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The art of managing innovative companies is disclosed in this unique book which resulted from the first common EU-MITI project. The Company of the Future will need new management tools in order to meet four essential requirements: The first three are to redirect the attention of management to the internal challenges, to reveal problems well before final financial data are available, and to integrate basic management concepts from all business functions (marketing, R&D, production, services, finance, strategy). The fourth requirement is that tools should be simple enough to be implemented by busy people and sufficiently sophisticated to meet the challenges of the future. This book reveals those practical, simple and effective tools for global success and competitiveness. "This is a challenging book about the likely shape of companies in the 21st century." (David T. Thompson)



1. General Framework and Concepts

This chapter delivers a general reference frame for innovation and management processes. The first four sections deal with external challenges. A new theoretical framework is developed for international economics and corporate growth, separating long term structural growth from short term fluctuations. It introduces a small set of fundamental constants, formulates conservation laws for economic and corporate development, and derives basic growth processes for start up, catch up, and pioneer countries and companies. Save miracles and disasters, they allow to predict the next generation’s market volumes for investment and consumer goods. The nature and cause of employment problems, the transition from the industrial to the service society, and the closing gap between Asia-Oceania and Europe-North America are explained quantitatively. A general strategy concept concludes this part.
Hans G. Danielmeyer, Angelo Airaghi

Chapter 2 A. Reaserch in the Company of the Future

In this chapter we focus on research and long term development. The elasticity concept, derived from marketing and production functions, is found to be applicable to the relationships between Research and Development (R&D) and specific businesses within the company such as the chemical business. Technology leaders expect that in the long term a reduction in R will lead to a much larger increase in D, and that an increase in R leads to a much larger increase in sales than would be the case from the same increase in D. This contrasts with a strongly negative correlation between interest rates and the industrial research budget. The co-operation between science and industry clusters around the European ‘hands on’ policy, the Japanese ‘active distributor’ policy, and the low performers ‘hermit’ behaviour. One of our strongest recommendations is the use of project-based research funding.
Klaus Brockhoff

Chapter 2 B. Empirical Results on Research Elasticities and on the Integration of Industrial Research with the Scientific in Europe and Japan

Based on a sample of European and Japanese companies, an approach is presented for the quantification of industrial research. A Delphi-styled approach is employed for this investigation, involving both personal interviews and self-guided computer questionnaires. This technique provides information on research elacticities, ie the relative impact of changes in research and development in relation to prospective future sales. Results include indications of substitutional effects within R&D activities. An ideal ratio for R&D budgets can be estimated quantitatively
Justus Bardenhewer

Chapter 3. The System Company

In this chapter we describe the characteristics of a System Company and the variables which need to be considered for decision making within such an organization. High quality technology management and system integration are key factors, but the configuration of the market and the nature of contracts involving component suppliers are also important. The factors involved in ‘make or buy’ decisions are reviewed. Total control of the technology is the most desirable situation, based on vertical integration; and the degree to which this can be achieved in practice is discussed along with other factors which also bear on management decisions which need to be optimized.
Luigi Paganetto

Chapter 4. Technology Management in the ‘Company of the Future’

In this chapter we consider technology management in the ‘Company of the Future’. The mission of this company will consist of three ideas, ie to contribute to global society via company competence which leads to value- added innovation, to create this competence via the activities of intellectuals including R&D people both inside and outside the company, and to achieve healthy and stable financial results over a long period. It is important for managers of the company to watch the balance of Profit, Cash Flow, and Fund for Future Growth as management indices. Clear priorities should be set for R&D resource allocation and each project within this, and managers should be sensitive to the pattern and status of the life cycle for each innovative project. The company’s business strategy should be well defined and its ability to establish appropriate global partnerships nurtured.
Yasutsugu Takeda

Chapter 5. Global Strategies and the Role of Research

The Company of the Future must pursue different strategies depending on the industrial development levels of the countries in which it operates. Governments also compete with each other in attracting business and in securing employment. The example of Sumitomo Electric Industries Ltd highlights the differences between the management styles used in the US and Japan. Cultural merger is neither simple nor recommended. The role of R&D for growth and diversification is stressed. A capitalisation method for R&D is proposed which would improve performance, shareholder value, and fixture benefits to society. Intellectual property and tax laws would need to be homogenized.
Tsuneo Nakahara

Chapter 6. Accountability of Technology

The accounting methods developed to date for use in R&D budget allocation are described in order to identify their strengths and weaknesses. It is concluded that the requirements for accounting in a technology-intensive Company of the Future will be quite different from those used in classical manufacturing. A new Flexible Innovation Accounting System (FIAS) has therefore been developed and exemplified by its recent use in a large chemical company. The potential for advantageous use of this and two other new methods - Goal Oriented Performance Evaluation (GOPE) and Process-oriented Cost Accounting (ProCoRD) in R&D is considered. GOPE has been exemplified by use in a pharmaceutical company and ProCoRD in the automotive manufacturing division of a large company.
Manfred Perlitz


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