Purpose -To describe research and development (R&D) as a tool of strategic growth. The world's top performing companies share a common characteristic: their superior ability to develop and introduce new products faster and cheaper than their competitors. As a matter of fact, effective product innovation is the key to growth, even survival, for almost any business. Design/methodology/approach -The author discusses how innovation in R&D could serve as a differentiating strategic business tool. The paper is based upon the authors 15 years of experience in the area of R&D and new product development. The paper is very creative in two respects. First, it looks at strategic R&D as the differentiating strategic "weapon" companies can use to separate themselves from the competition. Second, it uses many of the manufacturing, operations management tools and methodologies and applies these to innovation in R&D. The paper discusses methods to optimize a company's R&D efforts. Findings -The executives emphasized the importance and criticality of organic growth and innovation as a major business concern and opportunity for their companies' future success. While strategies including acquisitions and continuous process improvement have proven successful but very difficult to sustain, expensive and risky to integrate, "Innovation, and innovation in research and development" in particular, can provide the advantage that world class organizations need to create the sustainable growth year after year. Innovation in R&D can be a strategic weapon in which top companies employ definable strategies and practices to catalyze high levels of organic growth, support above average margins even in mature businesses, and separate themselves from the competition. Originality/value -This paper is a very interesting read for high-level managers and executives interested in the field of R&D and new product development.
Purpose – The purpose of this paper is to introduce the value in developing a portfolio of capabilities to fuel innovation. The author's experience suggests that a disciplined focus developing a portfolio of innovation capabilities is critical in the global competitive landscape. Traditionally, the business world has always been focussed on developing sustainable competitive advantage. This is optimal, but we find more and more situations where this notion of building a sustainable competitive advantage is no longer possible. In 2013 it is rare for a company to maintain a truly lasting advantage. Many times, the very success of the initiative drives competition, which in turn weakens the advantage. Innovation as a portfolio of capabilities that can continuously morph based on the traditional forces of the market can prove much more powerful. This paper discusses what is needed in developing a strategy for developing a portfolio of capabilities and the challenges that companies face in undertaking this goal. Design/methodology/approach – General viewpoint based upon over 20 years of consulting work experience by an expert in the field of innovation, new product development, and research and development. Findings – The relevance and importance of a novel approach to thinking about innovation is very creative and valuable to companies that are constantly struggling with the development of new products. Practical implications – This is a novel approach to thinking about developing new products, capabilities, or services within an organization. Originality/value – The paper is extremely valuable in that it highlights a new way to think about developing innovation and new product capabilities, new product features, in a competitive global environment.
Purpose -This article aims to provide business managers and executives with a framework of how to best utilize and implement teams in the workplace so as to maximize both internal and external diversified skill sets capabilities in team members. Design/methodology/approach -A combination of primary and secondary research was conducted to highlight and strengthen the authors' views and opinions. The original ideas and basic concepts are based upon the authors' own experiences. Findings -Companies have much to gain from utilizing teams and teamwork within and across corporate boundaries. Success is more likely to be achieved if the team has certain core characteristics. In addition, a heterogeneous team composition could optimize efficiency, quality, and innovation. By collaborating and teaming with external parties companies can overcome internal resource limitations and achieve competitive advantage, greater profitability and maximize chances for long-term survival.Research limitations/implications -The article is primarily based upon the authors' own experiences and opinions, which may differ from results of studies and research done on the subject. The secondary research was limited. The survey conducted by the authors was not scientifically constructed. The sample size was small (n ¼ 32) but yet statistically significant and based upon a convenience sample. Practical implications -The article may help company executives and managers who want go get the most out of their employees and enhance their work teams' productivity levels, output quality, and creativity. Originality/value -The article is a clear and concise read relating to a highly relevant business topic. It takes a multi-level approach to the concept of teams in the workplace, and could serve as a good guide to business leaders on how to create the most efficient and effective work environment for their employees that will ultimately result in more successful and profitable operations.
Purpose – The purpose of this paper is to introduce transfer pricing to a broader community of business leaders who might not be familiar with the importance of this concept. Transfer pricing is a term used to describe inter-company pricing arrangements relating to transactions between related business entities. These can include transfers of intellectual property, tangible goods, services, and loans or other financing transactions. Why is Transfer Pricing Important? The potential for US federal business tax reform and the rigorous pursuit of transfer pricing adjustments by foreign countries are among the top global tax concerns facing senior US tax professionals. Design/methodology/approach – General viewpoint based upon years of consulting work on the topic. Findings – The relevance and importance of transfer pricing is emphasized to a larger business community. Practical implications – This is an excellent introduction to the topic of transfer pricing. Originality/value – The paper is valuable in that it can be read and appreciated by a wide range of audiences.
Purpose-This paper aims to demonstrate that operations management techniques and operations strategy can be successfully implemented to create more efficient and effective tax department functionality. The paper seeks to bridge two areas that can have a significant impact on the competitive success of any type of enterprise-not just in the short term, but on an enduring basis. Design/methodology/approach-The driver for this article came from client engagements and discussions with CEOs/CFOs, vice presidents of tax, and directors of tax and operations that the author has served on engagements over recent years. Findings-The tax department should benefit from effective implementation of management consulting and operational strategy consulting. There is an opportunity to have a huge impact on the tax function, allowing tax to play a more central role within the overall finance function. Practical implications-Firms have found that implementation of some or all of these ideas into their tax function and tax processes has afforded them a way to more effectively and efficiently manage their operations and set themselves apart from other functions within an enterprise. Originality/value-The paper is very creative in demonstrating a valuable connection between operations strategy, operations management, and the tax function. The author shows how tools and process improvements can be effectively applied to tax just as they are to other functions of an enterprise.
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