Rapid developments in technology, material science, advanced manufacturing are providing synergistic opportunities to drive innovations and profitability. KPMG’s 2014 Global Manufacturing Outlook: Fostering Growth through Innovation – points out that partnership is new norm to drive innovation and profitability. The report addresses across key industries – Aerospace and Defense, Automotive, Conglomerates, Consumer Products, Engineering and Industrial Products, and Metals.
Two important things can be seen in the report:
1) Partnerships in manufacturing will drive innovation
2) Rise the visibility across the supply chain
The KPMG report points that the biggest challenge to innovation is alignment of innovation and company strategy.
In another report, KPMG Global Head of Conglomerates – Ken Seel opines that – “Innovation and the speed at which innovation ideas are put into action are the keys to success” is critical factor for industrial manufacturers in achieving success and overcoming challenges.
Other key aspects that need to be addressed to drive innovation and improving profitability are:
- Understanding product cost and profitability to support growth and performance across the enterprise.
- Adopt continuous evaluation model for innovation & effectiveness and return on investment (ROI).
- Forge or Leverage partnerships and collaborative business models to create synergies across the value chain, improving IP protection and Monetization.
Another key aspect that most IP Counsels want but missing in most organization is creation of strategies to utilize technology and build trust to create better visibility and transparency across the supply chain.
Only 12 percent of the manufacturers are “very effective” at determining product profitability. This leaves the door for improvement wide open. Addressing the above aspects would accelerate the promotion of innovation.
Takeaways – There are two key takeaways. 1) Look for profitability 2) Collaborate & innovation to improve the bottom-line.
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