Utilizing Innovation and Strategic Research and Development to Catalyze Efficient and Effective New Product DevelopmentJanuary 1, 2010Advanced Topics in Applied Operations Management
The ability to effectively innovate and develop new products is a vital core competency that any company must possess if it is going to be profitable and experience growth. At the same time, the innovation and effective new product development process is one of the most challenging to nurture and shepherd through to successful completion. It involves a combination of high risk and high return; mission critical importance; and immense scientific, engineering, and financial hurdles. But ultimately, the greatest paradox that surrounds successful new product development is the need for free, unfettered creativity to complement tremendous systematic discipline.