The fall conference season is winding down and this year I've had the privilege of attending and speaking at some great innovation events, sharing the newly launched Innovation Management Maturity Model™. From regional PDMA meetings in Dallas and Atlanta, to the national PDMA PIM conference, the Optimizing Innovation conference in NYC, to the Planview Horizons Annual Customer Conference, it's been a brain-filling couple of months.
Findings from the Fourth Product Portfolio Management Benchmark SurveyImagine sailing in the World Cup race without a strategic plan or a map. It is a sport where speed is of the essence, decisions (and perhaps more importantly the timing of those decisions) are paramount, and team talents must be optimized at any moment. With competitors abound displaying their impressive spinnakers and advanced technology--only the risk takers advance. The will to win is apparent, yet without a strategy and a map, a team would drift into execution mode and lose the race.
You might talk the talk of innovation. But do you walk the walk? Or, more realistically, are you doing some herky-jerky semblance of a walk that’s not getting you very far?
In Parts 1 & 2, Gordon, newly appointed CEO of PharmaX, is confronted with a serious innovation gap in the next 5 years. His pipeline of projects is quality but high risk. From an arm’s length point of view, he sees that he has 3 options: business as usual, R&D budget cutting or rethink the way PharmaX assets are being used to redefine a new strategy. In Part 3 we will see how Gordon draws on his experience in customer needs driven innovation and managing his team, to carve out a daring innovation program.
Why is business innovation such a mystery? I think too many CEOs sign off on large R&D budgets and then cross their fingers and hope to see some real innovation come out of the black box. Why does innovation stand in such stark contrast from other facets of business that are managed and improved? Why don’t we apply proven management techniques such as lean and six sigma to innovation?
In the first installment, Gordon the newly appointed CEO at Pharmax is confronted with an innovation gap of 5 years. Certainly, the potential of the portfolio is high, but the risks are even higher. With market pressure breathing down his neck, Gordon tries to make sense of the options that he has and make the right decisions.
We are on the executive floor of the imaginary pharmaceutical company PharmaX, it is Q3 and the top management is preparing for the annual innovation review. The year has been tough with revenue being hit by generic competition as their major products come off patent, but then it has been difficult for all the industry. This is the first article in a series of three. Parts 2 & 3 will be published in the next 2 weeks.
Identifying (let alone creating) a new innovation that will dramatically grow your business is difficult. Line extensions and product / package refreshes will keep the business moving forward and engaged with consumers. But what about the breakthrough innovation that executives are expecting? Transformational innovation requires significant investment, risk taking, and preparation which can be a challenge to coordinate.
The first article in this series focusing on collaborative enterprise innovation explains how software can help engage your enterprise in innovation and shares experiences from clients as to the other key activities required to make a ‘software-enabled’ program successful over many years.
This article challenges companies to take an honest look in the innovation mirror to determine whether they’re truly making it or perhaps faking it when it comes to bringing innovative products and services to market. Consider this a simple litmus test to self-diagnose.
While many people believe that process and structure stifle creativity - the center of gravity for sourcing and inspiring innovation – this couldn’t be further from the truth. In fact, planning ahead streamlines the process and surfaces any potential bottlenecks ahead of time, resulting in a program that is more apt to produce meaningful outcomes and return on investment for organizations.
Previous articles in this series focusing on collaborative enterprise innovation have covered topics such as the benefits of software platforms in enterprise innovation, internal communications, increasing engagement and driving collaboration. In this article we share insights on evaluating large numbers of ideas generated as part of enterprise programs.
Measuring Open Innovation – 3 Key Principles to Improve Your Innovation Measurement Practices– Part 1
Thanks to loads of compelling research studies and best practice cases in open innovation (OI) carried out over the last decade, several companies nowadays begin to embrace and partially apply the new principles and methods OI offers. However, when managing open innovation at the project level, even experienced managers still go blank at the question: how to assess, control, and measure the performance of these activities? In this series of articles, we will address the above issue by discussing a general framework for an open innovation performance measurement system (Part 1). Given this framework, a metricsbased management toolkit will be presented that provides a suite of key performance indicators (KPIs) for a specific set of OI methods that demonstrates the key results of our Open Innovation KPI 2012 Study (Part 2).
In this interview, award winning Jean-Baptiste Rubens – currently Head of Procurement Innovation at Mondelēz International (formerly Kraft Foods) – describes the journey his team embarked on when realizing they were not extracting the maximum value from their suppliers. By a deliberate process where R&D needs were rationalized and dispatched to selected suppliers, the Procurement team was able to direct supplier innovation from punctual dispersed activities, to highly coordinated projects that had impact transversally across the company.
Do you ever find that distractions get in the way of your creative thinking time? Is your mind buzzing, heading off in many different directions, sapping your energy for brainstorming? Tom Wujec, author of Five Star Mind: Games & Puzzles to Stimulate Your Creativity & Imagination, offers a clever solution to this common problem.