Managing new product development and innovation is a road with many forking paths and few helpful signposts (just like driving in downtown Boston!).
NPD expert, author and executive advisor, Wayne Mackey, has identified what he believes are the 10 most critical dimensions facing product development leaders. Each builds upon the other and encompasses the complete value stream of the development process from the highly strategic to the minutest of detail.
Viewed as a whole, the challenges these dimensions present can seem daunting and unmanageable, but according to Wayne, once broken down into constituent parts, each area can be addressed with specific tools that can quickly use data to identify root causes and guide you to an immediate course correction. For example, properly staffing project teams with adequate resources can be simplified and improved using a simple spreadsheet tool known as a “skills matrix.” Each dimension has similar tools and methods for deconstructing a problem without wasting a lot of time.
The 10 critical dimensions of product development innovation are:
- Cycles of learning – Information flow and risk retirement rates
- Resource management – Innovation skills assessment, staff ratios and roles & responsibilities
- Organic versus outside growth – Open innovation and strategic supplier /partners
- Portfolio investment balance – Translation of the voice of the NEXT customer
- Strategy – Innovation, business and development roadmaps and SWOTs
- Project management – Schedule and cost predictability, stochastic project planning and incubator projects
- Intellectual Property – Protection and management in today’s open environment; the disruptive emergence of 3D printing
- Business cases – Financials and how to normalize near-, mid-, and long-horizon opportunities
- Value streams – Waste identification and mitigation
- Automated data and management information systems
Wayne Mackey will be holding a special executive session to go in-depth on these important decision making areas and showing how to apply a comprehensive suite of tools that product development leaders can use to make data-driven decisions that team members yearn for and the business’ bottom line requires. The one-day, intensive “Innovation Leaders’ Reboot Camp” will be held July 15, 2014 in Chicago, visit the Reboot Camp’s website for more information and to register online.