Generate,Higher,Returns,from,Y business, insurance Generate Higher Returns from Your Innovation Investments: 2
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By introducing innovative new products to market, a company canestablish market differentiation. While a company can establishdifferentiation, maintaining that differentiation may prove moredifficult. Here we have put together a ten part series of articles thatprovides insight to companies looking to generate higher returns fromtheir innovation investments. From our series of highlyinformational articles, companies will learn: how to treat innovationas a cross-functional business process, how to align innovationexecution and business strategy; how to create sustainable innovation;how to train your senior executives to successfully execute innovationinitiatives; how to effectively manage process and project management;how to measure performance of your processes; how to ensure broadstakeholder buy-in; how to understand the importance of productroadmaps; how to provide the tools necessary for successful productinnovation; and finally, how to ensure that portfolio managementcoincides with process management. Here is one of the ten practices that leading innovators use to increase the payback from innovation spending: Aligning Innovation Execution and Business Strategy.Connecting the Dots: How to Align Innovation Execution and Business StrategyTosuccessfully manage innovation and garner significant improvements inyour organizations top and bottom line, the goals and activities ofcross-functional innovation project teams and the business objectivesand strategies defined by your senior executives must be tightlyaligned. One way to ensure such alignment is to use scorecard criteriaas benchmarks against which to evaluate new product ideas. Projectteams should rate prospective products by analyzing the following: Anticipated capacity to leverage core technologies The likelihood that they will provide high-growth or new market opportunities Their ability to support the achievement of the companys strategic objectivesWithan understanding of how each prospective product will inevitablycontribute to the companys top and bottom line, aligning businessobjectives and strategies with overall goals become more evident.Should the prospective product not rate well according to the abovecriteria, then that particular product may be abandoned so thatadditional spending on innovation can be funneled into a more promisingproduct. If the objectives for a particular product line up with thegoals expected of that product, then innovation teams as well as seniorexecutives may confidently pursue that product knowing that what isspent on innovation is well deserved.Since a recent studyindicated that more than half of senior corporate executives are notsatisfied with their organizations returns from investments ininnovation, it becomes even more apparent that higher returns oninnovation spending is a crucial component in creating a successfulbusiness strategy. At the same time, some organizations are realizingas much as forty to sixty percent more revenue and profit from newproducts than their industry peers. So, how do businesses such as thislatter example differ from those that are dissatisfied with theirorganizations returns from innovation investments?For moreinformation on the top practices that leading innovators use toincrease their returns on innovation spending, look for the next partto our ten-part series: Creating Sustainable Innovation by Looking beyond the Financial Data.
Generate,Higher,Returns,from,Y