Developing new technological innovations is quite risky as organizations do not have a clear picture of how the market will respond to the development. However, it is important for organizations to determine their next breakthrough while working on innovations. The key dimensions of the technology such as the level of customer satisfaction as well as the speed of production should be considered while crafting the innovation. Identifying the critical technological dimensions is the first step that may help in creating a focus for the organization.
Typically, technology advances in multiple dimensions. Several attributes of a given product can advance at the same time. For instance, the computer evolved in both size and speed during its development. The first computers were larger but slower in processing information. However, as the technology improved, the size of hardware components reduced and the processing speed increased. The modern computers are faster in processing information and also smaller in size compared to the traditional computing devices. Technological development in any given dimension comes with costs and benefits to the organization. The central focus of the innovation should be the customers. The improved technology must increase the utility value of the original product or address the new needs of the consumers. The technological dimensions of a product can be determined through analyzing its evolution. The traditional purpose of the product, as well as the obligations that the product fulfilled in the ancient times, should be established. The subsequent improvements regarding form and function as well as how the hardware and software components were affected should be evaluated.
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The second step includes locating your position in the product utility curve. The utility curve is obtained by plotting a graph of values that the consumers derive from the technology, against time. Extrapolating the curve will help in identifying the viable technological needs of the future. The third step includes determining your focus. After an organization has established the improvement dimensions and its position on the utility curve, then the firm is in a better position to identify the optimal improvement opportunities. The identified opportunities must take into account the organization’s resources as well as the costs of developing the technology.
The best innovation bet can be applied to the motor vehicle manufacturing industry. First, the organization in the industry must first consider the critical technological dimensions of the vehicle industry. For instance, the traditional vehicles consumed high volumes of fuel and were slower and less aesthetical compared to the modern cars. Thus, the critical dimensions involve aesthetics and fuel consumption. The firm should thus identify its position in the utility curve and focus on one aspect that will result in maximum revenues. Typically, the manufacturing company cannot focus on all technological dimensions due to the restricted revenues in the firm. Therefore, the firm might consider improving the safety and comfort of the vehicle as the new development area.
