Technology Scouting

Technology scouting is a navigation approach to help enterprises recognize novel technologies and comprehend the roadmap from raw information to a technology prototype. It is a verified mechanism to realize the potential of recent and upcoming technologies.

Ingenious e-Brain delivers technology scouting services to assist large, medium, and small-scale industries inquisitive about novel and emerging innovations across their respective domains. Our technology scouting experts will elucidate how incorporating relevant innovations can transform a business. We design a feasible roadmap to promote innovation by reviewing and sorting the outcomes of hundreds of aspiring companies across the globe and employing proven analytical processes.

Why is Technology Scouting Imperative?

·         To emphasize the innovation challenges being faced across multiple organizations.

·         To analyze gaps within a specific domain and identify opportunities for further technological improvement.

·         To draft technology mapping for comparative analysis by considering multiple tech-related parameters.

·         To identify novel technologies that can help the organizations in business expansion across unexplored areas and enhance the product quality.

Why choose Ingenious e-Brain for Technology Scouting?

·         We identify, uncover, and analyze emerging technologies within across your industry.

·         We deliver technology rankings based on innovation, feasibility, scalability, features, and other parameters.

·         We determine similar novel technologies being adapted in adjacent domains.

·         We help you identify technologies that can revolutionize your offerings.

For more information, please visit below page and schedule a call with our experts@
https://www.iebrain.com/technology/technology-scouting/

About Ingenious e-Brain : –

Ingenious e-Brain provides high-quality, customized, and cost-effective Technology Research, Business Research, and Intellectual Property Research solutions to industry leaders, and innovative companies across the globe. Innovation, knowledge, and transparency form the basis of our company’s mission and vision. Along with cost benefits, we provide highest quality results ensuring fool-proof confidentiality and security. We are an ISO certified company with offices in India and USA.

Ingenious e-Brain has a strong team of analysts, and subject matter experts with domain proficiency which is devoted to help clients grow. Our highly qualified professionals offer tailored, value-added and cost-effective services to our clients. We believe in building long term relationships with our clients who include national and international corporations, Fortune 500 companies, world’s leading research institutes and universities as well as independent inventors.

Get in Touch: –

USA Office:

8 The Green, Suite B, Dover, DE 19901 United States

+1 347 491 3868

India Office
207-208 Welldone TechPark, Sohna Road
Sector 48, Gurugram, Haryana 122018, India
+91 124 429 4218

Email: contact@iebrain.com

Tactics to Enhance Technology Scouting Services

 

Recognizing cutting-edge technology is the initial step of technology scouting. The main key for the technology scouting services is to exploit the perfect opportunity at the right time. With this blog, we have gathered a list of tactics that can help you streamline the process of technology scouting:

Explore unknown

The massive of new startups and patents has made scouting more important than ever. Data gathering is becoming much difficult. Due to this, technology scouting becomes the main process for organizations to remain competitive and enhance their R&D process. When the companies are less of ideas, the challenge has become to recognize the high-value opportunities.

To constantly get these valuable opportunities in the process of scouting, initially make a clear criterion of what you are looking for and how it aligns with the strategy you make.

Next, use the search and marketplace tools to explore the opportunities.

Set up the notification on technologies or companies of interest. The best idea is to track and re-engage when time is perfect.

Utilizing all of the searching efforts, you will be capable of discovering the unknown from your overall scouting process. Seek the right opportunity to enhance time to grab the deal.

Minimize the number of tools utilized

After gathering the information from the scouting initiatives, what will you do with it?

When information is stored in several systems, data silos make it tricky for colleagues to see information in various locations. The tools used for the technology scouting services by technology scouting companies do not scale with your company's growth. Using a systematic approach leveraging a purpose-built tool for assessing the tech scout opportunities.

Managing the portfolio of opportunities in one place to mitigate silos of data and excellently coordinate communication among geographies, departments, and partnerships to open up the available knowledge of data. Having the information at your fingertips enables you to ask the right questions and make effective business decisions.

Create a team for collaborators

As the partnerships and opportunities continuously grow, it has become tough to connect with the team to discuss the possibilities. The team assesses several technologies per month that face issues of re-assess the opportunities and create unmanageable operations. Managing the partners has become inefficient and difficult without any framework for communications. The opportunities might slip via cracks as there is not any way to monitor communication and potential partners.

Coordinate items across your team and build visibility into several ongoing interactions for better and quicker decisions. This solves the communication and enables everyone to be aware of the responsibilities from initial. Additionally, simplify the projects with the external partners by enabling them to collaborate and communicate in real-time.

At last, make the crucial data visible to all by monitoring your pipeline visually to check which opportunities are currently accessed in which state gate to ignore duplicate efforts.

Identify success

Communicating your success to the management is important for evaluating just the achievement of the team but recognizing which partnership. Only it takes one success story for the management to support your innovation program. The challenge lies in seeking partnership data, financial information, and all details related to your presentation. Gathering the data from the external partners takes time. By the time you can accumulate information, your success story will become irrelevant.

So, initially enhance the visibility into ongoing interactions to get all the data at your fingertips wherever you are across the globe. It enables to keep everything organized and detailed for telling a story. Additionally, actively manage and update your enhancing pipeline to ensure that the presented data is relevant and exact. Streamline the process of gathering financial details and information from the partners for adequate information.

Finally, add valuable data to your stories from recent news. The startup you access might have had a significant investment worth adding your story.

Recognize trends in tech scouting puzzle

Reporting is important for making productive decisions which is crucial for the process of tech scouting. Do not be a team that displays metrics on your impact or risk becoming a waste mitigation target. Still, it can be challenging to accumulate information from departments and conferences and compile it in a relevant report. The data spread across several documents and sharing websites makes it a big nightmare to get all information and build exact reports.

For making the reporting easy, initiate by using a single enterprise system to manage the reporting. Be meticulous in monitoring each opportunity without letting it slip via cracks.

So, what tactics are you using to enhance the technology scouting services, and how are you managing to grow a pipeline of opportunities. Tell us through your comments!

6 Steps To Become A Better Scout

 

Technology scouting's primary goal is to help small and medium-sized businesses identify emerging innovations, channel tech-related data into the organization, and promote inexperienced technology in a corporate setting. At Ingenious e-Brain, we combine our knowledge, analysis, and tried-and-true processes to map out the innovations that will influence your business. Here are few tips to help you become a technology scout :

1. Identification of Emerging technology: Understand prevalent technologies and products in the domain identify new technology opportunities that the company has not tapped into.

2. Gathering Information from information sources: Choose the sources of knowledge and the tools to use. Formal and informal sources of information may be distinguished. Informal sources are particularly useful for detecting discontinuities and high-level areas of technical change. Formal sources have the advantage of allowing automated knowledge searches, such as database searches using predefined algorithms. These sources are usually paid or open-source databases. The information is collected through journals, technology reports, studies, and other databases such as Orbit Questel, Derwent Innovations, seminars, and conferences.

3. Data collection: Data is gathered and often saved for later study. You can gather more data and pick more important information using their technical skills and understanding of its needs by utilizing a broader network.

4. Data Analysis: Filtration, analysis, and interpretation of collected data is carried out. It is believed that a better analysis takes place in the collaborated team of scouts and those receiving the information.

5. Technology Mapping: In this step, you map identified technologies to the client's need or requirement on how and where they can utilize identified solutions or technologies to streamline their processes and earn more profits.

6. Technologies from Adjacent Industries: Finally, in this step, you will find technologies available from adjoining industries or domains that could be used for better process outcomes by the client company.

 

In our experience, we have found that the above steps effectively carry out technology scouting services.

 

If you have any questions or want to know, then we can help your business with its innovation challenges, get in touch with us here or email us at services@iebrain.com.

Why do we need business portfolio analysis?

 

Business Portfolio Analysis is an organizational strategy formulation process based on the philosophy that organizations should make strategy much as they handle investment portfolios. Portfolio analysis is a structured way to analyze the products and services of an association's business portfolio. In the way sound financial investments should be supported and unsound ones discarded, useful organizational activities should be emphasized, and unsound ones deemphasized.

 

Purpose of Portfolio Analysis: 

A viable strategy needs product-market scopes in deciding how strategic objectives will be attained. In a diversified company, one well-received concept of product-market scope is the portfolio approach to an organization's overall strategy. The optimal business portfolio fits the company's strengths perfectly and helps to utilize the most attractive industries or markets. An SBU can either be an entire mid-size company or a division of a big corporation. It typically formulates its business-level strategy and often has separate objectives from the parent company.

 

The aim of portfolio analysis is: 

1) To Analyse: Analyse its present business portfolio and determine which SBUs should receive more or less investment. 

2) To Develop Growth Strategies: Develop a growth strategies for including new products and business in the portfolio. 

3) To Take Decisions Regarding Product Retention: Decide which business or products should no longer be retained.  

 

Advantages of Portfolio Analysis: 

1) Encourages Management for Evaluation: It encourages management to analyze each of the organization's businesses individually and to set objectives and allocate resources for each. 

2) Stimulates Use of Externally Oriented Data: It stimulates externally oriented data to supplement management's intuitive judgment. 

3) Key Areas: These models highlight certain aspects of business that are considered essential to success or failure.

4) Cash Flows: They focus on cash flow requirements of the SBU's and help identify the different cash flow implications and requirements of different business activities. It helps management to carry out its resource allocation function. 

5) Balance Portfolio: They help identify strengths and weaknesses in the portfolio, the gaps to be filled, when a new SBU needs to be added, or when one needs to be removed, and the duplicative businesses in the portfolio. 

6) Diverse Perspective: A multi-business company's diverse activities are analyzed systematically, highlighting enterprise diversity. 

7) Flexible Comparisons: Some matrices are highly flexible in selecting different factors for different industries. This kind of analysis can provide coverage of a vast number of strategically relevant variables. 

 

How Is AI Relevant For Due Diligence?

 

There is a constant apprehension that artificial intelligence will automate professional fields and create mass redundancies sweeping through the legal sectors since last few years ago. While those fears are still unfounded. AI technology is beginning to change the due diligence process.

Today, artificial intelligence. (AI) in due diligence process has become an integral part of the industry. Now it is time to separate its hype from reality and observe how top tier lawyers are employ AI-based tools for day-to-day processes. It can also be used to examine the challenges and benefits of using such software and have a look at the future of the due diligence process.

The adoption of AI for the legal industry has not eliminated the need for human insight. It helps law practitioners unleash tremendous potential by automating repetitive tasks and allowing them to spend more time on other higher-value tasks.

Due Diligence in the New Era

Machine learning, a sub-division of artificial intelligence (AI) is advancing to change the very nature of regulatory due diligence and the due diligence team’s capabilities. Advancements enable the teams to sort through vast information faster, relieve skilled labor, save time, cut costs, and improve due diligence quality and data coverage.

AI is full of potential to improve due diligence programs’ efficiency and effectiveness in the coming years. To better understand this potential, we also need to realize the limits of this technology.

Structuring Due Diligence Using AI

To understand the use of AI on due diligence, it’s helpful to review the general due diligence research process, which is split into two main phases:

1.       1. Information discovery

2.       2. Information synthesis

During information discovery, the researcher uncovers information using various sources, such as Google, litigation repositories, and corporate registries. They further qualify knowledge by determining how applicable it is for the subject and the relevance of AI to the due diligence. For instance, the researcher spends time to make sure the findings aren’t referring to another person with the same name as the due diligence subject to satisfy the first qualification. Simultaneously, suppose the information concerns the correct subject. In that case, the researcher determines whether the content is relevant to the purpose, typically determining if the information is relevant to a risk assessment or not.

Throughout this process, researchers even need to conduct information synthesis. During this process, the researcher sorts the information gathered during the discovery stage and makes sense. The researcher decides how the data fits into the case, makes connections between findings, and distills information that fits into the context. Essentially, the researcher compresses data in a more digestible form for the consumer in the research report. Information discovery is also an iterative cycle for synthesizing critical information; this may lead the researcher to think of new investigation angles, leading to a new iteration of information discovery.

Clustering of Results

A common and time-consuming obstacle that a due diligence researcher faces are determining what information is and is not attached to a proper interest subject. For instance, when specialists research an issue with a common name, it is time-consuming to match information with the correct individual without dealing with mistaken identity cases positively. Machine learning now uses a process called result clustering to automatically determine whether the information pertains to the subject of interest, resolving the subject’s identity, as more and more information, is parsed and linked to the actual issue.

Notably, the clustering process takes seconds, saving the researcher’s hours of sifting through results one by one. It also lower downs the likelihood of human error accompanying cognitive fatigue using limited search result previews to determine the applicability of the work to the subject of interest, which shows only a fraction of the product’s available information.

Learning to Rank

Learning to Rank (LTR) algorithms sort through results and re-rank them based on due diligence researchers’ factors after being trained on examples of products that researchers care about. For instance, in a hypothetical Company X, LTR algorithms may show the researcher X company’s court cases fir rather than having the subject’s most popular blog posts flooding the search pages. For this, AI can help to push research-relevant content on top of results. Using this, researchers can quickly review important information and avoid being weighed down by more consumer-focused content.

Result Classification

Several classification models can filter and organize relevant content by labeling training data and supervising learning techniques. Here the program learns from the activities of a human. These techniques train a model to uncover generalized patterns in textual examples labeled against one or more categories. A model rapidly parses through thousands of unseen examples and quantitatively predicts the results falling into different types after being introduced.

Result classification enables due diligence researchers to focus only and only on the results falling into the categories they’re most interested in. It feeds researchers’ results that stand out as ambiguous or can fall into overlapping categories. This way, researchers can disqualify highly irrelevant content and review works that remain ambiguous to the model.

Emerging AI capabilities can free up compliance and research experts through due diligence and high-level risk management activities. However, organizations still have dedicated due diligence teams and risk assessment strategies that drive effective risk management processes. To maximize AI’s benefits, it’s essential to understand what technology precisely fits your program and thereby choose the right provider.

Why is Technology Benchmarking Important for Your Business?

 Technology benchmarking incorporates measures of the performance of your business against your competitor in the same industry domain. Comparing the business from your competitors is crucial to improving your understanding of business potential and performance.

The technology benchmarking offers insight into how your business is performing, enabling you to discover what areas of improvement are required while developing a plan to accomplish those improvements.

Technology benchmarking is a tool for business that helps to identify the opportunities for improvements, like:

· Recognizing and prioritizing the main areas of opportunity.

· Understand the need of your customers better.

· Recognizing your weakness and strength.

· Setting up performance and goals expectations.

· Tracking the performance and changing the managing effectively.

· Understanding your competitor’s perspective to be more competitive.

Primary Classifications of Benchmarking

Certain kinds of benchmarking can be classified into three main categories — internal, strategic, and competitive.

1. Internal benchmarking is used when an organization already has established and proven best practices and basically needs to share them. Again, depending on the company's size, it may be large enough to address a broad range of performance (i.e., cycle time for opening new accounts in branches coast to coast). Internal benchmarking also may be necessary if comparable industries are not readily available.

2. Competitive benchmarking is used when a zx wants to evaluate its position within its industry. Moreover, competitive benchmarking is used when a company needs to recognize industry leadership performance targets.

3. Strategic benchmarking is used when identifying and analyzing world-class performance. This benchmarking is used most when a company needs to go outside of its industry.

Six steps to successful benchmarking

Use the following steps to practically benchmark your business against your competitors:

1. Competitive Landscape — Check what all similar technologies or solutions are present and the solutions under development through technology landscape or scouting services.

2. Identify Key Areas of Innovations and Development — From the technology landscape or scouting report, you can analyze the areas or technical fields with the most innovations and developments and areas for improvement. Identify effective techniques used by your competitors and areas in which their business is performing better.

3. Finalize Benchmarking Parameters — Benchmarking parameters should cover all the aspects of the scale of benchmarking such as intellectual property (IP) protection, key advancements or innovations, technical features, unique selling propositions, consumer or customer reviews, technical reviews from several secondary sources, number of citations over publications and technology scoring.

4. Allocating Weightage to Benchmarking Parameters — After finalizing benchmarking parameters, it is essential to weigh all the parameters according to the value they should be having in the total score or rank. Make sure you give required weightage to technical parameters, business parameters, and IP parameters to benchmark required solutions or technologies in a right way

5. Scoring and Evaluation — Scoring and evaluation involves some mathematical calculations and models depending upon the gathered information or required output which helps you to provide rank or score to each solution or technology

6. Planning and Taking Better Strategic Decisions — Benchmarking results can help you make better strategic decisions, be ahead of your competitors, know consumer demands and how the industry is addressing those, know the potential of competitors, and analyze the future competition.

Significance of Technology Landscape Analysis

 Technology Landscaping identifies and evaluates related technologies' present and potential status as they evolve in different industries.

The technology landscapes and maps help understand the rationale behind the success of one company over its competitors.

It is a valuable tool to help companies make important decisions about innovation processes and appropriate resource allocation.

It is helpful if a company utilizes a technological landscape when, for example, it needs to improve upon its efficiency or is looking for fresh ideas for innovation, processes, or technologies currently applied in other sectors.

Key Benefits of Technology Landscape Research

1.   Technology and innovation trends: It empowers companies to be aware of the latest innovations and technological developments.

2.   Shifts in technology:  Indicates if the industry is shifting from traditional technology to new or disruptive technology.

3.   Penetration of new technologies in the domain: To understand how readily competitors are adopting the latest technologies in the market.

4.   Cross-industry innovations: It helps to study technologies used by adjacent industries.

5.   Futuristic areas ripe for research: The study indicates the key technological domains or regions where companies work.

6.   Correlation of technology with issues that it solves: Analyzes the challenges of traditional technologies and how new ones are solving those.

7.   Competitive technology analysis and benchmarking: It helps to prepare a list of key players, their strengths, products, technology, and other details.

8.   Filing Trends, Innovation Hotspots, and Geographical Distribution: Technology landscape defines the filing year, hotspots, and geographical distribution.

Ingenious e-Brain provides the best technology landscape research services to recognize all the future and existing technologies in the industry. Contact us now.

6 Tactics To Improve Your Technology Scouting

 

Technology scouting’s main goal is to help small and medium-sized businesses identify emerging innovations, channel tech-related data into the organization, and promote inexperienced technology in a corporate setting. At Ingenious e-Brain, we combine our knowledge, analysis, and tried-and-true processes to map out the innovations that will influence your business. We carry out technology scouting service in the following steps:

1. Identification of Emerging technology: Our technology experts, who have a good understanding of prevalent technologies and products in the domain, identify new technology opportunities that the company has not tapped into.

2. Gathering Information from information sources: The scouts choose the sources of knowledge and the tools to use. Formal and informal sources of information may be distinguished. Informal sources are beneficial for detecting discontinuities and high-level areas of technical change. Formal sources have the advantage of allowing automated knowledge searches, such as database searches using predefined algorithms. These sources are generally paid or open-source databases. The information is gathered through journals, technology reports, studies, and other databases such as Orbit Questel, Derwent Innovations, seminars, and conferences.

3. Data collection: Data is gathered and often saved for later study. Expert scouts gather more data and pick more important information using their technical skills and understanding of the company’s needs by utilizing a broader network.

4.Data Analysis: Filtration, analysis, and interpretation of collected data are carried out. It is believed that the best analysis takes place in the combined team of scouts and those receiving the information.

5.Technology Mapping: In this step, scout maps identified technologies to the client’s need or requirement on how and where clients can utilize identified solutions or technologies for streamlining their processes and earn more profits.

6.Technologies from Adjacent Industries: Finally, a team of experts finds out technologies available from adjacent industries or domains that could be utilized for better outcomes of the process by the client company.