Time and innovation

Innovation of products, services and the manner of performing business can be successful if the aspect of time is considered. This means that the time required to conceptualize, develop and introduce new products and services should be significantly shortened. Fast innovators are successful because they are the ones who have the ability to take leadership positions in their industries. Before a company can be a fast innovator, it has to cultivate and embrace a new corporate philosophy that stresses the importance of time. The support and involvement of the whole organization in the innovation process also plays a critical role. The techniques needed to achieve a time advantage are similar to those used by flexible manufacturers. These involve minimal lot sizes, organization by product and local scheduling. These elements increase ability to accommodate flexibility, raise production and reduce response times.
In today's global markets, a timely response means competitive advantage. Time is also a vital element in successful innovation, which, in turn is key to the long-term vitality of all [...]