Speed is crucial for any innovation. The quicker you go to market, the greater the chance of success, and the greater the return on your innovation. Based on our long and deep experience in the business, we have set out five golden rules which will help you save time and speed up the innovation process.
Rule 1: Focus
Ensure you have a broadly supported and detailed plan, including a higher management buy in, and stick to it. Focus also means doing only those things that contribute to the end result. That is how you ensure efficient use of time and resources.
Rule 2: Team
It is better to have three dedicated people working full-time on the project than 20 people looking at it on a Friday afternoon. Innovation is team work that involves experts throughout your organization. Beacon enables optimum team performance and makes sure they have oversight, know their responsibilities, and are motivated to excel.
Rule 3: Invent as little as possible
Technology development is unpredictable and is therefore difficult to plan. Do not try to reinvent the wheel each time; use proven technology whenever you can. Do you need to invent something anyway? Make sure it is the killer feature of your new product!
Rule 4: Parallel planning
If speed is the essence of your project, use parallel planning. This can give you considerable lead time reductions. Be aware, however, that planning in parallel adds risk and is usually more expensive.
Rule 5: Short sprints
Make the team work towards a milestone which is 6 to 8 weeks ahead at the most. This is manageable and minimizes time loss. Our innovation manager will keep track of the schedule and divide it into small steps with a clear goal. This creates focus, your team will know what to do, and you can make the right decisions. An additional benefit of these milestones is that it is very satisfying and energizes the team to sprint towards the next milestone.