Outsourcing Product Innovation February 28, 2008Posted by David Dirks in Innovation: Not Just for the Big Dogz, Solving Business Problems.
Tags: innovation, market growth, product development, sales growth
Procter & Gamble is clearly in the Big Dogz league and always has been. Recently, I was reading the March issue of Fast Company (www.fastcompany.com) and found an interesting article on P&G. It seems that P&G couldn’t create new products fast enough, so it decides to jump-start its product innovation process. What it ended up doing is launching its ‘Connect + Develop’ program. This program allows outside product developers to get their product innovations and designs into their pipeline. They have created a process for externally outsourcing some of their some product innovation and development.
With P&G sharing development costs and profits with outside innovators, it has gained a huge market advantage in being able to bring more products into the market than ever before.
Hmmm. How about you? Have you thought about inviting outside vendors/innovators to be part of your outsourced product/service development pipeline? How can you apply what P&G has done to reduce product development cycle times, reducing development costs, and increasing revenues and profits?
Anything is possible.