Four Steps to Maximize your Innovation Potential

Original Post Source

To utilize the full innovation potential of the supply chain, companies need a strategic approach to deal with the obstacles to new product success. Here is a four-step approach to better utilize your innovation potential.

By Constantin Brachtendorf, Stefan Kurpjuweit and Stephan M. Wagner

Constantin Brachtendorf, Ph.D. is a management consultant, Stefan Kurpjuweit is a research associate and Ph.D.c. and Stephan M. Wagner is a professor of logistics management and director of the executive MBA in supply chain management at the Department of Management, Technology and Economics at the Swiss Federal Institute of Technology Zurich (ETH Zurich). They can be reached at .(JavaScript must be enabled to view this email address), .(JavaScript must be enabled to view this email address) and .(JavaScript must be enabled to view this email address).
May 4, 2017

Not every new product is a homerun like the iPhone. Some are underperformers like the 3-D television, or, worse yet, complete flops like the Samsung Galaxy Note 7.

Meanwhile, the number of new products is ever increasing as their life cycles decline. It was only a matter of months between Samsung’s complete withdrawal of the 7 and the grand introduction of the 8, which was quickly billed by pundits as more than enough to make people forget about its predecessor.

On a broader scale, between 1997 and 2012, product life cycles of fast moving consumer goods fell by 46% while the number of products increased 62%. In the same time period, the chemical industry’s new product introductions increased 313% while product life cycles fell 37%.

Not every new product is a homerun like the iPhone. Some are underperformers like the 3-D television, or, worse yet, complete flops like the Samsung Galaxy Note 7.

Meanwhile, the number of new products is ever increasing as their life cycles decline. It was only a matter of months between Samsung’s complete withdrawal of the 7 and the grand introduction of the 8, which was quickly billed by pundits as more than enough to make people forget about its predecessor.

On a broader scale, between 1997 and 2012, product life cycles of fast moving consumer goods fell by 46% while the number of products increased 62%. In the same time period, the chemical industry’s new product introductions increased 313% while product life cycles fell 37%.

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