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Transforming Ideas

- To be successful at transforming innovative ideas into useful products and services, is it necessary for a firm to have a formal process for new product/service development? Why or why not?

- Of all the salient factors which can be possible considered in management innovation and technology, which one is the most difficult for any organization to deal with? Why?

- What can an organization do to make innovation less difficult?

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- To be successful at transforming innovative ideas into useful products and services is it necessary for a firm to have a formal process for new product/service development? Why or why not?

If is necessary for a firm to have a formal process for new product/service development:
1. Formal program ensure that the innovative process remains under control.
2. Formal program ensures that new product/service development takes place within the allotted time and resources.
3. Formal programs ensure that the products meet customer needs and are profitable to the company.
4. The knowledge workers involved in the development process are highly skilled workers and paid high salaries. If a formal program is not in place there can be serious cost overruns.
5. Formal programs help because unlike other repetitive processes, product development programs take up to six months time and there is no learning process that occurs.
6. The development process is important to reach time-to-market, meet the development cost budget and the forecasted risk. For this a formal process is required.
7. A formal process is required for new product/service development since the process needs to be characterized and documented.
8. A formal process is required for new product/service development so that the process can be used in different development projects.
9. A formal process is required because the process has to be managed. There is need for controlling the performance though a system of metrics.
10. A formal process is required because it is important to characterize, improve and duplicate the process. This is because of the effect the new product/service development has on the profitability of the company.
11. A formal process is required so that there is a systematic accumulation and analysis of the lessons learned.

This is what the site http://www.oplaunch.com says "Often, the development process is segmented into phases that are punctuated by formal decision points that are frequently called gates. The number of segments (3-10 ...

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