Generate,Higher,Returns,from,Y business, insurance Generate Higher Returns from Your Innovation Investments: 4
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One way to establish market differentiation is through the introductionof innovative new products. Establishing that differentiation is onething, but maintaining it is quite another. Here we have put together aten part series on how to generate higher returns from your innovationinvestments. From our series of highly informational articles,companies will learn: how to treat innovation as a cross-functionalbusiness process, how to align innovation execution and businessstrategy; how to create sustainable innovation; how to train yoursenior executives to successfully execute innovation initiatives; howto effectively manage process and project management; how to measureperformance of your processes; how to ensure broad stakeholder buy-in;how to understand the importance of product roadmaps; how to providethe tools necessary for successful product innovation; and finally, howto ensure that portfolio management coincides with process management. Here is one of the ten practices that leading innovators use to increase the payback from innovation spending: Training Your Senior Executives to Successfully Execute Innovation Initiatives.Training Your Senior Executives to Successfully Execute Innovation InitiativesItsimperative that senior management comprehend and actively support theprocesses that govern and drive innovation within your organization.Unless your executives know the role they need to play in thoseprocesses, its unlikely that your organization will see anything morethan incremental improvements in its return on innovation spending.Senior leaders need to understand:1. The benefits of having a structured, automated innovation process.Byproviding a common framework for executives and process owners toreview and discuss project information, you will enable them to makebetter, more informed decisions. This provision will also helpdevelopment teams execute more efficiently on product plans.2. How to prepare for go/kill decision meetings about proposed new products. Ifan executive has visibility to key projects in your developmentpipeline, and understands the impact (positive or negative) that thoseprojects will have on the top and bottom line, he/she will makeinvestment decisions more quickly and confidently.3. The function and value of using specific, consistent scorecard criteria to evaluate new product ideas. Thispractice dramatically heightens the probability that your organizationwill end up focusing on winning, high-value projects.4. How to manage gate meetings to get the information needed for sound investment and resource allocation decisions. Itsimperative that executives be willing to play an active role infacilitating project decision-making. Your organization can help themto be proactive rather than reactive by involving them in projects fromthe start.For more information on the top practices thatleading innovators use to increase their returns on innovationspending, look for the next article in our ten-part series: Effectively Managing Process and Project Management.
Generate,Higher,Returns,from,Y