Rising raw material costs. Pricing pressure. Economic uncertainty. Profit margins squeezed. For most companies, factors such as these have made the need to drive down costs and improve profitability a top strategic priority.
But how can you maintain momentum for innovation and new product development initiatives alongside cost-savings projects that often compete for the same resources?
The paper below provides insights into why a growing number of companies are combining the management of innovation and cost-savings projects in a single process with common portfolio views, and outlines a 6-step best-practices process that will help you:
- More effectively allocate resources across cost-savings and innovation projects
- Establish a structure for capturing and evaluating cost-savings initiatives enterprise-wide
- Prioritize cost-savings efforts based on their anticipated business value
- Make faster, better cost-saving innovation program decisions