A78 - Innovation, Advanced Development, IP, & Competency: Four Inescapable Product Development Trends
BoneZone, Orthoworld, Inc., Chagrin Falls, Ohio, USA
Description:In the early 2000s, China and India arrived on the world stage. It could be foreseen that these two giant countries would move more quickly through cycles of learning and would soon be competing on design and not just lower manufacturing costs. At the same time, western companies had achieved largely equivalent product development processes after a decade and a half focusing on better product development execution between 1985 and 2000. Western companies now, once again, needed ways of attaining competitive advantage -- to out-compete other western companies and to stay ahead of rapidly emerging Asian competitors. The next obvious basis of competition was to have a better "portfolio of products" to push through the execution processes. A better product mix could attain competitive advantage.
How does one achieve a better product mix? More innovation! But, the word "innovation" covers a lot of ground. This article culls out four separate and distinct trends that evolved from "the need for more innovation."
- Improved Organic and Open innovation tools and techniques
- More Advanced Development activities where increased experimentation can take place
- Better Intellectual Property strategy, management, and monetization processes
- Active Competency and Expertise development and maintenance
Sections Of The Article:
Advent Of The Innovation Age
Trend 1: Innovation - Organic & Open
Trend 2: Advanced Development
Trend 3: Intellectual Property
Trend 4: Competency Management
Typically, new product sales are about one-third of company revenues and an even greater share of company profits. Improved performance in these four key areas will lead to improvement in corporate abilities to innovate.
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