Successful Product Innovation: A Collection of Our Best
AbeBooks Seller Since May 21, 2012Quantity Available: > 20
AbeBooks Seller Since May 21, 2012Quantity Available: > 20
About this Item
Title: Successful Product Innovation: A Collection ...
Publisher: Product Development Institute
Book Type: Paperback
About this title
Stellar new product development is no accident - it is the result of a disciplined, systematic approach based on best practices. This book is a collection of 18 articles, handpicked by the authors, that span the practices critical for success; from generating breakthrough new ideas, accelerating the Stage-Gate Idea-to-Launch process, improving project selection with portfolio management and developing a product innovation and technology strategy.
Over the years, research has yielded insights into the secrets of success and best practices in product innovation. This selection of carefully chosen readings and articles strategically focuses on the four points of performance that drive a business's new product success, illustrated in the Innovation Diamond™:
New product success is vital to the growth and prosperity of the modern corporation. Look around! Companies that are doing well today boast an enviable stable of successful new products. Product innovation is king! CEOs continue to rate innovation capability as a critical driver for their future business success as they focus on increasing profitability and growth.
Developing and launching a steady stream of successful new products is no easy feat, however. It's certainly much more than proclaiming some ambitious new product goals and hoping the financial community listens.Many companies try, but only a few are stellar at product innovation. For example, only one product concept out of seven becomes a new product winner; on average 44 percent of businesses' product development projects fail to achieve their profit
targets; and half of all new product launches are late to market. With results like these, no wonder so many businesses and their executives are frustrated.
There are exceptions, however. Some companies, like Apple, Procter & Gamble, Johnson & Johnson, Kellogg's, Microsoft, Hewlett Packard, Toyota, Sony and Pfizer, do make product innovation seem easy. They are the consistent winners, with one big new product breakthrough after another. But exceptional performance in product development is no accident - it is the result of a disciplined, systematic approach based on best practices. So what are their secrets to success? That's what this book is about - a collection of readings and articles that outline best practices in product innovation, and how the stellar companies do indeed succeed.
The Best Really Shine - But Why?
One of the facts that stands out over the years in the many and varied investigations we have conducted is how much better than their competition the top performing businesses really are. The gap between Best and Worst performing companies is huge. The top performers deliver better results across the board on a number of performance metrics. Here is a sample of some of the results we have found in our years of research and consulting:
* An astounding 77% development projects hit their profit targets in top performing firms. In poor performers, only one project in four achieves its profit targets.
* Top performers have an admirable 79.5% commercial success rate for development projects - double the success rate of poorer performers.
* Top performers achieve 38% of total sales from new products launched in the previous three years - four times that of poor performers.
* The great majority (79%) of top performers' projects reach the market on schedule (versus only 25% for poor performers).
* And the slip rate for top performers is remarkably low at 17% (versus a high of 44% for poor performers).
So the key questions loom: Why the huge gap between the best and the worst? Why do these huge differences exist? Are the best really that much better? Is it simply blind luck, or a couple of good years? Our research answers these questions. The evidence clearly shows that the differences are sustained and consistent over time, and that it is traceable to key best practices that top performing companies use.The articles and readings in this book explain what these best practices are, including:
* What the secrets are to success in product innovation that these winning businesses share
* Why some businesses are so much more successful than others when it comes to new product development
* What best processes, methods and approaches they use that distinguishes them from the rest
* And why some new products are so successful, while the majority fail. And what these project teams did differently that led to their great success.
The Secrets to Success
Our research over the last thirty plus years has yielded many insights into the secrets to success and best practices in product innovation. It has also produced over 130 articles and papers in major journals and twelve books on the topic of product innovation management. One of the outcomes of this research into countless successful project teams was the Stage-Gate® idea-to-launch process. This process was based on observing how successful project leaders and teams were able to develop big winners, and has become a game plan for success. The Stage-Gate process is now used worldwide by thousands of companies
and has become the standard methodology for the majority of product developers. The second major result of this research is the creation of the Innovation Diamond™, a framework for executives to manage the various elements of a successful innovation effort for the business.
The Innovation Diamond provides the framework for this book. But first, some background: The Innovation Diamond was not created overnight. It evolved and emerged from a number of investigations into why some firms achieve stellar new product results. In fact, the first "diamond" began as a triangle, the result of an extensive study of best practices in product innovation in the mid 1990s. That triangle identified three major factors that separated winning businesses from the rest:
1. Having a new product process that works - a template or tactical roadmap to drive new product projects to market quickly and successfully.
2. Having both the right resources and sufficient resources devoted to product innovation.
3. Having a new product and technology strategy for the business.
As the research continued over the subsequent years, one result was a much more comprehensive understanding of the success factors in product innovation. Eventually, the Innovation Diamond was created as a way to visualize these factors. Inputs from companies like Procter & Gamble helped, as they took our original triangle and fashioned their own innovation diamond, or as they call it, the Initiatives Diamond.
While many investigations have identified different facets of new product management as vital to success, the major "aha" of our studies is that there is no one key to success in product innovation. Thus management must step back from looking just at a single driver or even individual new product projects, and consider the broader picture. For example, having a great idea-to-launch process is not sufficient - it's not a stand-alone driver of positive performance.
The Innovation Diamond highlights the main drivers and practices that are common to the Best Performers in product innovation. So, emulate the winners. This Diamond proves to be a valuable model for helping senior managers focus their efforts to improve their business's new product development productivity and performance.
We have gone through the 130 plus articles and papers that we have produced during our past three decades of research and consulting in this field. In this book we present a carefully chosen selection of articles that encapsulates the key principles for winning the new product war, and for continuing to win in an increasingly tougher marketplace. So read on, and take a closer look at how these drivers of success could work in your company.
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