Innovation is key to driving sustainable, profitable growth.
Enabling greater innovation is one strategy to assist in winning new contracts and retaining existing customers. Many businesses find it difficult to balance the need to innovate with the day to day demands on people and resources. Further, some businesses have not invested in technology and tools to facilitate better and more innovation.
With increasing competitive pressures, speed of innovation is crucial to create competitive advantage. Studies have shown the clear benefits of a successful innovation strategy. Best-in-class companies perform better on a number of key success factors including:
- Achieving product cost targets 85% of the time (compared to average performers at 63%)
- Meet product launch dates 91% of the time (compared to average performers at 62%)
We’ve identified a number of challenges that companies face in implementing a successful innovation strategy and they are outlined in the following pages.
But rest assured that for every problem there is a solution, and we provide some insight into addressing these challenges that manufacturers can start implementing immediately.