The Biggest Challenge in Product Innovation May Surprise You

Ask senior executives at manufacturing firms what their biggest challenge is managing new product innovation and you might hear answers such as lack of creative thinking, development teams need to work harder, or maybe that the organization does not have the right skill sets. The truth might surprise you: consistently year-in and year-out, the single biggest pain point in managing product innovation is too many projects for available development resources.

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A 5-Step Approach to Reduce Time-to-Market

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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