Bring Innovative Products to Market with Speed and Success with Consumer Goods Innovation
Consumer goods organizations understand how critical innovation is to realizing sustainable growth, profitability and competitive differentiation yet, even the leaders struggle with effectively delivering on innovation and new product development (NPD) initiatives. A recent analysis in the IRI New Product Pacesetters report points out some startling trends in Consumer Goods innovation success and growth:
Consumer goods companies often struggle to launch truly innovative products that move beyond line extensions – a key necessity for building competitive differentiation. In a study conducted together with Consumer Goods Technology (CGT), Sopheon looked at the major challenges to product launch success and found that only 18% of new products are considered highly innovative, with nearly 60% of CG executives pinpointing this as the leading contributor to product launch failure. In a similar report, “CPG Innovation & Growth“, an astounding 71% of respondents said that the largest cause of new product failures can be attributed to consumers finding no new or unique value proposition.
Executives are increasingly turning to innovation performance to invest in the right portfolio of products that will meet changing consumer needs, build perceived value for consumers and grow brands across the organization. However, innovation comes with a number of challenges that are commonly echoed across consumer goods firms:
Sopheon’s Accolade solution supports the entire innovation management and new product development lifecycle for consumer goods firms – from strategic planning and ideation through execution and portfolio optimization.
Sopheon’s deep industry knowledge is supporting many consumer goods companies in improving their innovation performance by helping them to bring products to market with speed and success. For three years in a row, CGT readers have named Sopheon among the top 10 technology companies providing solutions for product management, including new product development, and half of the ‘Top 10 Non-Food Brands’ on the 2012 IRI Pacesetter list are Sopheon customers.
Leading innovative consumer goods companies like P&G, Electrolux, Philips, PepsiCo, H.J. Heinz, and Gold N’ Plump rely on Sopheon’s Accolade solution to:
What Customers Say
“One of Philips’ central business strategies is to drive profitable growth through meaningful innovation… Accolade’s new features have given us the ability to model projects in a very dynamic manner and alter them quickly in response to shifts in market opportunities and needs…. We believe that these capabilities will help shorten our Idea to Market processes.”Paul de Wit, Director of Idea-to-Market Processes, Consumer Lifestyle Business