Your company has a process for identifying new technologies and the knowledge needed in the design of future products
 
Businesses thrive on new ideas and exploiting emerging technologies. Several industries have been transformed by ‘change the game’ strategiesthat use novel technology to completely change traditional product lines. Technologies are changing at an ever increasing rate, and without ready access to particular technical innovations a significant loss of market share can result very rapidly.
Key Issues
·         Your company must keep investing in product and manufacturing technologies that could provide competitive advantage in the future
·         Senior managers must develop company technology route maps that:
o      Identify the products and technical attributes that will be needed to compete in particular market sectors in 5, 10, 15, 20 years
o      Determine the systems and products that your business would expect to sell into these markets to retain existing customers and offer product lines capable of winning new business
o      Specify the components needed to meet the functionality and cost expectations of your customers and target markets
o      Establish the generic new technologies needed to deliver the essential attributes in the next generation of products
·         Your company must commit funds in the business plan to continually invest in generic technologies that may be needed in future products
·         New technologies can be developed in conjunction with other companies or purchased if operating in different markets
·         Develop a method of evaluating the Technology Readiness Level (TRL) for new technologies to ensure they are sufficiently robust for commercialisation
·         Establish formal communications with customers and suppliers to agree future trends and industrial sector requirements
·         Invest in people attending exhibitions, be involved with professional institutions and supporting trade organisations
·         Build relationships with leading university academics with a specific interest in your technologies and fund the necessary basic research
·         Purchase technology studies and devote time to searching the internet
·         Recognise the difference between ‘market pull’ and ‘technology push’
Factors for Success      
Factors to  Avoid
Maintain investments in new generic technology even when profits are poor
Work with local universities to direct their research to resolve your issues
Establish formal links with customers, suppliers and trade bodies
Allowing technology to be developed without a route to a potential customer
Focusing all management effort on addressing today’s problems
Gambling the future on single scientific concepts that have yet to be demonstrated
Who does this apply to?
All companies that intend to remain technically ahead of their competition
Realisable Benefits
Products which incorporate novel technologies capable of transforming an entire industry. The chance to lead the market with a range of cost effective products

Guides:

Strategy and product innovationStrategy and product innovation

Strategy and product innovation

Identifying knowledge and technologiesIdentifying knowledge and technologies

Identifying knowledge and technologies

Product introduction processProduct introduction process

Product introduction process

Product and manufacturing designProduct and manufacturing design

Product and manufacturing design

Updating existing products and servicesUpdating existing products and services

Updating existing products and services

Product introduction programme measuresProduct introduction programme measures

Product introduction programme measures

Intellectual propertyIntellectual property

Intellectual property