{"id":8114,"date":"2020-05-13T11:02:08","date_gmt":"2020-05-13T11:02:08","guid":{"rendered":"https:\/\/www.pdsxchange.com\/?p=8114"},"modified":"2022-01-13T18:39:14","modified_gmt":"2022-01-13T18:39:14","slug":"webinar-week-new-product-innovation-development","status":"publish","type":"post","link":"https:\/\/www.frost.com\/events\/innovation\/webinar-week-new-product-innovation-development\/","title":{"rendered":"Webinar Week: New Product Innovation &#038; Development \u2013 Essential Take-Aways"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-8119 alignleft\" src=\"https:\/\/www.frost.com\/events\/innovation\/wp-content\/uploads\/2021\/04\/Patricia-Jacoby-400x250-1.jpg\" alt=\"Patricia Jacoby\" width=\"150\" height=\"150\" \/><strong>By Patricia Jacoby<\/strong><br \/>\n<em>Senior Editor, Marketing<\/em><br \/>\nFrost &amp; Sullivan<\/p>\n<p>To continue to address your desire to learn, grow and innovate, <strong>Frost &amp; Sullivan recently<\/strong> created a week\u2019s worth of virtual content which was presented live by a select group of speakers from the upcoming event. Each 30 minute presentation was followed by a 30 minute interactive virtual roundtable discussion exclusively for Growth Innovation Leadership Council members.<\/p>\n<p><strong>Here are the essential insights from all the presentations:<\/strong><\/p>\n<p><strong>Day 1:<\/strong> <strong>Driving Product Discovery and Innovation with a Smart AI Strategy<\/strong><br \/>\n<strong><em>Sridhar Solur, Executive Vice President, General Manager, Chief Product Engineer<\/em><\/strong><br \/>\n<strong>SharkNinja<\/strong><\/p>\n<p>Sridhar Solur examined how Shark Robotics, maker of intelligent advance navigation robotic vacuum cleaners, leverages AI to drive greater consumer satisfaction through data harvesting and analytics.<\/p>\n<p>Sri shared that his employer, SharkNinja is focused on implementing strong ideas to help companies that are being disrupted. Most recently, he worked on putting robotic products into the marketplace. As Sri stated, \u201cwe are moving to a world where things are done BY YOU to a world where things are done FOR YOU. For example, the SharkNinja revolutionary IQ Robot Vacuum not only vacuums <em>for<\/em> you, but goes the extra mile to empty the refuse into the trash can.<\/p>\n<p>Sri also noted that, historically, new products and technological developments often occur around times of upheaval and recession. Examples included AM radio in the 1920s, television in the early 1950s, the internet in the 1990s, and mobile devices in 2000. Accordingly, with the current health crisis, we are entering a new era that will no doubt precipitate and accelerate changes and transformations in many industries. The acceleration of telemedicine is one clear example. More people working at home is another clear trend.<\/p>\n<p>Other key insights included:<\/p>\n<ul>\n<li>Deep learning, 5G, and computer vision are among the trends to watch in 2020 and beyond<\/li>\n<li>We will move from people-to-people interactions to more people-to-machine interactions<\/li>\n<li>A new era of robotics and machine intelligence will include ambient interfaces; AI will be a big part of this<\/li>\n<li>As we move to more mobile experiences and edge computing, strong security continues to be paramount<\/li>\n<\/ul>\n<p><strong><u>Growth Innovation Leadership Council Member Discussion <\/u><\/strong><\/p>\n<p>After the presentation, there was an exclusive members-only discussion facilitated by Richard Sear, Partner and Senior Vice President, Frost &amp; Sullivan. Essential take-aways from the discussion included:<\/p>\n<ul>\n<li>When working on AI and technology integration, \u201cit\u2019s not all about managing the technology, it\u2019s about managing your mindset\u201d<\/li>\n<li>Sri believes that 8 to 10 months is a reasonable timeframe for most transformation initiatives<\/li>\n<li>Look at your company\u2019s key strengths and analyze how to utilize IoT and edge technologies to expand or improve on them\n<ul>\n<li>For example, SharkNinja transformed from an appliance company to shipping vacuum robots into the marketplace<\/li>\n<\/ul>\n<\/li>\n<li>As technology continues to evolve, security is as important as ever. Applying the evergreen principles of the <strong>P<\/strong>rivacy <strong>A<\/strong>uthentication <strong>I<\/strong>ntegrity <strong>N<\/strong>onrepudiation acronym is critical, especially as we move to edge computing<\/li>\n<\/ul>\n<p><strong>Day 2: Success Story: From Concept to Commercialization<\/strong><br \/>\n<strong><em>Hector Barea, Senior R&amp;D Engineer and Product \u00a0\u200bR&amp;D Manager <\/em><\/strong><br \/>\n<strong>Tupperware Brands Corporation<\/strong><\/p>\n<p>The Tupperware company, which had over 2 billion in sales in 2018, had 92% of their sales outside of the U.S., making it a truly global company. Current Tupperware products include the MicroPro\u00ae Grill, a Nano Nature Water Filtration System and even a Nutrient Delivery System for NASA! This webinar session covered the challenges of developing globally sourced new products, from napkin sketch to product launch.<\/p>\n<p>Hector presented a quick but comprehensive primer on new product development. He offered practical tools to help members with initial concept development, R&amp;D, new product development, proof of concept work and design, all the way to the industrialization process. Hector pointed out that completely different mindsets, skillsets and tools are needed for R&amp;D versus mass production, and briefly discussed all of these components in his presentation.<\/p>\n<p>Hector shared a colorful \u201cFramework from Concept to Industrialization\u201d slide showing the dozens of potential tools available for product development and distribution. These included everything from \u201cBlue Ocean\u201d to \u201cAction Learning\u201d to \u201cCrowdsourcing\u201d approaches. Yet, Hector warned against \u201cdeath by a million tools\u201d and noted that he uses Design Thinking to help identify and solve the right problem. He also recommended TRIZ, or Theory of Inventive Problem-Solving, an international system of creativity that includes a model based technology tool for ideation, and endorsed Six Sigma as an effective tool for process improvement.<\/p>\n<p>The importance of choosing the best problem definition up front was emphasized. As stated, \u201cthe more time you can spend in beginning, the better for planning\u201d and later outcomes.<\/p>\n<p><strong><u>Growth Innovation Leadership Council Member Discussion<\/u><\/strong><\/p>\n<p>Essential take-aways from the discussion included:<\/p>\n<ul>\n<li>As you begin to gather ideas, ask: \u201cCan we make these?\u201d \u201cWill the customer buy it?\u201d \u201cIs it in our business realm and can we get good ROI?\u201d<\/li>\n<li>When it comes to creating a go-to-market strategy, look at the marketplace first and consider consulting your sales force first too, rather than waiting until the end of the process. This can be especially useful for unique new products<\/li>\n<li>It\u2019s important to balance critical customer feedback with company expertise and quality filters<\/li>\n<li>Sometimes cost will kill the original idea, but a similar product can be made less expensively<\/li>\n<li>Finally, meeting customer\u2019s unmet needs was a key product development strategy noted by members<\/li>\n<\/ul>\n<p><strong>Day 3: How Nike Broke the 2-Hour Marathon<\/strong><br \/>\n<strong><em>Sean McDowell, Former Vice President of Design, Innovation &amp; Sustainability Converse,<\/em><\/strong><br \/>\n<strong>Nike<\/strong><\/p>\n<p>It can be very difficult to innovate while reporting quarterly growth to investors. This discussion focused on tools to identify and set big hairy audacious goals (BHAG) for the company. Sean McDowell explored Nike\u2019s strategy and shared what it took for his organization to design a shoe that helped to break the long-standing 2 hour marathon record.<\/p>\n<p>According to Sean, to win big in innovation, organizations need to set Big Hairy Audacious Goals (BHAGs) that are measurable and meaningful to the business. Sean told the story of how he led the Nike team to break the 2-hour marathon record through extensive data analysis, testing, product design, determination and innovative thinking. These efforts culminated in great commercial success with Nike\u2019s AlphaFly running shoe, powered by a carbon fiber propulsion plate design and a new chemical formula for Zoom X Foam, which provided great energy return.<\/p>\n<p>As noted, many small decisions can sometimes add up to a large impact.\u00a0 To achieve the goal of breaking the marathon record, Nike analyzed the challenge and concluded that they needed a 4% improvement overall. They realized this could be broken into smaller goals and achieved with a 1% improvement in footwear, a 1% improvement in apparel effectiveness, a 1% course improvement and a 1% improvement in athletic performance, adding up to a 4% cumulative improvement. Specifically the runner would need to gain \u00bc\u201d per stride.<\/p>\n<p>Nike worked with Eliud Kipchoge, one of the\u00a0<a href=\"https:\/\/www.wired.com\/story\/eliud-kipchoge-is-set-to-break-the-2-hour-marathon-barrier\/\" target=\"_blank\" rel=\"noopener noreferrer\">world&#8217;s finest marathoners<\/a>, who ultimately achieved their innovation goal when he broke the 2-hour marathon record in Vienna, finishing in 1:59:40, while wearing the Nike prototype AlphaFly sneaker.<\/p>\n<p><strong><u>Growth Innovation Leadership Council Member Discussion<\/u><\/strong><\/p>\n<p>Essential take-aways from the discussion included:<\/p>\n<ul>\n<li>It\u2019s easy to do small innovations, sometimes you need to think bigger<\/li>\n<li>It was Sean\u2019s decision to attempt to break the marathon record; he believes innovation goals are often set too low and recommends \u201cshaking up the ecosystem\u201d by bringing in people with diverse experiences, from other industries with other areas of expertise<\/li>\n<li>Nike doubled down in 2008 and after 9\/11, when other organizations were running scared<\/li>\n<li>At Converse (also owned by Nike) the budgets are smaller, so they took a different, more customer-focused approach and talked to consumers\u2026the #1 Gen Z goal was sustainability<\/li>\n<li>To encourage a culture of innovation, start by brainstorming big issues, aligning all leaders, consistently meeting and then set and <em>reinforce tangible goals<\/em><\/li>\n<li>Be ready to show the business analysts the cost of not innovating, i.e. the 10 to 20 year impact of doing nothing, losing market share and\/or going out of business!<\/li>\n<\/ul>\n<p><strong>Day 4: \u00a0Selecting the Best Metrics for Your Product Development and Innovation Team\u2019s Success<\/strong><br \/>\n<strong><em>Karen Tilstra, Ph.D., Co-Founder; Cecil Wiese, Innovation Catalyst; <\/em><\/strong><br \/>\n<strong><em>and Matias Meirelles van Vliet, Experience Designer<\/em><\/strong><br \/>\n<strong>AdventHealth Innovation Lab<\/strong><\/p>\n<p>The key objective of this session was to answer critical questions including: How do you gauge if you are doing meaningful work and doing it effectively; if both you and your projects are effecting change? How do you act differently when looking at specific versus portfolio metrics for success? The participants learned about what it\u2019s like to develop project-specific measures of success, and garnered ideas on how to standardize portfolio metrics along with goals in order to measure the effectiveness of the innovation team.<\/p>\n<p>Three diverse innovation speakers from AdventHealth discussed different innovation initiatives launched at the AdventHealth Innovation Lab. Founded in 2012, there have been over 700 projects conducted at the lab to date. It began as a 24-7 initiative dedicated to including all employees and making \u201cinnovation everyone\u2019s job, every day\u201d via a design-thinking, open door approach.<\/p>\n<p>Eschewing the usual traditions of immediate data gathering and analysis, the AdventHealth CEO instead endorsed a \u201cbig picture\u201d learning approach at the lab for the first 18 months after launch. The philosophy was that a strict focus on data gathering and analysis sometimes obstructed the full reality of what was happening, what problems needed to be fixed, and what issues required innovative solutions.<\/p>\n<p>The presenters shared stories of innovation projects that led them to unexpected places as they often uncovered issues that were not a part of the original project scope and\/or focus. Throughout, they shared the lesson of \u201cshifting the lens\u201d and following where the facts, data and employee experiences were taking them, even if this led to a complete shift in their innovation focus. \u00a0This often led to measuring evolving metrics and following the human dynamics and input rather than just the numbers. In their own way, each made the distinction between \u201cmeasuring for management\u201d versus \u201cmeasuring for learning.\u201d (the preferred objective)<\/p>\n<p>One example discussed was the problem of long patient waits before being released from the hospital. This was often due to patients\u2019 needing blood drawn by phlebotomists before they were discharged; the phlebotomists were very busy and were often not immediately available. The issue was resolved by training <em>all <\/em>nurses to draw blood; and patients were happier. Shifting the lens a bit wider, the CEO observed that not only was the specific, patient wait problem solved, but the nurses and phlebotomists were working together as never before&#8211;improving and effectively resolving a larger issue.<\/p>\n<p>This story and other similar innovation experiences shared helped illustrate the importance of achieving effectiveness over efficiency and adaptability in innovation. As noted, data doesn\u2019t solve all the problems; it is just a tool that often needs to be balanced with qualitative analysis and contextual observations too. All agreed that data should be used to illuminate big and small issues, not just support small-scope analysis.<\/p>\n<p><strong><u>Growth Innovation Leadership Council Member Discussion<\/u><\/strong><\/p>\n<p>Essential take-aways from the discussion included:<\/p>\n<ul>\n<li>To help gain executive buy-in for innovation initiatives, educate your leadership teams about problems and expose them to painful patient or customer experiences; this can help elicit empathy and foster openness to innovative solutions\n<ul>\n<li>Example: at AdventHealth the surgeons were dissatisfied with lighting in operating rooms so the innovation team had the doctors\u2019 work directly with the surgical lighting company. They invited them to watch as doctors performed surgery on cadavers and allowed people from the lighting company to do so also, so they could experience what the end users did, i.e. insufficient lighting<\/li>\n<\/ul>\n<\/li>\n<li>Encourage a top-down learning mindset; communicate that learning metrics can and will shift<\/li>\n<li>Look for operational cost savings your innovation initiatives and solutions might bring and share them with leaders<\/li>\n<li>To help foster innovation, create low barrier, easy access innovation labs that all employees can participate in, contribute to and learn from<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Frost &#038; Sullivan recently created a week\u2019s worth of virtual content which was presented live by a select group of speakers from the upcoming event.<\/p>\n","protected":false},"author":73,"featured_media":9583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[27],"tags":[],"coauthors":[30],"class_list":["post-8114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pdslog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.4 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Webinar Week: New Product Innovation &amp; 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