$40 Million of Value from New Product Development Process
Client Result › Breakthrough Results, Transformational Leadership
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, to enhance innovation, and to 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 speed 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.