R&D & New Technology
To assure the organization’s profitability on long term basis in the today’s competitive markets, innovation has become the most important factor. Technical knowledge obtained during the research phase can be used for a specific purpose, to introduce new products or processes to the market through production and engineering techniques. Existing market share can also be achieved by making improvement in existing product. Product life cycles are much shorter, which require continuous market response and rapid introduction of new or advanced products. Optimal speed is dependent upon good management of the idea-to-market “funnel” (stage-gate approach). That includes selecting the most promising ideas, developing them, investing in prototypes and taking the product through manufacturing and supply to market. Different types of skills are needed at the implementation phase. Such skills are:
- creativity and open-mindedness in the previous stages,
- well-informed decision-taking at the “gates”,
- project management in prototyping, focus and modify management.
Assurance of the right balance between creativity and business focus is achieved through effective process and organization design.