Intelligence instead of fear
think: act CONTENT
The instability of the international financial markets has led to an acute capital crunch in recent months. Companies around the world were forced to curb spending. The consequences for innovation management and R&D: companies have thought twice about investments, projects have been shelved, and market launches for new products postponed. But the crisis is also a time for rethinking and offers new opportunities for innovation. Roland Berger Strategy Consultants has identified eight keys to success for research and development management in the current climate.
Systematic innovation management that provides long-term stability must extend beyond short-term considerations during the financial crisis. Globalization and the growing competitive pressure from developing nations have drastically stepped up the pace of important decisions. Many companies are relocating R&D activities directly to target markets in order to accelerate product launches. Furthermore, the sheer numbers and diversity of new product features has increased exponentially. Product development is becoming increasingly complex due to shrinking development cycles and an ever-growing number of variations. Last but not least, laws are continually changing all over the world, forcing companies with global operations to constantly rethink their innovation strategy and react with flexibility. But external pressure, whether from capital markets, the competitive environment or perhaps patent laws, doesn't have to be counterproductive. A challenging environment can accelerate decision-making and even produce innovative solutions, if companies follow some central success factors.