New research into the world's top innovators reveals that active portfolio management plays a critical role in helping firms manage innovation. Today global management consultancy Arthur D. Little (ADL) released its latest research into the most effective R&D management strategies used by world class innovators. The 23 case studies reveal that along with using time-limited challenges for ideas, successful innovators understand and invest in developing future capabilities, and have clear decision-making processes built into their portfolio management. "Managing project performance and quality is not enough, the whole set of activities must be aligned to strategic goals" said Ben Thuriaux-Aleman, the Principal in ADL's Technology and Innovation Management Practice who led the study.
In a series of new reports, ADL offers case studies and best practice to help companies manage their R&D functions. Having considered some of the world's most effective R&D processes, ADL's reports lay out a blueprint for improving R&D management to gain competitive advantage.
In R&D Portfolio Management, ADL urges companies to start with a crystal-clear idea of the intended portfolio structure that is derived from its corporate strategy. Successful innovators share their tips on how to make portfolio reviews more effective when making tough decisions and avoiding a formulaic 'bubblefest.'
In The Idea Enrichment Process, ADL outlines how world-class innovators use time-limited ideation challenges to gather innovative approaches from outside the company to solve key strategic issues. A dedicated process to enrich and select winning ideas means that more successful projects get the resources they need, while companies can still invest small amounts into a greater number of early stage exploratory projects.
Finally, in Resource and Competence Management, the spotlight is on developing resilience in staffing plans to avoid bottlenecks and deliver great new ideas against a profitable timeline. Successful innovators understand the capabilities needed to compete in the future and work with external partners to fill any skills gaps.
"Our latest reports reveal that great R&D comes as a result of making tough choices to align the R&D portfolio with corporate strategies" said Colin Davies, a Manager in ADL's Technology and Innovation Management practice.
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