Using technology foresight to create business value

Developing an R&D strategy and identifying new technology-based opportunities is a critical activity today. From incremental maintenance of core technologies to long-term threats and opportunities such as nanotechnology, a business needs to understand and manage more technology options than ever before. Technology Foresight is a perspective and process that can sort the options, identify new technology opportunities, and develop coherence between short- and longer-term R&D. The process leverages the insights of the company's technical personnel to identify current technology strengths and, with outside information, develop foresight from the interaction of industry and technology trends. These, in turn, yield enhancement and extension of the company's technology "Power Zone" and new technology-based business opportunities.