Innovation can be the key to increased sales and margins. Innovation can take many forms and perform several different functions. Some examples include :

• Open innovation. This type of innovation may be described as the art of the immediately possible as solutions are found from elsewhere and simply imported to your business.
• Qualification studies can prove the effectiveness of existing products, demonstrate the ability of products to meet need in new markets and prove that exacting industry wide standards can be met
• Impact consultancy can be used to identify the source of in-service problems by focusing on the performance of various components of a product. Where functionality issues occur experienced scientists can identify the source using advanced scientific services to stress test components, assessing chemical composition, tribological performance porosity, coatings and interfacial integrity
• Research projects. These can be long and  expensive, and are best approached where possible by accessing grant funding. Open Innovation can be applied to make the process faster through introducing services and products  into the supply chin from the open market.