Project Description

Capturing Time and Money in the Innovation Process

Challenge

A company faced an innovation pipeline clogged with ideas, watered down through the process, or never making it to market compounded by a stagnant portfolio that was overwhelming current resources.

Actions

Creating clarity:

  • Analyzed the idea pipeline
  • Tore apart the stage gate process that was killing ideas

Making smart decisions:

  • Selected the ideas in the pipeline most likely to win and focused on them
  • Simplified the stage gate process
  • Restructured the product management team and raised accountabilities for driving new product development
  • Started a separate process to clean out the stagnant portfolio of existing products

Operationalizing the change:

  • Launched a team of change champions to start a positive conspiracy in the organization
  • Designated an innovation process lead to manage the work flow
  • Selected eight initiatives to drive to market in the first year to create momentum

Outcomes

  • Cut time from idea to cash in half
  • Successfully reallocated resources to growth products
  • Significant revenue improvements in key divisions
  • Significant improvement in product portfolio margin