Experimentation Matters: Unlocking The Potential Of New Technologies For Innovation

Every company's ability to innovate depends on a process of experimentation whereby new products and services are created and existing ones improved. But the cost of experimentation often limits innovation. New technologies including computer modeling and simulation promise to lift that constraint by changing the economics of experimentation. Never before has it been so economically feasible to ask "what if" questions and generate preliminary answers. These technologies amplify the impact of learning, paving the way for higher R&D performance and innovation and new ways of creating value for customers. In "Experimentation Matters", Stefan Thomke argues that to unlock such potential, companies must not only understand the power of experimentation and new technologies, but also change their processes, organization, and management of innovation. He explains why experimentation is so critical to innovation, underscores the impact of new technologies, and outlines what managers must do to integrate them successfully.