| 2 Functions and 3 Ways to Implement Innovation | | |
People and Experiences via Ideas, Teams, & Customers
Innovation is a popular buzzword today. There are "innovative" hair salons, "innovative" day care facilities, and "innovative" business processes and products. Unfortunately, many companies lack both a visionof innovationfor the firm and an innovation vision for each product or service.
In the case of business processes, New Product Development Professionals (NPDP) utilize and encourage a particular set of best practices that tend to deliver higher rates of commercial success. For example, a recent study by the Product Development and Management Association (PDMA) showed that firms that follow systematic New Product Development (NPD) processes will introduce only four ideas to generate one commercially successful product as compared to other firms who will pursue nine ideas to yield a single product that is demanded by a market segment.
Not only is there a financial cost associated with working on too many, low value projects, team members can suffer a lack of appropriate motivation, thus leading to lower quality ideas entering the NPD pipeline. Companies with higher rates of innovation success instead stimulate creativity through the NPD best practices.
Two focus areas for any organization to enhance their success with innovation are people and experiences. Applied to specific thematic arenas, a focus on people and experiences can change the odds of innovation success to your favor. The three ways to apply people and experiences to implement innovation successfully are:
- Ideas,
- Teams, and
- Customers.
GNPS Premier Members can access this dynamic thought leadership paper in pdf format. Download the full white paper for just $8.95 (tax included). Download Now |
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Greetings!
 This month we're focusing on technology. Learn how silicon computer chips are made in the Innovation Fun Fact and we highlight technology experts in our book review of Jumping the S-Curve.
We also bust three typical innovation myths in our feature article, giving you specific action items to build your customer knowledge, manage technology, and develop a strategic plan for your innovation efforts..
In case you missed the February issue, at the left, you'll see a review of 2 Functions, 3 Ways to Implement Innovation.
And don't forget, at your request, we're offering a special discount on three reader favorites - a bundle of strategy thought leadership papers for only $15.95 - a discount of over 10% from the cover price. Buy Now
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Innovation Fun Fact | |
Silicon Chips
Back in time, about 50 or 60 years ago, radios and stereo amplifiers used something called a vacuum tube to do the electronic work necessary to convert a signal to sound. Today, we are surrounded by the tiny replacement of a vacuum tube - the integrated circuit. The vacuum tube was the size of a lightbulb but the chip is so tiny multiples can fit on your fingernail. Called chips, and not of the potato variety, we find them  invading all parts of our lives. They're in our cell phones and our cars. Chips control how long the microwave runs to cook pizza or popcorn. In many countries, chips provide additional identification in credit cards. And you may have a chip implanted in your pet in case he gets lost.
Click on the image of an integrated circuit at the right for a short video to see how silicon wafers and integrated circuit chips are made. (A 9-minute video.) |
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Recommended Reading | | |
Jumping the S-Curve
Jumping the S-Curve, by Accenture authors Paul Nunes and Tim Breene, describes characteristics of high performance companies.
 These companies are not all the largest in their industries, though they follow economies of scale. They also have management teams that recognize new product development must precede the peak in sales of existing products. Technology is also a key piece of the formula!
Key to the success of high performers is developing technology with experts who work in an open atmosphere.
Join us at The Innovator's Book Club, a Linked In group, to discuss Jumping the S-Curve. |
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Three Innovation Myths | | |
The Case of the Picnic Table
Risk and uncertainty are inherently part of any innovation effort. Companies do not take out insurance policies from potential customers, science can defy our best hopes, and firms will make some poor decisions along the way despite our best intentions. While these situations paint a gloomy picture, we are bolstered knowing that innovation and new product development (NPD) are the only sure ways to maintain business growth in the long-term. In fact, well-managed innovations are fun projects and motivating for both employee and consumer groups.
 Yet innovation is saddled with anecdotal and nightmarish stories that fan through the industry faster than Hollywood gossip. As a dedicated product manager, research director, or technology designer, how can you counter these false impressions?
In this paper, we describe three popular innovation myths and give you concrete, actionable steps to defeat the fear of risk in NPD.
- Myth #1: If it works today, it'll work tomorrow.
- Truth #1: Customer knowledge wins market share.
- Myth #2: If it can be built, we can do it faster.
- Truth #2: Good technology, managed well, will deliver NPD profits.
- Myth #3: If we grow the most, we win.
- Truth #3: Strategic planning leads to long-term business growth.
So, while risk and uncertainty are inherent in any journey, understanding your markets, technologies, and strategic thrust will lead your firm to innovation success.
GNPS Premier Members can access this dynamic thought leadership paper in pdf format. All GNPS Premier members SAVE on NPDP Certification courses.
Others can download the action items to bust these myths for just $8.95 (tax included). |
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