Business growth strategies are highly dependent on contributions from Innovation Initiatives and the pressure to deliver on the promise of Innovation is enormous. Despite this pressure, and in many ways, because of it, Innovation programs and businesses are under-performing.
Delivering a steady stream of successful new products and services is no easy task. Do you know that only 56% of new products launched achieve their profit objectives! To improve the odds of success requires a world-class idea-to-launch system that builds in best practices. Yet most firms’ new product processes are broken, and worse yet, they often fail to build in the practices that make the difference between winning and losing. Implementing an effective idea-to-launch system almost doubles the proportion of new products that meet their profit objectives!
Picking the right projects is the second way to win at new products. But 79% of businesses lack a professional portfolio management system that helps them make the right development investment decisions. The result is that 76% of businesses have ‘far too many projects underway for the limited resources available’ – mostly small projects. Effective portfolio management can increase the productivity of your product development expenditures by a factor of two – fewer, better, faster new products.
Bolder innovation is the answer for many firms, new products that really make a difference to the business’s top line and bottom lines. But 89% of businesses claim to have ‘few or no high value projects’ in their development pipelines. The ability to generate breakthrough new product ideas, and then to pick the big winners early is key to success here. Managing the “fuzzy front end” – more effective ideation and then picking the right ones to invest in – is one way to dramatically enhance your new product result.
Prodex Systems in partnership with Dr. Robert Cooper invite your executives and innovation teams to engage in these unique training and development events:
Dr. Robert G. Cooper is the creator of the world-famous Stage-Gate® process, and was named the “World’s Top Innovation Management Scholar” by the prestigious U.S. Journal of Product Innovation Management and winner of the best seminar leader of the year at Sweden’s Chalmers Institute in Goteborg. He has combined practical consulting with ground-breaking research for many years. Besides his best-selling books “Winning at New Products” and “Portfolio Management for New Products”, he has published more than 100 articles on R&D and innovation management.