Today’s Food, Beverage and CPG manufacturers face a turbulent and daunting market environment. Dramatically shifting consumer preferences, demographic changes, new paths to distribution, and new technologies mean consumer firms are more challenged than ever to keep up. However, one principle endures: those companies whose pace of innovation matches the pace of change will successfully ride the wave. Those that don’t will be washed on the rocks.
For small, up-and-coming consumer firms, making fast changes in response to a dynamic environment comes with the territory. But is it really possible for large enterprises to achieve a similar level of agility?
This theme of enterprise agility—that is, how can large enterprises innovate with the pace of small companies, while leveraging the scale advantages of a larger organization?—is age-old in the business world. But for the past few years, lessons learned in the world of software development are offering some new answers to this question.
The core principles of “Agile” software development– sometimes referred to as “Scrum” – have been around since 2001. But the application of these principles to non-software innovation processes has been slower coming, perhaps because of fundamental differences between developing a new app and, say, bringing a new cereal brand extension to the market. Increasingly, however, consumer firms are finding these principles have significant value when viewed through the right lens. In this webinar, we’ll outline how companies can see value from these principles by translating them to their unique context, and connecting them to new capabilities and practices from the arena of process and portfolio management.
- Determine whether their enterprise innovation investments are truly aligned with current strategies and external market needs, and identify where there are gaps
- Prioritize work to focus resources where they are needed the most, and make dynamic adjustments in response to a changing environment
- Adopt leaner, more efficient innovation processes in which the important work is executed flawlessly, and low-value tasks are avoided
- Track innovation investments and outcomes over time, ensuring you are delivering results as consistently and efficiently as needed to achieve your growth targets
We draw on Sopheon’s 15+ years of real-world experience in helping large and medium-sized consumer firms to manage enterprise innovation. Case examples, customer successes and brief software demonstrations will illustrate what works—and what doesn’t—as these companies create a steady stream of high-value product/process innovations, while reducing the time from consumer insight to market launch.
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