The R&D arena has been hit by the cost and complexities involved in the innovation process and therefore companies are now looking up to outsourcing of R&D function. Both the offshoring and outsourcing concepts for R&D are being given importance and it is being regarded as a global innovation network model. Increasing number of companies are giving importance to R&D outsourcing now.
Though it offers a number of advantages in the form of speed and greater efficiency it also brings along with it a number of challenges such as loss of control which is being regarded as the biggest disadvantage of R&D outsourcing.
Rob Mitchell, editor stated:
Increased competition, the cost and complexity of innovation and a surplus of ideas are encouraging many companies to restructure their approach to research and development. Our survey shows a considerable shift towards greater outsourcing and offshoring of R&D in what we term a global innovation network model, despite concerns about loss of control over a function that is often considered core to a company’s identity
Via cellular-news
