Grow & Prosper: Are Your Innovation Practices Inhibiting Success?
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This document discusses optimizing innovation practices to improve success. It identifies key decisions in the innovation lifecycle like portfolio prioritization and project funding. It also lists common challenges companies face around issues like meeting demand, fueling ideas, and planning for changing environments. The document then describes how one $20B company transformed its front end innovation by applying best practices. These practices enabled cross-functional decision making, increased the value of its innovation portfolio by 75% within 3 years, and reduced time to market. It concludes by noting the key is applying best practices in enterprise innovation performance and cross-functional decision making to define and manage innovation investments in order to increase success rates and value while decreasing time to market.
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Grow & Prosper: Are Your Innovation Practices Inhibiting Success?
- 1. Grow & Prosper: Are Your Innovation Practices Inhibiting Success? Jim Conroy Vice President EMEA
- 2. Key Decisions through the Innovation Lifecycle “How do we optimize our portfolio for achieving our performance goals?” “Should this new idea/concept become a development initiative/project?” “Which strategies (segments, brand, product lines, platforms) should we prioritize to achieve our objectives?” “Should this initiative/project get funds/resources to move to the next stage?”
- 3. Meet Industry Challenges with Innovation Practices “How do we reduce risk of prestige brands in a difficult economy?” How do we structure our portfolio to deal with seasonal fluctuations? “How do I meet consumer demand for sustainable and natural ingredients?” “How do we fuel a constant stream of good ideas?” “How can innovation drive new categories & brands” “How do we plan strategically when consumer needs are constantly changing?” “How do we plan to meet our near & long-term growth objectives?” “How can we effectively plan to consider changing regulations?” “How can we shorten development times to be first to market?” “How do we build regulations & consumer testing into the NPD process?” “How can we collaborate effectively across global & cross-functional teams? “Can we execute efficiently to meet buyer deadlines & reduce chaos?”
- 4. Transforming the Front End of Innovation… $20B+ Personal Care Company •Halfway to doubling number of $1B+ brands •Increased value of innovation portfolio by 75% within 3 years •Insight into the innovation lifecycle •Able to compare in-market results against research projections •Analytics into successes & failures Results “Accolade Idea Lab works very, very well. You have real time input from more people engaged around the globe where time differences make it really hard to brainstorm, and it saves a lot of time and travel money as you use the tool for this purpose.” Director of Global Innovation •Not enough ideas to fuel growth objectives •No systematic approach to developing the front end •Lack of consumer and customer insights •No ability to analyze in-market successes Challenges
- 5. The Key is Applying Best Practices in... Enterprise Innovation Performance Corporate Strategic Plans PDM SCM MRP CRM ERP Enabling Cross-Functional Decision-Making to Define and Manage Innovation Investments Corporate Strategic Plans Innovative Products & Initiatives Sustainable, Profitable Revenue Growth Enabling Cross-Functional Decision-Making to Define and Manage Innovation Investments Success Rate = ~50-55% Value = +75%-100% ~75-85% Time to Market = -15-30% Execution Activities R&D Supply Chain Production Sales/Mktg Finance PDM SCM MRP CRM ERP Enterprise Innovation Performance Corporate Strategic Plans
- 6. Request a Poster A handy summary of the 8 leading practices
- 7. Any Questions? Jim Conroy VP EMEA jim.conroy@sopheon.com Jeff Gomes Business Development Director jeff.gomes@sopheon.com
Notas do Editor
- We have seen many customers investing untold fortunes in strategies and technologies, but we have also seen them not reaching their growth and revenue goals because their underlying practices and processes are actually undermining their success. Over the years our customers have learned from us, but we have also learned from them. We have identified four key business decisions relating to the innovation lifecycle, and a number of practices which we believe can support the decision-making around these.
- These key decisions can be broken down into more detailed questions about how to tackle the specific industry challenges.Innovation planning – read questionsIdea/concept development – read questionsProcess management – read questionsPortfolio optimization – read questionsI’d like to highlight one use case, around transforming the front end.
- As I mentioned before, we have come up with a series of 8 leading practices which have proven successful in achieving measurable improvements in innovation performance:Maintaining “enough” ideas as well as “good enough” ideas at the front end for a high-value development funnelAccelerating time-to-market and meeting targeted product launch goalsAdapting portfolios quickly to respond to changing trends and consumer needsImproving new product investment decision-making to focus resources on the highest value brand innovations and to contain riskOur goal in being here over the next two days is to share these with you. Stop by our table in the refreshments area to request a poster, which summarizes these practices, or feel free to chat to my colleague Jeff Gomes or myself during the breaks about some of your particular innovation challenges. Thank you ladies and gentleman for your attention.
- Thank you ladies and gentleman for your attention. Are there any questions?