Business Transformation requires a strategic shift from the existing portfolio to a new portfolio of capabilities, products and services. It requires analysis of existing and emerging Technologies, Markets, Categories, Products and Services and the clear articulation of what the future should look like.
In the current global crisis, innovation has never been more firmly on the corporate agenda as the key to survival and growth.
With growing competitive pressures, the fragmentation of markets and the relentless trend towards the commoditisation of products and services – the creation of a highly effective and highly efficient innovation program is paramount in order not only survive but to thrive in this environment.
Innovation Governance is a system of cross-functional decision-making processes that define, align and manage innovation activities across the entire product lifecycle.
Effective innovation governance ensures the achievement of strategic growth goals. It encompasses business decisions that impact every phase of the product lifecycle and affect many parts of the organisation. Product innovation is crucial for sustainable growth. There is a strong correlation between successful innovation and business success. Overall, research has become a core component of corporate strategy, anchored in long-running development cycles and contracts with customers and suppliers.
With over 25 years in new technology planning, management and product development, Irene Petrick has become one of the World’s most renowned roadmapping experts. Irene holds a PhD in Engineering Science and Technology Management, is a Professor at Pennsylvania State University, and has authored/co-authored over 95 publications.
Written by Bryan Seyfarth, Ph. D., the director of product marketing for the Sopheon Corporation. He is the product leader for Accolade®, the company’s flagship process and product portfolio management solution, and for Vision Strategist™, Sopheon’s strategic product planning and roadmapping software.
Do you wish you could project your business outcomes with precision into the future? Can you see the horizons ahead of you with clarity and what you need to do now to prepare for the next horizon?
Roadmapping is one of the key best practices for aligning business functions with corporate strategy and projecting with precision into the future. Roadmaps are valuable strategy tools because at their core, they are all about making decisions and if there was ever a time to sharpen the sword and make big decisions to stay ahead of the curve and innovate successfully, now is the time.
Are you just winging it when it comes to Portfolio Resources? Do you know how much fuel is left in the tank?
So often, we see companies flying blind when it comes to knowing what resources they have for each portfolio project. As an innovation consultant for nearly two decades now, I know, alarmingly, MOST companies don’t integrate Resource Planning with their Project Portfolio planning.
Not knowing how many resources you have for a project is effectively like flying without know how much fuel you have left in the tank. You know you’re going to run out but just not sure when!
Do you understand how Agile and Lean can work together with Stage-Gate? Is agile, lean or stage-gate the best methodology for your business?
It is fair to say that the time for effective innovation management is now. The need to ensure resources are not wasted and sound projects are pursued judiciously in this current climate is paramount.
Too often, we see companies choose innovation methodologies with an “all or nothing” approach. The pendulum has swung toward Lean and Agile methodologies, sometimes casting Stage-Gate® aside. Optimal results are derived from the best of BOTH worlds as part of an integrated best practice innovation toolkit.