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Are you innovating as well as your competitors?

Aberdeen Group

Engineering leaders know managing innovation is key to creating a sustainable advantage. But what is the 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.