Generate,Higher,Returns,from,Y business, insurance Generate Higher Returns from Your Innovation Investments: 3
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One way to establish market differentiation is through introducinginnovative new products to market. Establishing market differentiationis one thing, maintaining it is quite another. Here we have puttogether a ten-part series on how businesses can generate higherreturns from 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: Creating Sustainable Innovation by Looking beyond the Financial Data.Creating Sustainable Innovation by Looking beyond the Financial DataInnovationdoes not equal short-term gains. Companies that take a longer view ofinnovation are more likely to achieve sustainable marketdifferentiation. For instance, Parker Hannifin, the world's leadingdiversified manufacturer of motion and control systems, wanted toachieve higher levels of organic growth over time by introducing morenew-to-the-world or new-to-the-market products. In support of thisgoal, Parker implemented a single, structured innovation process acrossits 125 divisions worldwide. It also introduced leading-edge productinnovation management software to automate that process. As a result,the company realized a 500% increase in the net-present-value of itsproduct portfolio.Much of Parkerâs success can be attributed to the ability of its cross-functional teams to critically evaluate innovation projects at various stages and gates in the development process. Decisions are based on more than financial considerations.Parkerâs project managers also ask the following questions:1. Does the product fit with corporate strategy?2. Is there an attractive market for the product?3. Will the productâs differentiation and value proposition ensure competitive success?4. Do we have the resources to produce it?5. Whatâs the risk vs. reward ratio?Another company that is generating much higher than average returns from its investments in innovation is Pall Corporation, a $2 billion supplier of filtration, separation and purification technologies. Recently, Pall deployed a new product innovation process along with software that both automated the process and enabled ongoing measurement of performance. According to the company, these investments paid for themselves in a little more than a year and have increased the net-present-value of its product portfolio by more than $26 million.So, what is it that sets these companies apart from those that are not realizing returns on their innovation investments?Formore information on the top practices that leading innovators use toincrease their returns on innovation spending, look for the nextarticle in our ten-part series: Training Your Senior Executives to Successfully Execute Innovation Innitiatives. Article Tags: Generate Higher Returns, Higher Returns From, Generate Higher, Higher Returns, Returns From, Innovation Investments, Market Differentiation, Sustainable Innovation, Product Innovation
Generate,Higher,Returns,from,Y