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Innovation Strategy |
Senior Management Sets the Tone for Your Innovation Culture
Briefly, the Innovation Strategy delivers Senior Management's most important messages on Product Development by providing clear, strategic direction for the NPD Teams. A Strategic Vision Statement (also known as a Product Innovation Charter) that is widely communicated, both vertically and horizontally throughout the organization, provides goals and objectives in terms of the Market Arenas, Technology Platforms, and the desired Products, Services, and Programs.
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Greetings!
Last month, in our inaugural issue, The Village delved into the first of three key foundational practices that are critical to building efficient New Product Innovation - Strategy.
This month, the key players for NPD are once again pulled from the Senior Leadership teams, as we continue our investigation of the Guiding Principles for Innovation and New Product Development by taking a closer look at Portfolio Management. |
| Our Guiding Principles |
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| Three Foundational Areas for NPD
In this issue, we briefly explore the second of three foundational principles in NPD - Portfolio Management. As a critical step to allocating the right resources to work on the right projects, implementing PM to your NPD program requires assessing project criteria consistent with the Innovation Strategy developed by the Senior Management Team.
Learn More...Register Now for our upcoming Portfolio Management Workshop |
| Focus on the Right Projects at the Right Time |
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 Effective Portfolio Management Delivers NPD Profit
Timely and efficient Portfolio Management reviews focus resources on the right projects by evaluating the match with business strategy, financial and economic models, and any other scoring methods the company has in place. As a key tool in the Leadership Team's toolbox, Portfolio Management (PM) pulls together project selection criteria and balances project types to ensure alignment with the New Product Innovation Strategy, as constrained by always scarce resources. Systematically evaluating project match with resource balancing renders strategic investment decisions delivering the right economic gain for the company today. Read on...
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| Innovation Fun Fact |
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Duct Tape was first created in 1942
Its closest predecessor was cloth medical tape, duct tape was created in 1942 to keep moisture out of ammunition cases during WWII, using "cotton duck". Military personnel discovered the tape was very versatile and used it fix guns, jeeps, aircraft, etc.  After the war, the color was changed from Army green to silver to match ductwork while the tape was used in the booming housing industry to connect HVAC ducts. Things changed in the 1970s, when the partners at Manco, Inc. placed rolls of duct tape in shrink wrap, making it easier for retailers to stack the sticky stuff!
Click on the roll of duct tape to see a short video on how 3M manufactures this adhesive using talc, cloth, polyethylene and other resins! | |
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