Innovation is a valuable tool to meet the ever-growing needs of your customers and to stand out from your competitors. To make you even more distinguished, here are some tips for optimized research and development management!
Set up a committee dedicated to innovation
To facilitate the management of research and development, opt for the setting up of a committee dedicated to innovative initiatives. This specialized team will have the task of fuelling the reflection on innovation. It will define and propose to you the projects to prioritize, all according to the vision of the company and your business objectives. The Committee will also be responsible to manage the budget allocated to research and development. This will ensure that investments and recommended projects are in keeping with your financial plan.
Take care to carefully select the members of your committee, depending on the profile you want. Name a person in charge of the team, as well as one responsible for the daily monitoring of the progress of your work. To ensure the efficiency and performance of the Committee, do not forget to define the standards applicable to the functioning of meetings and to the performance of their tasks.
Find the balance between the current products and the new ones!
It is important to harmonise and find the balance between the time invested to improve your current products and the one spent to create new products. Initiatives to improve your current products need to be consistent with the development of new ones.
In your reflection workshops on the evolution of your current products, always keep in mind the mission and the values promoted by your company. Also consider your marketing strategy, the costs involved and the quality standards you want. For new products, be sure to map out the major development steps you want. For each of these steps, be sure to agree on a detailed schedule and deadlines to complete them.
standardize, standardize… and standardize!
Setting up standards is at the heart of the success of your innovation process. By standardising your ways of doing things, you will have a better understanding of the process and will adequately identify the issues and opportunities to be considered along the way. This will make it much easier for you to do the necessary adjustments in a timely fashion.
Implement performance indicators, a must!
In order to validate the health of your process and to measure the achievement of the goals you have set, the setting up of performance indicators is a must. Using this data, you will make visible the sequences of the process to be improved, as well as those that work properly and that need to be maintained. The adoption of good indicators and the follow-up of them will also contribute to the involvement and commitment of the members of your team.
Our experts on continuous improvement will obviously be pleased to assist you in setting up high standards and performance indicators as part of your innovation process.
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