Generate,Higher,Returns,from,Y business, insurance Generate Higher Returns from Your Innovation Investments: 9

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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: Providing the Tools Necessary for Successful Product Innovation.Providing the Tools Necessary for Successful Product InnovationGiveyour teams the tools they need to succeed. Once an organization commitsto putting a process in place to manage and execute on innovation,there are a variety of tools that can help ensure successful adoption.One increasingly popular way of enabling process adoption and adherenceis the use of innovation management software.Currentlyavailable product innovation solutions offer a broad range ofcapabilities, including support for roadmapping, idea management,process automation, resource planning, and portfolio management. Thebest of these systems are typically valued because they:1. Centralize business metrics and product data so that distributed development teams can have access to the same information. 2. Streamline communication and execution of the innovation process among cross-functional team members. 3. Save time by enabling reuse of data and encouraging knowledge-sharing across divisions and business lines. 4.Facilitate strategic decision-making by allowing senior executives toeasily review and prioritize projects based on their projected value tothe organization.Glatfelter is a global producer of specialtypapers and engineered products. The company's offerings are used foreverything from books and postage stamps to tea bags and flooringoverlays. Glatfelter’s critical business challenges includedcommoditization of core product lines; declining product demand withintraditional markets; pressure to speed creation of new products; and anescalating need to enter new markets.Glatfelter responded byexamining core aspects of its research and development strategies andpractices. It was apparent that long-term growth and profitabilitywould depend on creating new, commercially viable products withenduring customer appeal. The company chose to implement a new,better-defined innovation process, along with a technology solutionthat would automate that process and help Glatfelter’s executivesprioritize innovation projects based on their potential value to thecompany.When the system was introduced, there were nearly 200projects in the development queue. Through use of its new process andthe supporting software, Glatfelter was able to allocate more resourcesto the top ten most commercially promising innovation projects. Inthree years, the company achieved a twenty-five percent reduction inaverage time-to-market; a fifty-five percent increase in new productsuccess rates; and a 500 percent increase in the number of new productsintroduced. Most impressive of all, during that same period,fifty-three percent of Glatfelter’s total net sales came from newproducts. The overall impact of the initiative was to make Glatfelterone of the largest and most diverse suppliers of specialty papers inthe world.Much like Glatfelter, other organizations arerealizing as much as forty to sixty percent more revenue and profitfrom new products than their industry peers. Yet, recent studiesindicate that more than half of senior corporate executives aredissatisfied with their organizations returns on innovationinvestments. To learn more about what sets these companies apart, lookfor the next article from our ten-part series: Ensuring that Portfolio Management Coincides with Process Management. We will additionally discuss the top practices that leading innovators use to increase their returns on innovation spending.