May 15, 2013 | Written by: Aslam Hirani
Competition has increased and companies are changing business models to compete and release more innovative products with shorten time to market. According to various research, companies are targeting to achieve more than 30 % of the sales from new products. Processes for innovation and new product development need to adopt to the changing business needs and should not become a bottleneck to achieve the business objectives.
There are different reasons why companies redefine the processes for “Idea to market” stream, which would have processes from defining innovation strategy to Product development and handling engineering changes.
It is vital to define the objectives to be achieved by the process transformation. It could be to “Reduce Time to Market”, “Find synergy opportunities across the company” or “improvement the current processes”. The measurement criteria on how each process has achieved the objectives to be defined. There are no consolidated open source processes for complete “Idea to market” stream but there are various open source and proprietary process, which could be referred to.
Outside-in ideas should be brought in to imbibe good repeatable practices, which would help to achieve the business goals. If the company does not have experience in process transformation, it would be good to get help from outside the company. It’s a long enduring work and needs focus and time from various department members. Change management is very vital as the teams working on the “to be processes” should not be too much leaning towards “as is processes”.
Cross team (Idea to market, marketing, supply chain,) collaboration is very vital to achieve time to market. This is also an opportunity to define the interaction between “Idea to market” and other work streams, such as “Marketing”, “Order to cash”, ”Procurement”, ”Finance” and so on.
The process transformation team should understand the practices from all the departments/functional units to come out with the best practices for the company. The team needs to take top and bottom level approach by understanding the process transformation objectives and also discuss with the members, who will be using the processes to understand their issues, concerns to come up with new processes.
Core processes, which are vital for the company to achieve its objectives need to be defined so more stress could be given to those processes during the transformation effort. It’s also important to know that this will not be the final process and will change based on its gradual implementation so that the process is involving on continuous basis.