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