Prototype to Production – Resource Allocation:
Where the Rubber Hits the Road
August 22, 2017
In planning for new product and service launches and phasing out old ones, organizations must manage and allocate limited resources of time, energy, people, capital, etc.
During the InnoQuest Innovation Management session held at JumpStart on August, 22, Norbert Majerus, Lean Champion at Goodyear shared methods gleaned to commandeer resources – whether material, social or cultural – to speed the rate at which new products and services hit the market full force. Goodyear has shifted from a Project Management culture to a Lean Start-Up process, which resulted in dramatic changes from 10% on-time delivery of new products to well over 90% and from 50% of new products being profitable to nearly all new products turning profits! Following the Lean adage of “don’t allocate what you don’t have,” Norbert’s models allow for enough resources to propel a project forward while mitigating the risks of phasing in and out of various elements of an organization’s product portfolio. Plus, Michael Ryan, Managing Partner of The M. Ryan Group, focused on improving inventory/working capital/cash flow to achieve goals in profitability and performance and the Impact of Planning on Execution.
Key takeaways from participants:
- Best practices for introducing new products and exiting old ones.
- Economic growth comes from: Population growth, Innovation, Efficiency gains.
- As companies move towards greater numbers of customized products, processes and services, the need for transparency between customers, suppliers and your operations increases significantly.
- Profit comes through Simplicity, Predictability, and Agility
- Incremental growth (as opposed to fast growth) drives Predictability.
- Allow more decision-making at lower levels; quality is in everyone’s hands (Toyota’s Anton Cord).
- Address WIIFM (“What’s in it for me?”) concerns – what you’ll lose vs. gain.
About the InnoQuest Innovation Management Program:
A collaborative forum offered bi-monthly to leaders and innovation practitioners of mid- to large-sized companies in Northeast Ohio. Participants gain best practices in managing and guiding the innovation process, new working relations with peer companies & leading practitioners and actionable steps to improve a company’s innovation practices. Program content has included: Additive Manufacturing (3D Printing), Lean Start-Up Principles, Design Thinking and Creativity in Leadership. Each session is held at a location of interest throughout the region; past locations have included; Sherwin Williams, The Technology House, NASA Glenn Research Center, Baldwin Wallace Center for Innovation and Growth, Parker Hannifin’s New Innovation Center and the Cleveland Institute of Art.
To participate in the InnoQuest Innovation Management program contact:
Chris Keller (Chris@edgef.org; 216-346-6300) or Grant Marquit (Grant@edgef.org; 216-215-5058)