According to PwC’s 16th Annual Global CEO survey of 1,330 participants, executives selected organic growth in current markets as the top opportunity for business growth, with new product development landing in a close second. However, the same survey revealed innovation is ranked fifth on their list of investment priorities! Without a methodical approach to managing innovation, the returns may be lukewarm at best. Furthermore, profits, sales and market share objectives are likely to suffer if formal innovation processes are not a part of product development.

The Potential of Systematic Innovation
Innovation keeps business vibrant. As access to information expands every day, new ideas emerge just as frequently from an exploding number of sources. R&D, sales, service, marketing, support, quality, partners, social media and customers all fuel ideas into the product innovation funnel. Imagine if you could capture each one, determine the likelihood of success, and systematically convert the right ideas into profitable products. How would that powerful capability enhance your innovation performance? By selecting the right ideas and passing on others, you can focus investment priorities, improve resource and operational effectiveness, and more predictably drive revenue growth.

Make Innovation Your Core Competence
A 2012 Global Innovation 1000 survey by Booz & Company revealed an 8-9% revenue growth advantage for companies that can effectively generate ideas and convert them to projects, but 75% admitted they cannot do both well. A vast majority of projects on average do not get launched as commercialized products, nor do they meet expectations. Time and budget pressures, complex partnerships and supply chains, multiple development inputs, information overload and fragmented processes exacerbate the problem. This broken process is for many companies a tremendous drain on resources, so for those who get it right, a considerable advantage.