Is your R&D operation digitally native or digitally delayed?
A recent McKinsey article sheds light on how companies are embracing the practices of digital natives to accelerate innovation, including hackathons and pitch nights for internal inventors.
With examples of what McKinsey refers to as “innovation accelerators,” the article offers four quick wins for changing R&D at your company. The goal is to stimulate collaboration — and innovation as a result.
Example: Digital Twins. According to Wikipedia, “Digital twin refers to a digital replica of physical assets (physical twin), processes and systems that can be used for various purposes. The digital representation provides both the elements and the dynamics of how an Internet of things device operates and lives throughout its life cycle.
By syncing existing product information with real-world data gleaned from usage and performance, companies are turning the digital twins concept into reality. Innovators are taking action based on this more complete view of product lifecycle data to deliver product design breakthroughs, faster processes, and reduced costs.
McKinsey also offers up interesting insight on how companies are using modern day approaches to drive cross-departmental, creative collaboration. This includes “innovation garages” that bring members of different company departments together into a single, self-contained group. The goal: “Generate new ideas quickly with minimal overhead.”
If you have an extra 5-10 minutes today, take a look at the complete McKinsey article here — it’s worth it.