Strategic Planning & Alignment with Business Objectives
Good execution of a bad strategy still creates bad results! And research indicates that:
- 94% of companies have a gap in alignment between new product development (NPD) and growth strategies, and
- 85% of companies lack feasibility and risk data for innovation and NPD projects.
The approach advocated by Sopheon and supported by industry thought leaders and successful leading companies, is that Innovation Strategic Planning is conducted with a ‘top-down’ perspective to focus on implementing and driving your business strategies into the organization. The result is a real product innovation strategy that will produce the business results you want – today, tomorrow and beyond.
When you map strategies to actual innovation investments and plans, here is what you need to assess:
- You know what your goals are for immediate and future growth. How do you estimate how much revenue and profit the business will make over time from your existing products in the market today?
- Can you map how much value the business will create over time with those products and projects currently active in your development pipeline?
- Do you know what product innovation strategy to pursue to sustain growth and seize opportunities for future revenue and profit growth?
- How do all these plans relate to your business growth goals and – more importantly – what is the value gap that exists, for today, tomorrow, and beyond?
Effective innovation planning processes help you and your business identify gaps and develop the right new product innovation strategy to ensure business growth and success over all time horizons.
If you need to develop and coordinate longer-term market, product and technology strategic plans, consider using the Roadmapping planning process.