Best Practices for Innovation Project and Process Management
Research proves that companies that successfully apply a structured process to innovation project management reduce risk in the business process and increase innovation results over their peers. This is generally measured in one or more of three metrics:
Success rate – the percentage of new products that achieved their expected business goals.
- Typical success rates are 50-55%. Sopheon customers regularly achieve 75-85%.
Throughput – the number of products that you move through your process and bring to market in a specific time period with available resources.
- Sopheon customers generally improve throughput rates by 15-30%, or viewed another way, their time to market improves by 15-30%.
Value – the contribution of the products in your portfolio, usually in new present value (NPV) or revenue or profit.
- Sopheon customers have achieved 75-100% increases in their portfolio value (and sometimes higher) as measured by NPV.
How can you achieve significantly improved results from managing innovation processes and projects?
Best-practice companies succeed where others fail by paying attention to value and feasibility:
- Customer needs and benefits
- Alignment with market, product and technology strategy
- Market and customer attractiveness
- Financial ROI
- R&D, Manufacturing and Supply Chain feasibility
- Sales and distribution factors
To be effective and successful, your innovation project management process must deliver viable products and positive business results.