Generate,Higher,Returns,from,Y business, insurance Generate Higher Returns from Your Innovation Investments: 5
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While establishing market differentiation can be accomplished byintroducing innovative new products, maintaining that marketdifferentiation may prove to be a bit more difficult. Here we have puttogether a ten-part series on how to generate higher returns from yourinnovation 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: Effectively Managing Process and Project Management.Effectively Managing Process and Project ManagementManyorganizations make the mistake of equating innovation processmanagement with project management. Innovation process managementallows executives, portfolio managers, and process owners to take aglobal view of how product innovation is being strategically plannedand systematically executed throughout the organization. In effect,process management provides the foundation for project management.Conversely, project management entails tracking and schedulinghundreds, if not thousands, of tasks related to creating a new productand bringing it to market.For example, in the lifecycle of anew vehicle 80,000 or more tasks may be required to design,manufacture, market, and sell the car. However, the decision supportneeds of senior management center on only a few, high-levelconsiderations, such as safety requirements, benefit to the customer,and the unique needs of particular geographical areas. A well-conceivedinnovation process allows senior managers to determine how theserequirements and other external market, technological, and regulatoryfactors might impact the overall value of the car.Thoughproject management and process management serve dramatically differentpurposes within an organization, there is a symbiotic relationshipbetween the two. For a company to get the most out of their investmentsin innovation, both are needed.For more insight into the toppractices that leading innovators use to increase their returns oninnovation spending, look for the next article in this ten-part series:Measuring Performance of Your Processes. Article Tags: Generate Higher Returns, Higher Returns From, Generate Higher, Higher Returns, Returns From, Innovation Investments, Project Management, Process Management, Innovation Process
Generate,Higher,Returns,from,Y