Engineering leaders know that innovation is key to creating a sustainable competitive advantage. But you may be surprised at the huge difference between best-in-class and average performers.
Engineering business priorities | Increase Innovation Capacity
This report on innovation management from the Aberdeen Group provides a detailed analysis based on the experience of over 600 respondents and demonstrates the importance of innovation management and how successful companies outperform their peers.
Key highlights of the report are:
How improving the mix of offerings that best address customer demands and company fit has a huge impact on the financial success of a company
The use of a pipeline of high-value ideas that optimizes the product portfolio for market potential
Better, real-time visibility of the entire innovation process ensures that offerings progress as needed to meet prescribed goals
How best-in-class companies implement connected solutions that link innovation, development and commercialization to improve returns on innovation investment
Best-in-class performers are shown to enjoy the following outcomes:
92% of product/service cost targets
89% of product/service launch dates met
94% of product/service quality targets met at release
90% of product/service revenue targets met
12.6% profit margins on new products/services
The report shows that while innovation offers opportunities for greater profitability and creates future revenue streams, companies must find ways to manage competing priorities and operate more efficiently. It suggests that to implement a best-in-class innovation management process, companies should:
Start with small wins
Realize the criticality of requirements
Build a portfolio of high-value ideas
Prepare for change
Equip managers with the tools needed to plan and distribute resources and execute on projects
Download the Aberdeen Group report to see how best-in-class companies implement and effective innovation management program to outperform their peers.