Innovation is the key to success for any R&D team. Innovation is what differentiates the winners from the losers. Innovation is what gets your product to the market ahead of your competition. Innovation is what drives the growth and profitability of your business.
R&D teams are under increasing pressure to innovate and develop new products – whether they be a line extension or completely new.
The world’s sharpest noses can smell a “me too” product from miles away, and so can the bean counters. That’s why innovation and development teams need to work double-time. Many R&D teams are also understaffed leading to a lack of capability and capacity (or face having offshore teams take over valuable jobs). However, the pool of potential internal candidates is not limitless, so something has to give.
So how can R&D teams change the way they work?
One answer is to think about how innovation can be delivered in a more flexible way. Rather than having R&D teams work in a rigid and structured way with rigid silos (product managers, researchers, lab technicians, etc.), companies should consider how they can make R&D teams more agile and flexible. This will help them respond to changing market conditions and customer demands.
The problem is that innovation is very expensive and time-consuming. In fact, the more successful you are at innovation, the more expensive and time-consuming it becomes.
The solution is to outsource innovation. I’m not talking about outsourcing your R&D team to another country or to another company. I’m talking about outsourcing innovation to a global marketplace of innovation.
A global marketplace of innovation is a place where R&D teams can go to find innovation in a plug-and-play fashion. They can quickly and easily find the innovation they need to complete their project. It’s a marketplace where they can quickly and easily find the innovation expertise they need to complete their project.
So instead of investing enormous amounts of time and money in your own innovation, you can outsource it to a global marketplace of innovation. This will greatly reduce the cost of innovation and greatly accelerate the speed of innovation.
In fact, it will completely change the game for R&D teams globally.
This is Innovation-as-a-Service.
Benefits of Innovation-as-a-Service
By adopting an Innovation-as-a-Service approach, R&D teams can use a mix of internal and external resources to deliver innovation. This has several benefits:
- It gives you access to a wider range of skills and expertise across your business.
- It enables you to scale up or down your R&D capability as you need it.
- It reduces the time to market by removing the need to hire and train people.
- It reduces the cost of R&D by making better use of external specialists and resources.
- It makes your R&D team more agile and responsive to market conditions.
- It enables you to be more flexible and innovative in the way you deliver your R&D services.
The Innovation-as-a-Service approach can be used for all stages of innovation from idea generation to launch — and it can be used globally. This means that R&D teams can achieve more and deliver more innovation faster without the additional headaches of HR processes, recruitment, and training.
Whether you’re an established company looking to spread innovation across more of your business, or a start-up looking to grow your R&D team, the Innovation-as-a-Service approach can help you achieve your goals.
To learn more about how the Innovation-as-a-Service approach can help you and your R&D team, visit https://www.innovolo.co.uk.
What do you think?
What are your thoughts on the potential of Innovation-as-a-Service? Do you agree that R&D teams can benefit from using a mix of internal and external resources? Do you think this approach will help you deliver innovation faster and more efficiently?