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• W289051326 abstract "Phillips is overhauling its vaunted innovation machine in an effort to develop new product ideas more quickly and to move them from the lab to the marketplace more profitably. But as the company that pioneered the audio cassette, the compact disk and the VCR strives to accelerate innovation, it intends to avoid a major pitfall of many global manufacturers in the fast-paced consumer electronics industry: paying more for speed than it's worth. A few years ago, Philips paid dearly for its speedy innovation. In 1990, the company lost a record $2.5 billion, leading to some 70,000 job cuts and an uncertain future for the remaining 250,000 as it moved to mount a comeback. Too often, experts say, Philips made the wrong products or delivered the right ones too late or overpriced. Research and product development weren't coordinated, allowing rich technology to go unexploited. Researchers were often too far removed from product markets, while manufacturing was out of the decision-making loop. HIRING FRANK CARRUBBA So in 1991, Philips chairman Jan Timmer did something none of his predecessors had done before. He sent outside the company, which had prided itself in advancing home-grown technological talent, to hire Frank Carrubba, then a 55-year-old American with a long background at Hewlett-Packard and IBM. Timmer put Carrubba in charge of coordinating every link in the product chain, from research to purchasing and manufacturing. Never had such responsibility been given to a single individual at Philips, an annual $30 billion-plus sales company with 40 businesses ranging from light bulbs and shavers to TV sets and medical scanning machines. As Philips' struggles to stem losses in its core consumer electronics business, Carrubba clearly has his work cut out for him. Today's electronics environment is harsher than ever. There is little room for mistakes. Global recession and market saturation have led to stagnating sales and overcapacity, while vicious price wars continue to squeeze profit margins, Carrubba notes. Rapid technological changes and shorter product life cycles are reducing opportunities for new products. Instead of slowing the pace of innovation, as one would think, hard times seem to have quickened it, says Carrubba. An unprecedented number of new electronics products are flooding the market. The time required to copy a novel product idea, Carrubba observes, has been reduced from years to months. As a result, product life cycles are becoming shorter and new products account for a steadily increasing share of sales in most electronics firms. Less time is available to recoup ever-increasing research and development investments. At the same time, Carrubba warns, both markets and the competition are globalizing in the electronics industry. While under continued attack from its Japanese rivals, the European electronics industry is now facing growing competition from the Asian tigers and the newly industrialized countries, he says. To make a successful turnaround, Philips must struggle to keep profits flowing from low-margin commodities such as basic television sets, hi-fi equipment, appliances and light bulbs, upgrading them with new technology wherever possible. At the same time, Philips must depend on people like Carrubba to lead the company into future-oriented products and services, especially interactive TV and multimedia. Within the next several years, Carrubba contends, most information in consumer electronics, including television, is expected to assume the same digital form as computer data. Consequently, traditional boundaries between segments within the electronics industry will begin to blur. The consumer electronics, computer, telecommunications, and parts of the entertainment, media and publishing industries are expected to merge into a single market, creating a continuum from information carriers to information content and from tangible products to intangible services. …" @default.
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• W289051326 date "1994-03-01" @default.
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• W289051326 title "Shorter Time-to-Money Drives Philips R&D" @default.
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