Heads up! The wheels of innovation keep on rolling, and you don't want to get caught under your competitors' wheels. One of the best ways to avoid getting run over is to look both ways before you cross the street. When you can see what is coming, you can make a more informed decision about your path forward.
The first step is to be sure you know what is going on in your own organization outside of your immediate area. This article from APQC has some valuable tips about why it's important to see what others are doing, and how to avoid making their same mistakes: Product Development: Capture Your Lessons Learned.
And APQC is keeping our own wheels moving in our new Collaborative Benchmarking Study, "Improving the Transfer of Knowledge in Product Development."