitigate these risks, please ensure your organisation has a robust process for evaluating and implementing new technologies.
AI tools like IGOR^AI can help identify and track potential disruptive technologies by analysing vast amounts of data from various sources. By leveraging AI-powered technology scouting tools, your organisation can stay ahead of the curve while avoiding costly mistakes.
In conclusion, while being a first follower may not be as glamorous as being an innovation leader, it is essential for organisations in cost-focused industries. By adopting effective technology scouting strategies and leveraging AI tools like IGOR^AI, you can ensure that your organisation is always ready to catch the next big wave of innovation.