What is it about?
Big items of equipment seem hard to modify and improve. Yet this article shows major investments are often markedly improved and upgraded. New technology is often retrofitted to old plant.
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Why is it important?
Innovation and investment help improve everyone's standard of living. This paper finds that older factories often use newer technologies. These are often bolted-on after the factory is first built. Modernisation is a continual process with resulting benefits of rising productivity and continuing profitability.
Perspectives
The paper was written as a result of visiting large number of factories and steel plants. The author realised older sites often had modern equipment. Best-practice technology was not limited to new works. So this paper explains how old plants often have the best operations.
Mr Jonathan Aylen
University of Manchester
Read the Original
This page is a summary of: Stretch: how innovation continues once investment is made, R and D Management, May 2013, Wiley,
DOI: 10.1111/radm.12014.
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