Technology Intelligence has become a vital business strategy to compete in an evolving digital, global, and dynamic environment.
With new technologies emerging at a faster rate than ever before, how can you identify those that will provide a competitive edge and those that may pose a threat to your business?
A technological watch may provide a comprehensive overview of a market and its technical evolutions, including technology adopted by customers, partners, suppliers, and competitors, as well as the growth of emergent technologies.
Recognizing early warning indications and understanding the significance of emerging technology developments is not easy.
Technology Intelligence operations aim to detect early technological breakthroughs and trends that may provide a long-term competitive benefit or may have an adverse influence on the organization.
- Faster access to information
- Faster analysis of data
- Easier to transfer data
- Reduced time to communicate decisions
- Increased productivity and efficiency improvements
- Reduced costs
- Quicker Product Development Time
- Additional job creation
- New working practices
- Reduced language and cultural barriers
- Overcoming geographical limitations
- High initial capital required
- Higher production costs
- Reduced labor productivity
- Price Transparency
- Increase in online crimes
- Shorter product lifecycles
- Job losses due to automation
It is evident that the technology developments and improvements in work processes have enhanced productivity and efficiency; but, the high cost of remaining updated with technological advancements can pose numerous financial challenges for businesses.
The STEEPLE Analysis allows us to assess the impact of high-tech adoption on organizations. It is essential to business strategy since it identifies the unpredictability of business activity and the challenges that must be addressed in any business plan.
In the STEEPLE Analysis, opportunities are external factors that create opportunities for the business whereas threats are external factors that can affect the business.
Benefits of using the STEEPLE Analysis
- Strategic business planning and the development of business proposals
Evaluating the prospective costs and advantages of a partnership, merger or acquisition, international expansion, or product development growth.
- Investment opportunities
Considering whether or not the firm should build a new department shop in a specific area.
- Marketing planning
Considering the advantages and disadvantages of building a global marketing strategy.
- Workforce planning
It can assist in detecting changes to company models that may affect future employment trends.
- Product development
Choosing whether to enter or exit specific markets, update existing goods, develop new products, or discontinue unprofitable or low-profit margin products.
- Organizational change
Can support managers in identifying potential opportunities and challenges related to labor developments.
Technology Intelligence plays a crucial role in companies detecting emerging technological possibilities and risks that can directly or indirectly impact sales, profits, development, and the company’s viability.