Listen closely and you realize there is a lively debate between those who believe process is most important in innovation and others who contend that vision and creativity are what leads to success. The truth is that both are equally important and organizations interested in improving their ability to innovate must do both well. Continue reading
Manufacturing firms tend to focus on their products. In fact, we often fall in love with them. It consumes most of our time at work, and for many in the business, much of their time away from the office as well. We celebrate big orders and naively assume the good times will last forever. Elaborate marketing campaigns tout the benefits of our product vs. competitive offerings. We obsess on how to continually improve the product to out-do our competition. So what’s the problem, you ask? Continue reading
For manufacturing companies software is an increasingly important aspect of their product’s value proposition. From consumer to industrial products, nearly every industry is affected. Incorporating software presents greater challenges to companies whose products have traditionally been hardware oriented. Continue reading
There are many paths to grow a company’s revenue and earnings. That topic typically consumes the majority of management bandwidth. Organic market growth, geographic expansion and acquisitions are all viable strategies. But are you ignoring the role of innovation? Continue reading
This is a reprint of an article that originally appeared in South Carolina Manufacturing.
Getting products to market faster is a common objective for every company. While the motivation varies, there are clear benefits including capturing more sales, beating competition to market, providing market flexibility and maintaining a leadership position. Reducing time-to-market can also be a focal point for improving the overall innovation management process (1). Continue reading
There are many paths to grow a company’s revenue and earnings. That topic typically consumes the majority of management bandwidth. Organic market growth, geographic expansion and acquisitions are all viable strategies. But are you ignoring the role of innovation? Surprisingly, a recent survey suggests many are. Continue reading
New product development (NPD) is about creating knowledge resulting in new products that drive revenue and earnings growth. It is arguably the most important business process and one of the most difficult to manage (1). Why? Because it encompasses a series of workflow, information and decision flow across the entire organization. It is unique as well since every other process in the business can be driven to maximum efficiency. NPD is not just about efficiency, which often is the focus. The real concern should be how to make it more effective. Continue reading