Pennog can help you design your Innovation Management process by providing best-practice principles and processes for:
- Installing of procedures along stage-gate principles, defining roles and responsibilities.
- R&D project screening criteria that quantify risk for your business at each stage.
- Setting the correct balance between early-stage, late-stage and outsourced innovation.
- Measuring the R&D performance and portfolio value and reducing the risk and cost of failure.
Differentiating your offer to the market through an investment in innovation is critical for success, but investment in innovative research is usually riskier than most other types of business investment. This is why Innovation Management processes are now fairly common-place.
Typically 60% of technology businesses operate a staged-innovation process of some kind. Staged innovation management processes provide the following advantages:
Rigorous assessment of prospective projects from a customer/market perspective.
Quantification of commercial and technical risk of projects and research portfolios.
Quantification and adjustment of risk/return R&D portfolio versus other investments.
Prevention of hidden waste through “mission creep” and “pet projects”.
Estimation of health of the business: new product pipeline and turnover from innovation.
Correctly installed, an innovation management process can transform the business from one in which R&D is a remote and poorly understood activity into a vital function intimately connected to marketing operations and the customer interface. Innovation management processes significantly improve the chances of a successful product launch and improve the health of the business.
Pennog can help you design your Innovation Management process, providing you with best-practice principles and procedures. Call Pennog on +44(0)1484 443001 or contact us using our easy contact form and we can tell you more about how our innovation management services can help you develop a sustainable Innovation Management process.