| While establishing market differentiation can be | | | | process owners to take a global view of how |
| accomplished by introducing innovative new | | | | product innovation is being strategically planned |
| products, maintaining that market differentiation | | | | and systematically executed throughout the |
| may prove to be a bit more difficult. Here we | | | | organization. In effect, process management |
| have put together a ten-part series on how to | | | | provides the foundation for project management. |
| generate higher returns from your innovation | | | | Conversely, project management entails tracking |
| investments. | | | | and scheduling hundreds, if not thousands, of |
| From our series of highly informational articles, | | | | tasks related to creating a new product and |
| companies will learn: how to treat innovation as a | | | | bringing it to market. |
| cross-functional business process, how to align | | | | For example, in the lifecycle of a new vehicle |
| innovation execution and business strategy; how | | | | 80,000 or more tasks may be required to design, |
| to create sustainable innovation; how to train your | | | | manufacture, market, and sell the car. However, |
| senior executives to successfully execute | | | | the decision support needs of senior management |
| innovation initiatives; how to effectively manage | | | | center on only a few, high-level considerations, |
| process and project management; how to | | | | such as safety requirements, benefit to the |
| measure performance of your processes; how to | | | | customer, and the unique needs of particular |
| ensure broad stakeholder buy-in; how to | | | | geographical areas. A well-conceived innovation |
| understand the importance of product roadmaps; | | | | process allows senior managers to determine how |
| how to provide the tools necessary for successful | | | | these requirements and other external market, |
| product innovation; and finally, how to ensure that | | | | technological, and regulatory factors might impact |
| portfolio management coincides with process | | | | the overall value of the car. |
| management. | | | | Though project management and process |
| Here is one of the ten practices that leading | | | | management serve dramatically different |
| innovators use to increase the payback from | | | | purposes within an organization, there is a |
| innovation spending: Effectively Managing Process | | | | symbiotic relationship between the two. For a |
| and Project Management. | | | | company to get the most out of their |
| Effectively Managing Process and Project | | | | investments in innovation, both are needed. |
| Management | | | | For more insight into the top practices that leading |
| Many organizations make the mistake of equating | | | | innovators use to increase their returns on |
| innovation process management with project | | | | innovation spending, look for the next article in this |
| management. Innovation process management | | | | ten-part series: Measuring Performance of Your |
| allows executives, portfolio managers, and | | | | Processes. |