What is one key to 2010 success?
With a sigh of relief, we are watching 2009 draw to a close. The scientists’ insights in our FY2010 lab budget report, published a few weeks ago, indicate that scientists are roughly split as to how beneficial they believe the ARRA has been for the life sciences industry. Wise allocation of suppliers’ resources for the coming year will fuel what appears to be—in some cases—an upswing.
Innovation will be a key differentiator in 2010. Some organizations are innovating in the area of process, creating improved efficiencies in core competencies and revitalizing business models, which will make shareholders happy. Some will innovate with regards to products, both incremental and disruptive, which will make shareholders nervous, until proven. The smart supplier knows that a penny saved is a pound earned, and will test new product concepts early, open for signs that it might be time to up the ante—or cut bait.