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Productinnovation from discovery to market is still the biggest drag on industry performance. Currently with narrower vested interests we lock away knowledge that might allow for radical discovery. Both the Chemical and Pharmaceutical Industry are knowledge-based. The parts are not digitally connected-up.
This involves creating systems and processes that promote the ongoing development of your employees’ skills and knowledgebase. Encourage Knowledge Sharing: Create forums for employees to share insights and learn from one another’s experiences.
The 2000s and onward are less about productinnovation and more about business model innovation and financial engineering. What emerges about innovation from this review of history? Increasingly the US is becoming a high cost country in terms of labor and manufacturing, and outsourcing jobs to less costly locations.
Below, we explore the key types of innovation and their significance: ProductInnovationProductinnovation is the process of developing new products or enhancing existing ones to meet evolving market demands and customer expectations.
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