By Kerrie Jordan -Oracle on Jul 30, 2015
In the crowded consumer goods industry, innovation is a necessity. Unfortunately, many companies are struggling to commercialize their new product initiatives effectively.
In fact, 80% of new products fail to meet expected performance levels. We've broken down the most important elements to improve your odds, in what we call the 6 P's of Effective Commercialization:
New product ideas are just the beginning, but you have to get them off to the right start. Establish a traceable, systematized approach to capture, develop, prioritize and generate new product ideas.
Outline schedules, resources, tasks, milestones and deliverables to stay on track with your objectives.
Manage the workflows for all projects with automated, simple tools to make sure tasks are completed on-time and accurately.
Very little would get done without the right people. Optimize your resource allocation across all projects, keeping in mind workload balance, talent, and experience.
Surprised to see 'product' all the way down at #5? That's because there are so many elements you need to align before you lock down the cost and scope of a new product, otherwise risking unexpected pitfalls during development and commercialization.
Set and adhere to performance goals. Measure in real-time how the market responds to your products, so you can improve your product portfolio over time and build a sustainably innovative business.
Webcast featuring Mary Kay
Join Oracle, Kalypso, and special guest brand leader in skin/body care and make-up Mary Kay during a free webcast on August 4 at 12:00 PM ET to learn more about the 6 P's of effective commercialization. Register here.
For more information about Oracle's PLM and SCM solutions, visit www.oracle.com/scm.
Kerrie Jordan is Director, PLM Product Marketing at Oracle. Follow her on Twitter @KerJordan