This may involve learning how to use new technologies and equipment and how to adopt technical expertise and business processes not already available internally.
Acquiring this knowledge depends on cooperation established with other organizations (universities, start-ups, scientific research centers, technology transfer offices…). Developing an innovation network definitely contributes toward building a company’s knowledge-capital.
If you haven’t yet tried this, below you will find below 5 good reasons to start sourcing knowledge outside your own company.
1/ Gain a global vision on expertise in a fast paced environment
To stay innovative when developing new products and processes in a fast paced environment, companies have to source technology, scientific knowledge and look into different domains, ideas and expertise.
2/ Take more informed decisions and be more confident in the decision making process
When it comes to taking strategic decisions, if companies have a clear understanding of their global ecosystem it undoubtedly helps the decision makers. It gives them the opportunity to base their strategic choices on objective analysis and face difficult situations with more confidence.
3/ Penetrate new networks and markets
It can be difficult for industries to penetrate new networks when far from their core domain of expertise. Sourcing external information from outside their boundaries is an opportunity to connect with new networks and to acquire and enrich existing knowledge. This dynamic of integrating novelty into their core business encourage product and services differentiation and might open the company to new markets.
4/ Use similar R&D efforts to others
To run-over fixed R&D costs companies use complementary and identical external information on research activities to incorporate them with their own works. This way, they are not wasting time and money on repeating internal research.
The capacity of a sourcing tool for mapping out the entire technological and scientific environment surrounding a specific subject will facilitate that work.
5/ Stop playing catch-up!
“The key thing is: Replication is not innovation
People want to study what companies are doing, believing that will help them to be successful. But the problem is that when you copy someone else’s best practice, by the time you implement they are onto the next practice. You are always playing a game of catch-up. You are never really able to innovate using a replication of strategy”. Stephen Shapiro
Find new opportunities and concentrate your efforts where you are unique. Anticipate your competitor’s next move thanks to a global vision of the key player’s expertise. Understand collaborative networks on your research topic and concentrate your efforts on finding disruptive innovation.
Even if the knowledge can be localized from both national and international levels, creating innovation and generating new and quality ideas for the company, companies have to acquire new knowledge.
Staying too local when bulding new relationships and interacting can limit the conception of new innovative opportunities.
Nowadays, the high volume of available data is so large that it is difficult for companies to find the appropriate information and understand it.
Big Data analytics help companies understand and access new insights allowing companies make more informed business decisions.
For most of the firms, Big Data is the new big challenge. They’re equipping themselves with Data analytics platforms to increase their efficiency in product development, customer service and sales…
An international searching-tool offers the opportunity to capture a global overview on a research topic and identify the expertise needed when analyzing millions of documents, secondary concepts, grouping them together and linking them to their relative experts, organization and geographic location.
Expernova Platform is the smartest solution to find the expertise you need => Try Expernova Platform
1- Handbook of Organizational Change and Innovation; Marshall Scott Poole, Andrew H. Van de Ven; Oxford University Press, 2004
2 -Sourcing knowledge for innovation; The international dimension; Robert Huggins, Hiro Izushi, Nick Clifton, Sarah Jenkins, Daniel Prokop and Chris Whitfield; Research Report May 2010
3- SMEs and knowledge-capital formation in innovation networks: a review of literature; Journal of Innovation and Entrepreneurship, A Systems View Across Time and Space; Blandine Laperche, Zeting Liu; 2013