Innovation Unit, February 18th, 2009

Philip Kyte and Greg Venters of ADL’s Technology and Innovation Management Team facilitated a lively meeting on Innovating for Cash, as part of the British Quality Foundation's (BQF) Innovation Unit seminars.

Innovating for Cash is based on the ADL material on Innovation in a Downturn and can be defined as innovation that leads to quick wins by increasing short term revenues or by lowering operating costs.  For example, boosting revenue by bringing new products to market quicker or by selling residual IP, and reducing cost by resource efficiencies, reallocating resources or more effective collaboration.

After a self-assessment to identify the impacts of the recession and what actions were being taken, the group discussed where cuts in R&D might fall and how to improve R&D effectiveness and innovation.  Some of the key actions that were recommended included:

• Optimising partnerships
• Altering your new product portfolio roadmap to reflect cost savings in R&D but with an emphasis on strengthening your strategic competitive position
• Minimising time to market for key new products - possibly by eliminating some lower priority projects or by speeding up decision making
• Adapting the R&D footprint based on changes in relative strengths in your segments
• Updating your understanding of customer needs in the recession
• Cleaning up the product portfolio and eliminate selected products but at the same time improve innovation processes and structures
• Looking for new combinations of products and services 

Feedback from the seminar was strong and the discussions were animated.  For more information on this, please contact Philip Kyte (e: kyte.philip(at)adlittle.com / t: 0870336700) 

Another well attended event by ADL, this London seminar  focused on how companies are realigning their innovation efforts to respond to the economic downturn.   The seminar included insightful presentations from two leading global  food companies Heinz and Campbells, together with additional examples from our own work with clients.  Key topics discussed included:

• The appetite for innovation from retailers and customers as the downturn bites
• Keys to success in keeping innovation culture alive when budgets must be cut
• Whether to change hurdle rates for new developments
• Whether and how to change the mix of projects
• How to realign the innovation effort quickly to respond to the new environment
• How to take advantage of the downturn to shape up your innovation effort for when conditions improve

For details of upcoming events or to discuss any of the key themes from this event, please contact Rick Eagar (e: eagar.richard(at)adlittle.com / t: 08703366600)