The Role Of Small Part Innovation
2014-09-28
Research & Development (R&D) is critical to the creation of effective and innovative technologies in all industries. And it starts with the pieces. Terms like “innovative” and “well-engineered” shouldn’t be limited to referring only to iPads and aeroplanes.
Small parts--such as bearings and tolerance rings--can make a big difference to successful product development and should be recognised for high standards for performance and durability. Ensuring that these “unsung heroes” perform under adverse conditions and contribute to the overall product benefits, such as sustainability, durability, noise reduction, cost cutting, or enhanced performance, requires R&D investment.
According to the 2012 Global Innovation 1000 study conducted by global management consulting firm Booz & Company, corporate spending among the top 1,000 R&D spenders reached an all-time high of $603 billion, an increase of 9.6 per cent from the previous year.
Statistics show that the recovery in R&D expenditure following the worst recession in generations is much faster than it was after the financial crash, sparked by the collapse of dot-com companies, at the beginning of the century. Although companies are still feeling the lingering financial effects of the global economic downturn, many seem to recognise the long-term value associated with R&D investment.
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