Technology scouting is an element of technology management in which
(1) emerging technologies are identified,
(2) technology related information is channeled into an organization, and
(3) supports the acquisition of technologies.
It is a starting point of a long term and interactive matching process between external technologies and internal requirements of an existing organization for strategic purposes. This matching may also be aided by technology roadmapping. Technology scouting is also known to be part of competitive intelligence, which firms apply as a tool of competitive strategy. It can also be regarded as a method of technology forecasting or in the broader context also an element of corporate foresight. Technology scouting may also be applied as an element of an open innovation approach. Technology scouting is seen as an essential element of a modern technology management system.
The technology scout is either an employee of the company or an external consultant who engages in boundary spanning processes to tap into novel knowledge and span internal boundaries. They may be assigned part-time or full-time to the scouting task. The desired characteristics of a technology scout are similar to the characteristics associated with the technological gatekeeper. These characteristics include being a lateral thinker, knowledgeable in science and technology, respected inside the company, cross-disciplinary orientated, and imaginative personality. Technology scouts would also often play a vital role in a formalised technology foresight process.
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Technology forecasting attempts to predict the future characteristics of useful technological machines, procedures or techniques. Researchers create technology forecasts based on past experience and current technological developments. Like other forecasts, technology forecasting can be helpful for both public and private organizations to make smart decisions. By analyzing future opportunities and threats, the forecaster can improve decisions in order to achieve maximum benefits.
In futurology, especially in Europe, the term foresight has become widely used to describe activities such as: critical thinking concerning long-term developments, debate and for some futurists who are normative and focus on action driven by their values who may be concerned with effort to create wider participatory democracy. Foresight is a set of competencies and not a value system, however. shaping the future, especially by influencing public policy.
Strategic foresight is a planning-oriented discipline related to futures studies. In a business context, a more action-oriented approach has become well known as corporate foresight. Strategy is a high level plan to achieve one or more goals under conditions of uncertainty. Strategic foresight happens when any planner uses scanned inputs, forecasts, alternative futures exploration, analysis and feedback to produce or alter plans and actions of the organization. Scenario planning plays a prominent role in strategic foresight.