Wednesday 6th March, 2013
9:05am to 9:30am
Times have changed!
Consumers are no longer willing to adapt to a product, instead, they want the product to provide for features that suit their usage pattern or the use case. So in order to be the first to adapt to a customer’s usage patterns, companies across industry segments ranging from consumer electronics to aerospace, are shortening their product launch cycles. This means shorter cycles in designing, manufacturing, sourcing, selling and servicing.
Take for example Apple – it follows a yearly update cycle for its products and suddenly an iPhone 3GS which am holding in my hand right now looks less appealing than the ones out in the market. But its customers like me who wanted the next product with newest features. If Apple can’t provide that be rest assured Samsung will.
Given this scenario of shortened product launch cycles, innovation cycles are also getting trimmed and there is a need to innovate faster. Companies are now looking to leverage all the options to innovate and especially innovate faster. First up, they are pushing their network of R&D centers across the globe on the innovation front. Secondly the companies are opening up to their partners by increasing the level of access both to technology, knowledge banks and personnel. Thirdly, the companies are partnering with the academia to tailor the course curriculum and running accelerator programs for start-ups.
Some of these initiatives taken by companies clearly indicate that diversity in talent pool and sources of innovation are critical success factors to expedite innovation.
Is this it? Is this the holy-grail to accelerating global innovation?
Let us know what you think!
Tweets will be about organization building, Cloud, Emerging markets, SMB, R&D and Globalization bio from Twitter
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