Jim Conroy, Vice President EMEA, Sopheon
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The document discusses the importance of optimizing innovation practices to enhance portfolio performance, tackle industry challenges, and meet consumer demands. It highlights a personal care company's success in significantly increasing the value of its innovation portfolio, while addressing common challenges like insufficient ideas and lack of consumer insights. The key to success lies in applying best practices across enterprise innovation performance and enabling cross-functional decision-making.
Jim Conroy, Vice President EMEA, Sopheon
- 1. Grow & Prosper: Are Your Innovation Practices Inhibiting Success? Jim Conroy Vice President EMEA
- 2. Key Decisions through the Innovation Lifecycle “How do we optimize our portfolio for achieving our performance goals?” “Should this new idea/concept become a development initiative/project?” “Which strategies (segments, brand, product lines, platforms) should we prioritize to achieve our objectives?” “Should this initiative/project get funds/resources to move to the next stage?”
- 3. Meet Industry Challenges with Innovation Practices “How do we reduce risk of prestige brands in a difficult economy?” How do we structure our portfolio to deal with seasonal fluctuations? “How do I meet consumer demand for sustainable and natural ingredients?” “How do we fuel a constant stream of good ideas?” “How can innovation drive new categories & brands” “How do we plan strategically when consumer needs are constantly changing?” “How do we plan to meet our near & long-term growth objectives?” “How can we effectively plan to consider changing regulations?” “How can we shorten development times to be first to market?” “How do we build regulations & consumer testing into the NPD process?” “How can we collaborate effectively across global & cross-functional teams? “Can we execute efficiently to meet buyer deadlines & reduce chaos?”
- 4. Transforming the Front End of Innovation… $20B+ Personal Care Company •Halfway to doubling number of $1B+ brands •Increased value of innovation portfolio by 75% within 3 years •Insight into the innovation lifecycle •Able to compare in-market results against research projections •Analytics into successes & failures Results “Accolade Idea Lab works very, very well. You have real time input from more people engaged around the globe where time differences make it really hard to brainstorm, and it saves a lot of time and travel money as you use the tool for this purpose.” Director of Global Innovation •Not enough ideas to fuel growth objectives •No systematic approach to developing the front end •Lack of consumer and customer insights •No ability to analyze in-market successes Challenges
- 5. The Key is Applying Best Practices in... Enterprise Innovation Performance Corporate Strategic Plans PDM SCM MRP CRM ERP Enabling Cross-Functional Decision-Making to Define and Manage Innovation Investments Corporate Strategic Plans Execution Activities R&D Supply Chain Production Sales/Mktg Finance PDM SCM MRP CRM ERP Enterprise Innovation Performance Corporate Strategic Plans
- 6. The Key is Applying Best Practices in... Enterprise Innovation Performance Corporate Strategic Plans PDM SCM MRP CRM ERP Enabling Cross-Functional Decision-Making to Define and Manage Innovation Investments Corporate Strategic Plans Innovative Products & Initiatives Sustainable, Profitable Revenue Growth Execution Activities R&D Supply Chain Production Sales/Mktg Finance PDM SCM MRP CRM ERP Enterprise Innovation Performance Corporate Strategic Plans
- 7. The Key is Applying Best Practices in... Enterprise Innovation Performance Corporate Strategic Plans PDM SCM MRP CRM ERP Enabling Cross-Functional Decision-Making to Define and Manage Innovation Investments Corporate Strategic Plans Innovative Products & Initiatives Sustainable, Profitable Revenue Growth Enabling Cross-Functional Decision-Making to Define and Manage Innovation Investments Success Rate = ~50-55% Value = +75%-100% ~75-85% Time to Market = -15-30% Execution Activities R&D Supply Chain Production Sales/Mktg Finance PDM SCM MRP CRM ERP Enterprise Innovation Performance Corporate Strategic Plans
- 8. Request a Poster A handy summary of the 8 leading practices
- 9. Any Questions? Jim Conroy VP EMEA jim.conroy@sopheon.com Jeff Gomes Business Development Director jeff.gomes@sopheon.com