Over recent years, firms have started to digitize their internal processes and and open up their innovation functions. Both developments drive firm´s ability to innovate, leading to increasing innovatoin rates in various industries. Due to this development the industry evolves into an ever more important zeitgeber/taktgeber for firms. Firms need to pace and synchronize their behaviors more strongly with those of their rivals if they do not want to risk falling behind. Using our news analytics capabilities, we have analyzed the new product indroduction rates of industries and provide an overview of the accelerating pace of competition in these industries (c.f., Figure 6).
Figure 6: IndustryClockSpeeds (New Product Introductions) by Industries [SIC]
(Insurance Carriers , Chemicals and Allied Products , Business Services , Printing, Publishing and Allied Industries )