Vijay Govindarajan and Srikanth Srinivas in their HBR Blog The Innovation Mindset in Action: Sir Peter Jackson narrate the story of Peter Jackson, the director of the Lord of the Rings series of films and his innovative ways in making that series using which he saved all kinds of resources – time and money. He basically shot all three films in one go in New Zealand and even got the animation part done on location by Weta Workshop. Looking back it may seem like a big gamble, but then innovation involves taking risk always. Doing three films at one go is simplifying the process, making a paradigm shift in cost and time structures but look at the return they got in terms of financial and every possible type of success parameter. They ended up impacting the tourism economy of New Zealand to an extent.
Lot of people try and equate the R&D spends with the Innovation, but this story just proves that you can innovate in the way costs are managed. All you need is to think differently from the way things have been done so far or not let yourself be limited by the way things have been done so far.
A beautiful story.