Generate,Higher,Returns,from,Y business, insurance Generate Higher Returns from Your Innovation Investments: 8
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One way to establish market differentiation is through the introductionof innovative new products. Establishing market differentiation is onething, but maintaining it is quite another. We have put together a tenpart 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: Understanding the Importance of Product RoadmapsUnderstanding the Importance of Product RoadmapsInnovationdoesnt happen in a vacuum. Most new product ideas are connected to ordependent upon other projects in the development pipeline. By havingvisibility to the entire product portfolio and all the proposedprojects on the table, decision makers can instantly see the impact ofadding or removing a given innovation initiative. For example,lets imagine that a proposed product is expected to be a large revenuegenerator, but it is dependent upon the completion of a technologydevelopment project that has been delayed by a lack of resources. Itfollows that further steps must be taken to ensure that the falteringinitiative is completed on time.One proven technique foraddressing this challenge is to create visual roadmaps of theinter-relationships among projects, including high-level graphicalmarkers identifying the following components that could impact thetiming and delivery of a particular product: External market, Technological events, or Customer eventsThisallows decision-makers to quickly assess the overall effect a decisionwill have on the project and guards against unwitting sabotage ofconnected initiatives. Software-based roadmapping andportfolio management solutions are available that provide this kind ofvisualization and also help companies link their long-term roadmaps totheir short-term product pipeline. Assessing the best roadmapping andportfolio management solutions for your company should include athorough analysis on all components as it relates to your processes inwhich success relies heavily on: Product and technology roadmapping, Idea generation and management, Stage- or phase-based product development methodologies Resource planning, and Portfolio managementOnceyou have determined the best solution, implementing the necessary toolsand software is the next step to moving forward with prospectiveproducts and realizing profits for those deemed profitable. In our nextarticle, we go over how to provide the tools necessary for successfulproduct innovation.While more than half of senior corporateexecutives have recently indicated (through recent studies) theirdissatisfaction with the returns their organizations have generatedfrom investments in innovation, some organizations are realizing asmuch as forty to sixty percent more revenue and profit from newproducts than their industry peers. How are these companies set apart?Formore information on the top practices that leading innovators use toincrease their returns on innovation spending, look for the nextarticle in our ten-part series: Providing the Tools Necessary for Successful Product Innovation.
Generate,Higher,Returns,from,Y