Innovation, R&D and IT
Key Insights
- Digital technology gives companies a vast array of possible opportunities and innovations: the trick is to figure out which options can be monetized — urgently. Dialing in the voice of the customer into the process early is imperative.
- Teams that mix generations, experiences and skills innovate better than traditional groups of veterans. Maintaining focus, constraining time, and under-resourcing them seem to yield the best results.
- Innovation to protect and grow the core is at least as important as new gee-whiz products. Incorporating digital technology into traditional businesses is necessary for survival but not differentiated; applying digital across business lines to create and control new ecosystems holds the promise of both growth and protection. Digital blurs organizational lines among IT, R&D, and business units. New and flexible definitions of roles and responsibilities are required to stay current, agile, and responsive, as are clear and consistent communications between the groups.
- Corporate cultures still stand in the way of digital innovation. Siloed business units, product/service distinctions, organizational structures and even the language of R&D and IT need to be re-defined to enable high-speed and successful innovation.