Technology Roadmaps 101
Successful companies utilize product or technology innovation is one of the most important differentiator that accelerates value creation. A technology roadmap is a plan that matches short-term and long-term goals with specific technology solutions to help meet those goals. It is a plan that applies to a new product or process, or to an emerging technology.
A well articulated and executed Technology Roadmap presents the company with many opportunities such as differentiated products/technologies, insights in to “value proposition”, faster time to market, improved customer engagement and growth.
Technology Roadmap development & execution includes:
Area of Focus/Interest:
Companies must clearly identify specific platforms/product category (types) targets. Selection should include a comprehensive assessment of existing products/technologies, competitive bench marking and market trends to meet short and long term growth plans.
Wide variety of inputs (internal & external) should be used to clearly document the “ask/need”. Validated and measurable “ask/need” ensures that products/services can be developed to meet the needs and benefits can be monetized which yields high quality of returns.
Identify how (specific actions or tasks that need to be completed) “ask/need” can be met. Roadmap should at least have executable details, metrics and desired lead times. This is internal to the company. Successful companies also leverage collaborations and/or partnerships to accelerate solution development.
Execute and Follow Up:
Innovation is never complete with out execution and disciplined follow up with major stake holders is critical to ensure that investments are aligned with market conditions to maximize the ROI.
Please read other related articles,
Business Strategies-Article 1 of 8 – Growth Through Innovation
Business Strategies-Article 2 of 8 – What is Innovation
Business Strategies-Article 3 of 8 – Types of Innovations
Stay tuned for the next article which will be “Operational Excellence”
The author, KetanDeshpande, lives in Minnesota and writes about a variety of topics in his blog such as global economy, market and industry trends, successful strategies for businesses, and others. Leveraging his global strategic leadership experience from the manufacturing industry to offer insights in to how businesses can meet the sustainable growth and profitability goals.
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