What is the process leading to innovation? We hear this question often from clients looking for new product innovation. From our perspective, the process begins with strategic product planning. In some cases it involves working with our clients toward internal process innovation, but typically we work with our clients as a team to clarify the company's brand strategy and then assess opportunities for innovation. The following information will define what is process innovation in the strategic planning stage.
- Define / clarify a well articulated strategy around product and business development
- Detail the brand promise and provide an honest assessment of brand heritage
- Create a finite statement of corporate/brand goals so your company can learn what is process innovation and how can it help your business
- Clarify the current product mix and objectives for near term new products: new to world innovations, products extensions/expansions, fast seconds
- It is also important to look at short term process innovation strategies within the context of our client’s long-term objectives
Innovation / Opportunity Assessment
- Conduct competitive analysis including direct and indirect competition
- Assess current and emerging technologies to determine how new technologies might be leveraged
- Develop an objective perspective on core competencies including technical leadership, distribution strengths, brand position, cost position -- production capabilities
- Conduct broad category brainstorming to flesh out ideas for innovation including invention of -- new product and service opportunities
The results of the strategic planning process include an executable strategic product plan. This could include opportunities for process innovation but almost always points to information gaps which leads to research activities required to move the innovation process forward and answer the question of what is process innovation and how your company can gain from this strategy.