Global Product Innovation Strategy
Product innovation is the lifeblood of western companies. The percentage of revenues from recently-introduced products is often a key competitive differentiator. So is the percentage of research and development expenditure relative to revenue, or to gross domestic product, if comparing countries.
Yet, shorter product cycles, more complex designs, and the need to create innovative products for emerging economies have led smart companies to leverage talent in China and India for product development and research.
Western research and development executives are forced to make difficult choices between security of intellectual property, quality of employees, education levels of new hires, and control of schedules and resources.
At Amritt we are experts at resolving these seeming contradictions in the context of global innovation. As part of our Global Product Innovation Practice, Amritt guides outsourced product development initiatives at some of the most respected companies in the West as well as at some emerging companies. Amritt also helps create and manage outsourced research. And for companies that have (or want to set up) offshore subsidiaries for research and development, Amritt provides expert guidance in building “next practices” to advance the state of global innovation.
Timely and cost-effective product development often means seeking resources outside the company confines. This can range from outsourcing non-core activities to co-development and collaboration. In addition to being excellent places to find these resources, India and China are also the locales where many new products are targeted. Global innovation today benefits the automotive, aerospace, medical, software industries, among many others in achieving these multiple objectives.
At Amritt we help our clients to target development time and cost using our staged PRnDL approach for risk mitigation and obtaining maximum results.
We help companies of all sizes to set up and manage global innovation via their internal or external research and development teams. If appropriate, we help find, select and manage vendors or partners who are capable of handling product development needs in the right area of the client’s innovation value chain. This help includes feasibility analysis of the product development pipeline, guidance in selecting executives who lead the globalization effort, evaluating choices for location (country, city, and neighborhood), or choosing the low risk product development initiatives to get started.