Innovate...

Innovation

Access new market opportunities and exploit new technologies by getting products to market faster and with less risk

Many new businesses, especially those which are high-growth or technology-based, face common issues:

  • access to finance - made more difficult by a focus on the company's technology and lack of attention to articulating business direction and systems to demonstrate a robust proposition to potential investors
  • access to knowledge - tracking and understanding the technical environment and value system into which products will be launched and locating the right advice
  • access to partners - finding partners with more 'clout' to accelerate growth and provide channels to market
  • access to support - locating reliable advice and consultancy to guide innovation management and product commercialisation

More mature companies face different problems but have other opportunities:

  • making the right strategic choice between closed, proprietary innovation (e.g. 'protecting' intellectual property) and open innovation (e.g. standardization)
  • realising benefits in integrating products and supply chains with others
  • being alert to disruptive technologies and other external events, including incorporating emerging regulations and standards which will influence buyers decisions
  • influencing investment and technical trajectories which impact production costs and product acceptance and adoption

To get your product to market with confidence and systematically increase the chances of success you should:

  • Decide how to marry innovation and standardization. This will influence factors such as -
    • customer confidence in the reliability and continuity of your offer, e.g.- will this new product work with what I already have or will I be forced into further expense?
    • time and cost reductions through incorporating standard components
    • increased sales through integration of your offer with others' products and supply chains
  • Implement management systems. Management systems play a vital role in innovation by ensuring that new products do not get a poor quality reputation, facilitate cost reduction, reduce time-to-market and ensure a smoother market introduction

If you would like to explore the possibilities for assuring the success of your product or innovation programme, or if you would like to better understand how using standards strategically could benefit your organisation please do get in touch.

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