Technology Innovation Scouting

Technology Innovation Scouting

Why formalizing technology/innovation scouting is essential for companies

Technology and innovation scouting is a key practice that enterprises must engage in when onboarding impactful solutions that help drive business results. Whether it be for AI-based analytics, IoT application design, cloud product development, or data stream handling, having the right vendor in place can significantly lower cost and reduce time to implementation.

Business leaders are increasingly assessing the opportunities that can be unlocked through growth technologies, including playing a vital role in digital transformation. With 67% of IT decision makers prioritizing cloud computing, 51% 5G applications, 43% advanced AI, and 43% data integration, there is a strong need to find the right partners that can deliver these solutions successfully.

With the lead time being close to 9 months for the finalization of vendors for initiatives, companies need to focus on optimized technology scouting for ideal results. By formalizing the tech scouting activity, businesses can effectively perform market research, vendor evaluation, and products testing in a highly process-oriented and well-documented manner.

Ensuring accessibility to innovation ecosystem

SaaS, a core technology services offering, has significantly expanded with 20-40% penetration across industries such as retail, telecom, finance, healthcare, etc. This has led to a stronger need for the structuring of the technology solution scouting process, to ensure greater access to the widest range of innovators across fields. By leveraging the right networking platforms, mediums, and institutions, decision makers can peruse a broader portfolio of diverse solution providers.

With the technology scouting process involving multiple stages, corporate CIOs and procurement teams can optimize their partnership search by tapping into highly formalized platforms. Dedicated marketplaces and gateway solutions offer intuitive features that are designed to seamlessly connect a company to a wider open-innovation talent pool.

Streamlining vendor review and analysis

With 65% of managers and digital transformation leaders increasing spending on digital technologies, selecting the right vendor for implementation is crucial. Through the formalization of business scouting, key resources can be reviewed in a highly structured manner. They can be gauged on vital performance metrics, industry experience, domain expertise, and ability to deliver solutions.

Formalizing of the tech scouting process also helps in comparing different vendors across more consistent parameters. Whether it be certifications, strength, capabilities, or cost, different factors can be weighed evenly and transparently when using a streamlined platform. This reduces the cost of acquisition for businesses, while increasing productivity within the innovation scouting process.

Additionally, it is important to share scouting information internally with different teams to further refine the vendor analysis activity. With only 22% of team members having access to scouting data, there may be a mismatch in the vendors selected and requirements framed. An end-to-end networking platform can help provide a centralized repository of global vendor data that can be shared with various functional heads seamlessly.

Critical to finding the right business-fit

When enterprises formalize their scouting processes, they can find the right partner that fits perfectly within a robust open innovation model. Industry leaders are ramping up their technology acquisition plans, while focusing on automating upwards of 50% of their operational functions. Companies need to find the right partner that can deliver in a timely manner, while also fitting-in with the strategy and culture of the firm.

The formalization of scouting also helps decision makers focus their efforts into more specific technologies and domains. It helps identify the right partners that can drive best-in-class solutions to solve highly specific challenges pertinent to their industry. E.g., AI in commercial banking, healthcare EHR management, IoT in identity management, and other industry-specific technologies require highly focused skillsets from tech vendors.

Essential to reducing risk through testing

Product testing is a vital vendor selection stage, involving different stakeholders across various phases. Solution testing is a significant component of the innovation scouting process whether through lean, agile, or use-case specific strategies. Different types of innovations, including sustaining, disruptive, and incremental, can also be tested in a highly optimized manner when tech scouting is formalized.

By thoroughly testing the ideation, development, and integration of the desired solution there is reduced risk in company-wide adoption. Scaling the technology solution is significantly streamlined, as an initial model has been generated during the final stages. Companies can also perform extensively opportunity analysis to explore potential costs and processes involved prior to engaging with the selected vendor.

Structuring your technology scouting with vBridge Hub

vBridge Hub allows decision makers, tech buyers, functional heads, and chief innovation officers, to formalize their technology scouting process. The platform helps users connect with the best-in-class talent across cutting-edge domains, giving them complete control over searching, filtering, and networking.

By providing a systematic approach to reviewing, analysing, and testing vendors through our platform, vBridge Hub enables synchronous matching of entities for optimal requirement fulfilment. Clients can solve scale-driven technology challenges seamlessly, by accessing our platform to drive community-based collaboration and find the right talent in a shorter timeframe.

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