Product innovation in manufacturing on a global scale tends to throw a wet blanket on innovation. Whether it’s a disconnect over complex supply chains, alarm over new regulations, or uncertainty about the direction of product roadmaps, innovation can often be sidelined until it’s much too late in the game.
Companies miss the opportunity to bring to market the next big thing when they fail to identify the right products or spend too much on money and resources on the wrong projects. In a previous blog, The Manufacturer’s Guide to Product Portfolio Management, we showed you how to cultivate the capabilities needed to identify and resource the right products.
Now, let’s take a look at the infographic below that takes that conversation a bit further to help accelerate your product innovation and digital transformation. A quick look below will reveal:
- How to invest in innovation and improve the value of your innovation portfolio by 10%.
- How to deliver against your product strategy by cutting the amount you spend on non-strategic products by up to 20%.
- How to drive revenue by accelerating time to market by up to 30%.
- Ways to cut in half the amount of time it takes to assess the product landscape to leverage new and existing technology that drives digital transformation.
- Improve productivity by 35%through visualizing work and removing bottlenecks.
If this infographic leaves you wanting more, check out the full benchmark report, which dives into greater detail on how top performers are delivering new, differentiated products that align with strategic objectives, on time and on budget. The research results provided in the report provide a roadmap that can help other companies overcome challenges and achieve higher levels of innovation and product profitability.