Plastics processors need to understand the importance of innovation and adapt accordingly.
``We believe that a revolution is taking place in the management of innovation,'' said Keith Grime, vice president of research and development for Cincinnati-based Procter & Gamble's global fabric and home-care unit.
Grime's message was clear during a panel discussion at the April 28 Ohio Polymer Summit in Columbus: Companies must differentiate or die, because everyone is focused on value and that won't change.
He encouraged attendees to tap the increasingly global inventor base, as more engineering degrees emerge from Asia than the United States. He also emphasized the importance of research and development and its contribution to efficiency.
``Do less, with less, and get more,'' Grime said.
Even though P&G has nearly 10,000 researchers, the company still acquires 50 percent of its technologies and products from outside P&G. But that does not mean the company is reducing its own staff of researchers.
``It's essential that one keeps core research and development in order to define future technology and identify focus areas,'' Grime said.