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Harvard Business Review: Open Innovation Achieves Smarter New Product Development

Harvard Business Review: Open Innovation Achieves Smarter New Product Development

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Harvard Business Review: Open InnovationAchieves Smarter New Product Development
Gianluigi Cuccureddu, 90:10 Group | Jun. 22, 2011, 5:15 AM
Despite the challenges that come with economic recovery, companies areexpanding their commitment to the research and development of products over thenext two yearsaccording to a new study from Harvard Business Review Analytic Services.The study, called "
Closing the Gap: How Companies Achieve Smarter NewProduct Development and Make Better Decisions with Technology
" executives saythat gains in their business will come from increasing efficiency, deployinginformation technology (IT) to help identify promising ideas, and tracking andevaluating R&D projects. They are also focused on finding new streams of ideasfrom partners, suppliers, and others.The latter is where it gets interesting, according to Alex Clemente, ManagingDirector of HBR Analytic Services and International Sponsorships:
“As more manufacturing moves to emerging markets and further away from
headquarters, companies are finding that research and development is no longer anexclusive domain for engineers in lab coats.
With a trend toward „open innovation‟ – 
not only are sales, marketing, finance, andoperations now collaborating with R&D
so are partners, suppliers, customers,and comp
 Opening the business, be it internal collaboration between departments, orinvolving external stakeholders is becoming more and more important. Openinnovation is not an option anymore but a requirement.  The survey found:

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