The future of engineering R&D operating model: Co-creation & Co-ownership

In today's fast-paced technological landscape, traditional engineering research and development (R&D) models are witnessing exciting growth opportunities. Organisations are increasingly recognising the immense value of expanding beyond internal capabilities and resources to foster innovation. The future of engineering R&D lies in the transformative power of co-creation and co-ownership, where collaboration and shared responsibility emerge as catalysts for pioneering breakthroughs.

Embracing Co-Creation: Accelerating Innovation In The Automotive Industry

The automotive industry provides a compelling example of the effectiveness of the co-creation model. Multidisciplinary teams from different organisations collaborate to address complex challenges. By developing shared automobile platforms and pooling resources, car manufacturers achieve economies of scale, streamline production, and reduce costs and inventory complexities. This collaborative approach has led to faster time-to-market and enhanced efficiency. A prime instance of collective expertise in tackling technical challenges is the recent collaboration among Japanese motorcycle manufacturers (Yamaha Motor Co., Suzuki Motor Corp., Kawasaki Motors Corp., and Honda Motor Co.) in developing a small hydrogen engine. This approach promotes accelerated innovation, cost reduction, and improved product quality and safety, paving the way for future advancements.

Co-Ownership: Driving Ambitious Projects In The Aerospace Industry

Co-ownership allows organisations to share the risks and costs of R&D projects, enabling them to undertake ambitious endeavours that would be otherwise unfeasible for a single entity. In the aerospace industry, space exploration missions often involve multiple organisations, including governments, private companies, and research institutions. SpaceX, for example, partners with NASA to develop and launch space missions. By sharing the financial burden and pooling resources, they can push the boundaries of what is possible in space exploration, facilitating technological advancements and propelling innovation.

Customer-Centricity Through Co-Creation: Insights From Consumer Electronics Companies

Co-creation and co-ownership foster customer-centricity by involving customers directly in the R&D process. Consumer electronics companies engage with their customers through online communities and beta testing programs to gather feedback and insights on their products. This customer-centric approach enhances user satisfaction, increases brand loyalty, and provides a competitive edge in the market. By co-creating with customers, organisations can better understand their needs and preferences, resulting in more tailored and market-responsive solutions.

Building Strong Ecosystems And Agile Organisational Structures

Implementing the co-creation and co-ownership model successfully requires organisations to establish strong ecosystems and agile organisational structures. Pharmaceutical companies, for example, collaborate with academic research institutions and biotech startups to accelerate drug discovery and development. Building partnerships and networks creates vibrant ecosystems that foster knowledge exchange and the cross-pollination of ideas. Ecosystem partners can include customers, suppliers, academic institutions, non-profit organisations, and government agencies. Embracing agile methodologies and adopting flat organisational structures facilitate collaboration, rapid decision-making, and iterative development cycles.

The Impact Of Industry 4.0 On Engineering R&D

With the advent of Industry 4.0, the ER&D market has experienced exponential growth. Digital engineering tools such as data analytics, Artificial Intelligence (AI), the Internet of Things (IoT), and Machine Learning have become the trailblazers for technological innovation. Co-creation enabled by the shift to the Cloud has allowed organisations to use data and analytics to drive new businesses and revenue streams. The adoption of a repeat-business-based Product-as-a-service model has further accelerated innovation. The 4 ACES (Autonomous, Connected, Electric, and Shared Mobility technologies) are projected to account for 40% of global ER&D spending this year, showcasing the significance of co-creation and co-ownership in shaping the future of engineering R&D.

India's Emergence As A Global Leader In Co-Creation And Co-Ownership

India has emerged as a global leader in the field of co-creation and co-ownership, attracting significant investments from ER&D companies worldwide. The country's enormous, high-quality talent pool serves as a compelling incentive for investors to set up experience centres in India. By fostering a collaborative ecosystem and promoting innovation, India is poised to play a pivotal role in shaping the future of engineering R&D on a global scale.

Conclusion

As innovation remains a key driver of success, co-creation and co-ownership provide the framework for engineering R&D to thrive in the face of evolving challenges and opportunities. By tapping into diverse expertise, accelerating time-to-market, sharing risks and costs, and embracing customer-centricity, organisations can unlock the collective intelligence and creative potential that emerge when diverse stakeholders come together. The future of engineering R&D lies in the power of collaboration, marking a paradigm shift that promises to revolutionise the landscape of technological advancement.

Authored by Suman Nelluri , CEO, Greaves Technologies Limited

Source: https://timesofindia.indiatimes.com/blogs/voices/the-future-of-engineering-rd-operating-model-co-creation-co-ownership/