Fast Innovation: Achieving Superior Differentiation, Speed to Market, and Increased Profitability

Fast Innovation: Achieving Superior Differentiation, Speed to Market, and Increased Profitability

Hardback

By (author) Michael L. George, By (author) James Works, By (author) Kimberly Watson-Hemphill, By (author) Clayton M. Christensen

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  • Publisher: MCGRAW-HILL Professional
  • Format: Hardback | 300 pages
  • Dimensions: 150mm x 224mm x 33mm | 635g
  • Publication date: 1 July 2005
  • Publication City/Country: New York, NY
  • ISBN 10: 0071457895
  • ISBN 13: 9780071457897
  • Illustrations note: Illustrations
  • Sales rank: 631,531

Product description

Surveys by the Economist and many others show that the top of mind issue for most CEO and managers has shifted from cost reduction to revenue growth. As the world economy shifts from one of contraction to expansion, companies know that revenue growth is strictly dependent on their innovation process. For the majority of companies, more than 25 per cent of this year's revenue are for products and services that did not exist 3 years ago. Moreover, the life-cycle of offerings is growing ever shorter. Sixty percent of companies report that their growth is hampered because the lead time of their innovation process takes too long and costs too much. Companies understand the causes of long lead time and high cost in manufacturing, and its remedy using the Lean methodology. However, the causes of long lead time and high cost in innovation are not understood, nor is their remedy.This book, for the first time, explains the causes of long lead time and ineffective innovation, and provides a proven solution. "Conquering the Growth Challenge" explains why it takes so long for innovations to reach the market and why they so often fail; and provides solutions for how to reduce time - to market and increase the success rate. It provides the complete foundation for reducing time-to-market of successful innovative offerings, applicable to any business, and is the first to provide quantitative links such that a thoughtful CEO or manager who implements the Fast Innovation process featured in this book can launch a new innovation, confident that it will meet its required delivery date.The solutions discussed in this book have already been applied in varying degrees by firms such as GE, 3M, Toyota and Microsoft. In short, what you'll get in this book is an answer to the challenge every company faces: how can we increase differentiation and competitive advantage while shortening time-to-market? At first glance, that sounds like an impossible goal because increased differentiation was historically accompanied by increased organisational and offering complexity - which often served to clog development pipelines. George provides the necessary implementation infrastructure and tools to achieve: significantly faster and controllable time-to-market; a highly differentiated product, service or experience; low cost of complexity and low cost operations; and, fast operational lead times.

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Author information

Michael L. George is an executive advisor and a leading expert at helping Fortune 500 companies connect strategy to execution. He is author of the bestselling Lean Six Sigma, Lean Six Sigma for Service, and co-author of Conquering Complexity in Your Business. Mike is Chairman and CEO of George Group. James Works advises senior executive teams in the areas of innovation, business strategy, operations improvement and organizational change. He is President and Chief Operating Officer of George Group. Kimberly Watson-Hemphill has built a reputation over the last 12 years as a leading expert in the field of innovation and design across many different product, service and business model applications.

Back cover copy

Achieving Superior Differentiation, Speed to Market, and Increased Profitability "Of all the innovation books we've read post-Christensen, this one does the best at speaking the language of the CEO and other top executives."- Harvard Business School Working Knowledge "My understanding of innovation has been enlarged through my interactions with Mike. I am grateful that in the writing of this book Mike has relied upon my research and that I have similarly been able to build upon his understanding. I thank him for providing all of us with the set of practical implementation tools presented in this book."-CLAYTON M. CHRISTENSEN, Robert and Jane Cizik Professor of Business Administration, Harvard Business School, author of "The Innovator's Dilemma, The Innovator's Solution, " and "Seeing What's Next" "Growth through innovation is key to Eli Lilly and Company. To serve our commitment to meeting medical needs and achieve our growth goals requires more innovation, faster innovation and, at the same time, less resource consumption and risk. This book identifies some of the significant changes in strategy and tactics needed for an innovation process to achieve these goals. Every executive concerned with the changing business of innovation would do well to become familiar with the principles contained in this book."-ALPHEUS BINGHAM, Vice President, Strategy, Lilly Research Laboratories, Eli Lilly and Company "Texas Instruments recognizes the importance of creating highly differentiated products with faster time-to-market as the driver of profitable growth. In this book, you will receive the strategic insight and the practical tool set needed to significantly improve your company's rate of successful innovations. I encourage every executive who is interested in accelerating the growth of his business to read this book."-EMERY POWELL, New Product Development, Texas Instruments Inc.