Today’s top-down approach to portfolio management allows companies to clearly articulate their strategic business direction and leverage this strategy through a rigorously managed product pipeline. For many companies, innovation is the key goal, but very few can define the financial impact it has on their activity. Managing “big data” is desirable, yet companies don’t know how to use technical data to collect insights and take better decisions.
Manufacturers often make decisions that involve a dizzying array of brands, product lines, product offerings, product options, technologies and investment opportunities. These decisions are complicated by the need for multiple stakeholders – including marketing, development, manufacturing, sales and a wealth of suppliers – to reconcile their goals and perspectives and effectively collaborate on bringing a product to profitable reality.
Sadly, research indicates that 51% of executives are dissatisfied with the financial returns on investment they receive from their innovation initiatives and 69 % of companies admit that their product introduction processes are not under financial or strategic control.
Economic gain and competitive success are the real goals that companies want to pursue. These objectives are achieved as much by choosing the right innovation projects as they are by executing these projects well and to do so business intelligence constitutes a cornerstone.
Metrics and business intelligence
Metrics collected through business intelligence tools provide stakeholders with the quantitative feedback they need to make informed and coordinated project decisions. The effective use of business intelligence is often cited as one of the key differentials that distinguish successful NPD projects from failing efforts.
The ability to clearly extract and aggregate information using dashboard software allows decision makers to make informed and timely decisions on the basis of business intelligence information drawn from multiple sources
Lascom business intelligence solution
By managing reliable, updated and secure data from the repository, provides business intelligence to generate reports. Business intelligence and reports dashboards are the basis of a long term business intelligence strategy. Graphs, charts and dashboards considerably assist managers and decision makers in their challenging tasks by identifying bottlenecks, progress decrease or deadline mismatch.
Using Lascom business intelligence tools enables decision makers to:
Lascom business intelligence tools are also useful to analyze problems concerning traceability/audits through stage gates.
By lining up innovation performance to strategy, companies can develop a more educated, action-oriented decision making process to achieve better results. Our business-driven perspective helps organizations run innovation like a business, focusing on results and enabling organizational accountability.