Innovation In Research And Development: Tool Of Strategic growth

摘要

Purpose - To describe research and development (R&D) as a tool of strategic growth. The world's top performing companies share a common characteristic: their superior ability to develop and introduce new products faster and cheaper than their competitors. As a matter of fact, effective product innovation is the key to growth, even survival, for almost any business. Design/methodology/approach - The author discusses how innovation in R&D could serve as a differentiating strategic business tool. The paper is based upon the authors 15 years of experience in the area of R&D and new product development. The paper is very creative in two respects. First, it looks at strategic R&D as the differentiating strategic "weapon" companies can use to separate themselves from the competition. Second, it uses many of the manufacturing, operations management tools and methodologies and applies these to innovation in R&D. The paper discusses methods to optimize a company's R&D efforts. Findings - The executives emphasized the importance and criticality of organic growth and innovation as a major business concern and opportunity for their companies' future success. While strategies including acquisitions and continuous process improvement have proven successful but very difficult to sustain, expensive and risky to integrate, "Innovation, and innovation in research and development" in particular, can provide the advantage that world class organizations need to create the sustainable growth year after year. Innovation in R&D can be a strategic weapon in which top companies employ definable strategies and practices to catalyze high levels of organic growth, support above average margins even in mature businesses, and separate themselves from the competition. Originality/value - This paper is a very interesting read for high-level managers and executives interested in the field of R&D and new product development.