Software Engineering, Project Management, and Effectiveness
What practices can we learn from the leaders in innovation? How can you improve the success of your R&D efforts? In "Smart Spenders, the Global Innovation 1000," an article in strategy+business magazine, Barry Jaruzelski, Kevin Dehoff, and Rakesh Bordia write about the key practices that the most successful innovators use.
About the Study In the study, Booz Allen Hamilton set out to find which companies have been getting R&D spending right, and then to identify common attributes. They analyzed the data for the Global Innovation 1000 using seven performance screens: sales growth, gross margin percentage, gross profit growth, operating margin percentage, operating income growth, total shareholder returns, and market capitalization growth. They analyzed the following industries: Aerospace & Defense, Auto, Chemicals & Energy, Computing & Electronics, Consumer, Health, Industrials, Other, Software & Internet, Technology, and Telecom.
Lessons Learned Jaruzelski, Dehoff, and Bordia identify some of the key practices for successful innovation:
There's No Silver Bullet Jaruzelski, Dehoff, and Bordia dispell the idea that there's a silver bullet: "How did they do it? There's no silver bullet; we found examples of many different models and approaches. If these high achievers have one thing in common, it seems to be a focus on building multifunctional, company-wide capabilities that can provide them with sustainable competitive advantage. They design their innovation investment for the long run, and create superior growth and profitability over time."
Innovation in the Nonprofit Sector Jaruzelski, Dehoff, and Bordia shine a spotlight on St. Jude Children's Research Hospital as both a success story and to compare and contrast with corporations. Here's a rundown of the key points:
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What practices can we learn from the leaders in innovation?&#160; How can you improve the success of your R&amp;D efforts?&#160; In &quot;Smart Spenders, the Global Innovation 1000,&quot; an article in strategy+business magazine, Barry