Four Steps to Maximize your Innovation Potential

This is an excerpt of the original article. It was written for the May-June 2017 edition of Supply Chain Management Review. The full article is available to current subscribers.

May-June 2017

Trust hasn’t always been an element in supplier relationships; all too often buyers have been encouraged to carry a big stick and get tough with suppliers to get the best price—no matter the cost. That approach to procurement is beginning to change.

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Not every new product is a homerun like the iPhone. Some are underperformers like the 3-D television, or, worse yet, complete flops like the Samsung Galaxy Note 7.

Meanwhile, the number of new products is ever increasing as their life cycles decline. It was only a matter of months between Samsung’s complete withdrawal of the 7 and the grand introduction of the 8, which was quickly billed by pundits as more than enough to make people forget about its predecessor.

On a broader scale, between 1997 and 2012, product life cycles of fast moving consumer goods fell by 46% while the number of products increased 62%. In the same time period, the chemical industry’s new product introductions increased 313% while product life cycles fell 37%.

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