Endorsing portfolio coherence and digitization doesn’t by itself make a company more innovative. Most of these were plastics and polymers, many derived from hydrocarbons, particularly petroleum. Without it, books, newspaper, and … A few examples of innovations that shaped our lives are: The Printing Press; This incredibly influential machinery was designed in the mid-1400s by Johannes Gutenberg and has shaped every aspect of our paper-based industry. They see value that is trapped in incoherent and overly ambitious portfolios, and believe that breaking these companies up will allow the new entities that emerge to offer more focused value propositions. Cars and coal factories have partly driven climate change. An Innovation Lab, if setup correctly, enables rapid and business value focused ideation and prototyping. It is well recognized that there is a high degree of variability in innovation performance, and companies have thought hard about the drivers of success. As an example, consider the great chemical product Teflon™ which was invented in 1938 and for years enjoyed a dominant market position in uses ranging from coatings and elastomers to plastics. Fluid Dynamics, Heat & Mass Transfer, Process Control). From renewable fuels to creating the materials for the technology of tomorrow, chemistry plays a pivotal role in advancing the world that we live in. Common tasks listed on an Innovation Manager resume sample are researching business and marketing strategies, translating strategies to programs and procedures, fostering high performance, implementing various projects, advising senior management, and making sure that … Innovation has long been considered a corner-stone of growth and profitability for chemical companies and a prerequisite for long-term performance. Innovation still clearly pays off. When this quest for portfolio coherence is complete, the chemicals industry will be populated by more targeted companies, each of which can more fully dedicate its resources to enhancing its individual market narrative. For more about Strategy&, see www.strategyand.pwc.com. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Chemical and allied products require advance research and development especially when it is used for scientific research. Leave us a comment and share your ideas! Chemical processing innovations. This group aims to design and build a liquid soap production pilot plant for the Engineering IDEAs Clinic as an innovative teaching tool. Science and business move forward through discovery and innovation. But despite their potential applications in technology, healthcare, consumer goods, manufacturing, and the environment, their immediate profit potential is still unknown. As a result, many legacy chemicals businesses are large and cumbersome. Mack Rides Pulsar: Next-Level Waterpark. Companies in the energy, utilities and resources sectors have the potential to play a huge role in the development of a circular economy. Innovation was not a primary concern. Newer chemical legislation, such as Regulation No 1907/2006 (REACH) enhances the need to substitute hazardous substances. Their products will now be embedded in the innovation and operations functions at automobile, aerospace, technology, hardware, consumer goods, and healthcare equipment companies, to name a few, where they will gather data that leads to insights, culminating in stickier relationships and more sales to each customer. The first period (from the 1950s through the 1970s) was a time of constant innovation. Other innovations profiled in this story aren’t products, per se, but changes in design that make life easier for the operator, such as ergonomics and alternative power sources. It must simultaneously align these activities with an innovative business model that generates healthy, self-sustaining returns from R&D investments.