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Wednesday, November 22, 2006
A recent Booz Allen Hamilton study finds that in a group of 1000 companies surveyed, 94 “high-leverage innovators,” including Toyota, Apple, Christian Dior, Google and Caterpillar spend less than their competitors on research and development, yet consistently outperform their industry rivals across a broad set of performance measures. The study notes that these “High-Leverage Innovators” use many different models and approaches to outperform their competitors, but are generally noted for their distinctive skill in at least one element of the innovation process and are adept across all of the stages. Google, for example, is known for generating new ideas with blistering speed. Toyota excels at developing its products and processes far more efficiently and effectively than most other companies. And Apple is noted for its well-honed capabilities in project selection and customer understanding. In the list of 1000 companies analyzed, Ford tops the list on R&D spend and everyone will agree that Ford is hardly seen today as an innovative company. The report titled smartspenders finds that the high-leverage innovators distinguish themselves not by the money they spend, but by building strong capabilities in the four principal elements of innovation: ideation, project selection, product development, and commercialization. High-leverage innovators listen closely to their customers across the entire innovation cycle.
Category :Innovation, Emerging Trends |
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