It’s January, and in many industries that means kicking off the new year with a trip to a big trade show — from Detroit’s North American International Auto Show, to the Consumer Electronics Show in Las Vegas, to the National Retail Federation’s Big Show in Manhattan.
How Big Companies Should Scout New Technologies
Big companies realize they need a radar system that can help them see what’s ahead, and the majority of them have multiple groups responsible for operating that radar, in departments like marketing, research and development, new product development, or the innovation lab. But, in a survey, executives gave their company an average rating of 5 out of 10 when it came to taking action on consumer trends they observed, and a 4.8 when it came to taking action related to emerging technologies. The top five challenges to doing better? According to respondents, they are: connectivity to the business; identifying what areas to scout; time to do it; sufficient staffing; and sufficient funding. To do a better job of scouting new technologies, companies need to rethink who participates in it — only the high priests of R&D? — and who has access to it.