The "family" of process industries spans multiple industrial sectors and thus constitutes a substantial part of all manufacturing industries, including petrochemicals and chemicals, food and beverage, mining and metals, mineral and materials, pharmaceuticals, pulp and paper, steel, and utilities. This article begins by reviewing methods and tools used in the process industries for effectiveness improvements, such as technology road-mapping, R&D strategy development, and portfolio balancing. Next, more efficiency-related areas of R&D like work processes and methodologies like quality function deployment, and collaboration in an open innovation approach are introduced. Both areas relate to product and process innovation from idea generation to implementation. Starting from this platform of current knowledge, future perspectives on the need for new approaches and tools for improved Management of Innovation & Technology in the process industries are reviewed and discussed.