Foresight and the Future of R&D

[...]R&D within many companies moved more resources to focus on short-term, low-risk projects that create revenues in the one- to three-year plan period. To face them, organizations will need a strong, long-term point of view about the future that enables them to channel innovation productively...

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Bibliographic Details
Published inResearch technology management Vol. 60; no. 1; pp. 43 - 47
Main Authors Crews, Christian, Farrington, Ted
Format Journal Article
LanguageEnglish
Published Arlington Industrial Research Institute, Inc 2017
Taylor & Francis Ltd
Subjects
Business models
Chemical engineering
Collaboration
Consumers
Employment
Futures
Growth models
Industrial research
Innovations
INVITED ARTICLE
Market positioning
Portfolio performance
Product development
R&D
Research & development
Strategic management
Strategic planning
Trends
Turbulence
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Summary:[...]R&D within many companies moved more resources to focus on short-term, low-risk projects that create revenues in the one- to three-year plan period. To face them, organizations will need a strong, long-term point of view about the future that enables them to channel innovation productively in a changing world amid high stakeholder expectations. Because R&D is often the place where higher-risk, longer-term opportunities originate and are explored, it is a natural center for helping shape the organization's approach to the future. [...]a comprehensive foresight process for R&D that incorporates broader organizational stakeholders in strategy, marketing, manufacturing, and sales can both improve R&D's performance and influence the broader organization's success in a turbulent marketplace. Understanding that uncertainty equals opportunity-and bigger rewards come from bigger risks-is the beginning point of a powerful foresight program for R&D. As transformational changes remake entire industries and markets, an R&D foresight process can help the organization see beyond surface changes to develop a strategic, shared point of view about the future that shapes the innovation pipeline. [...]the company came out of the crisis bigger and stronger (Wack 1985). [...]a comprehensive foresight process can position R&D to lead the organization's long-term strategy. Ted holds BS and MS degrees in math and physics from Clarkson University, an MS in chemical engineering from Caltech, and a PhD in chemical engineering from the University of Maine. ted.farrington@kalypso.com DOI: 10.1080/08956308.2017.1255053 Copyright © 2017, Industrial Research Institute.
ISSN:0895-6308
1930-0166
DOI:10.1080/08956308.2017.1255053