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Managing Innovation for Profit. 9th Edition (Technical Insights)
Frost & Sullivan, Sep 2002
The emphasis and scope of corporate labs are changing rapidly. They are increasingly lean, mean, and results-oriented, and product development must be linked to overall business strategy with clearly marked benchmarks for success. Companies are putting more and more output-driven metrics into place.
The right decision on several factors such as market uncertainty, firm heterogeneity, competition, and order of entry can define market success, and companies that manage their innovation process competitively enjoy significant returns. With the emphasis and scope of corporate laboratories changing rapidly, companies should learn to tailor management style to best accommodate research and other projects.
This raises the issue of new product R&D time schedules. The popular belief is that a project's quality will be improved only if schedule pressure is reduced. Conversely, new studies suggest that to improve product quality, already stressed workers should be set even tighter deadlines. Setting deadlines that are shorter than estimates improves time-to-market performance.
We are transitioning from industrial age management techniques to information age management techniques.
The link between corporate strategy and innovation strategy should be seamless. The R&D department of an organization leveraging its core competencies to create value for customers and bring products to market will improve the overall strategic positioning of the company.
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