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$40 Million of Value from New Product Development Process

A medical device company was falling behind the competition. The business unit had a culture that hindered them from generating new products rapidly. As a result they had fallen behind in the market. In response, a new executive had been recruited to turn the business around.

The executive hired Insigniam to help improve speed to market, enhance innovation, and cultivate a robust new product pipeline.

The consultants worked with the team to create a new process that would deliver five new Breakthrough Projects. Simultaneously, they brought high performance leadership development programming across geographies and functions to elevate leadership capabilities across the organization.

As a result of the initiative, the team created a process to improve speed to market, built a more robust pipeline of new products, and delivered five new products through the new process successfully. Previously they had developed a single new product every two to three years. With the new process they were able to deliver five new products in a record time of 18 months from ideation to post-launch. At the end of the engagement three products had been launched and there were 15 new products in the pipeline. The value added from the engagement was estimated at $40 million equating to an approximate 9,900 % ROI.