INFOGRAPHIC: The High Cost of Rework & Redundancy in Automotive Innovation
Posted on Sun, May 20, 2012
Studies have shown that over 70 percent of companies admit to investing in research that led to (or was leading to) a previously patented solution. The estimated cost of this duplication of effort comes in at nearly 30 percent of total R&D spend.
The top three vertical market sectors - in terms of R&D spend - information technology, automotive, and pharmaceuticals waste a purported $15 billion, $9.7 billion and $9.2 billion, respectively, re-inventing the wheel.
That wasted spend could go a long way – check out the infographic below to see what, if applied elsewhere, the $9.7 billion the auto industry alone wastes could do:
Automakers and suppliers: there is a better way to innovate - Find out how in this webinar replay.