In this month's inKNOWvations, Dr. Robert Phaal explores roadmapping as a flexible and customizable approach to innovation.

Innovation is vital to the success of all organizations, faced with ever-greater challenges of global competition, new technology developments and the increasing complexity and pace of business change. Firms need to organize their innovation, with structured phase-review management processes commonly used, along with methods such as portfolio management, quality function deployment, scenario planning and technology roadmapping.

In the world of business innovation, it's not always best to be first. Just ask trailblazing mobile communications giant Motorola, which in the 1980s and 1990s spent a whopping $7 billion to achieve the ambitious goal of a global, satellite-powered phone network -- only to find the costly technology was outdated when it finally arrived.

Retailers and consumers are placing more demand than ever on the need for variable production capacity, but CPG companies are struggling with contingency planning.