Competitive factors are now forcing companies to realize that business survival in the new world is predicated upon growth and innovation.Now more than ever it is essential for companies to stay ahead of competitors,new entrants,changing consumer behaviours and market trends.Change is accelerating and we are seeing more and more new applications making old business models obsolete. Consider the rise of Apple,Google,Uber,Tesla,Visa,Facebook,Virgin,Stripe,Gap,FedEx,Air BnB,General Electric,Spotify,Netflix and Amazon and how they are revolutionising our day to day lifes.
If continuous and sustainable innovation is to occur, then innovation leadership and project management must be married together and with a clear understanding of each other’s roles. Innovation defines what we would like to do and project management determines if it can be done. The marriage also may require that both parties learn new skills and create a corporate culture that supports idea management practices (Harold Kerzner 2019).
Executives and project managers have to show leadership in bringing together all the disparate aspects of theory, reality, vision, process, finances, adding value and politics to create successful outcomes.
FROM A PROJECT OR BUSINESS INSIGHT FEW MARKETS ARE UNIQUE IN TERMS OF INNOVATION:
What is innovation of products and services ?
Product innovation enhances the physical appearance and functionality of the product. In contrast, service innovation is an intangible process of providing customers with value and improving their performance. Product innovation refers to developing new and unique products to improve the way of living.
What is the success rates of new product and service launches?
According to Harvard Business School Professor Clayton Christensen approximately 30,000 new products launched each year, about 95% fail
Obstacles to product and service success?
Lack of knowledge
Behaviour change requirement
Multiple decision makers
Obstacles to use
Limited supporting infrastructure
Use creates pain points
Its cool,not better
Offering isn’t targeted
(Steve wunker www.brandingstrategyinsider.com)
Success Criteria for Product / Service Innovation Project
WHAT ARE THE DELIVERABLES FROM THE C-SUITE INNOVATION PROJECT MANAGEMENT WORKSHOP:
Available on Request
Dublin – London
9am – 1pm
Success rate – the percentage of new products / services that achieved their expected business goals.
Typical normal success rates are 50-55%.
Throughput – the number of products / services that you move through the company process and bring to market in a specific time period with the available resources.
Value – the contribution of the products / services in the client project portfolio, usually in revenues generated,profits and return on investment.
Innovation is across three areas: incremental, breakthrough or disruptive.
Entrepreneurs are committed, energetic, can-do people, I see two big differences between a natural entrepreneur, and a skilled project manager.
The first is that entrepreneurs are in it to build a business, it’s the end point and the value that it creates which motivates them.
The second difference is that few entrepreneurs have training in project management concepts and techniques.So, managing the project planning and execution steps can be challenging for them in delivering the project objectives.
17 June 2020, 8 July 2020, 12 August 2020