Competitive Technical Intelligence Tools for Innovation and Technology Forecasting
Subir Ranjan Das
University of Petroleum & Energy Studies, Dehradun - 248006, Uttarakhand, India
Competitive Technical Intelligence is a systematic process focused on monitoring the competitive and technical environment of an organization for the purpose of better decision making in the areas of technology innovation, technology forecasting, product design, research and development (R&D), which can be used from investment tactics to managing technology risks to adopting long-term business strategies. Technology innovation can sometimes be forecast emotionally and empirically. Though emotional involvement with a product or process can help in the initial growth stage, it ultimately acts as a barrier when desperation and frustration inevitably crop up. On the other hand, moving to information and knowledge-based processes of forecasting prevents such emotional challenges. This article focuses on eight popular tools used for systematic approach to technology forecasting and the emerging methods of Competitive Technical Intelligence.
Keywords: Competitive Intelligence, Technology Forecasting, Innovations