Open Innovation: Fertile Ground for Innovations
The Siemens website noted that hoarding knowledge decreases a company’s competitiveness. Companies are therefore turning to open innovation process that holistically incorporate both their own internal knowledge and external expertise. As they do so, they are expanding their own innovation potential. As data flows ever more quickly between research and development and production, innovation cycles are becoming shorter. In this context, an unhindered exchange of information regarding trends and new technologies is becoming ever more important. Many companies have therefore turned to open innovation as a means of bringing together knowledge from different departments – and even from outside the organization.
Click here to read the full article.
