Generate,Higher,Returns,from,Y business, insurance Generate Higher Returns from Your Innovation Investments: 6
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One way to establish market differentiation is through the introductionof innovative new products. Establishing that differentiation is onething, but maintaining it is quite another. Here we have put together aten part series on how to generate higher returns from your innovationinvestments. From our series of highly informational articles,companies will learn: how to treat innovation as a cross-functionalbusiness process, how to align innovation execution and businessstrategy; how to create sustainable innovation; how to train yoursenior executives to successfully execute innovation initiatives; howto effectively manage process and project management; how to measureperformance of your processes; how to ensure broad stakeholder buy-in;how to understand the importance of product roadmaps; how to providethe tools necessary for successful product innovation; and finally, howto ensure that portfolio management coincides with process management. Here is one of the ten practices that leading innovators use to increase the payback from innovation spending: Measuring Performance of Your Processes.Performance: Does your process measure up?Portfoliometrics are important. But process metrics are the leading indicatorsthat enable a company to assess the business impact of innovation.Process metrics measure how well a particular innovation initiative isperforming against key process adoption criteria. Forinstance, you should tally which process deliverables have beencompleted and which are no longer required or are incomplete in orderto determine the rate of actual execution and innovation process use.This type of measurement is particularly important given the alarmingfrequency with which innovation processes fail simply because theintended users dont adopt them. By tracking process adoptionpatterns across the organization, you can identify and investigateusage issues immediately, and make adjustments across the system toincrease process efficiency and efficacy.A recent studyindicated that more than half of senior corporate executives aredissatisfied with the returns their organizations are generating frominvestments in innovation. However, some organizations are realizing asmuch as forty to sixty percent more revenue and profit from newproducts than their industry peers. How do these companies differ? Foradditional information on the top practices that leading innovatorsimplement in their business to increase their returns on innovationspending, look for our next article from this ten-part series: Ensuring Broad Stakeholder Buy-In.
Generate,Higher,Returns,from,Y