This article is an excerpt from the Boston Engineering 2024 Technology Outlook. For a copy of this article and the complete publication, visit the 2024 Technology Outlook digital download page.
Most successful innovation initiatives start with an objective assessment of the value proposition.
A steady stream of emerging technology hype generates buzz that can often drive what a company thinks they should do to be considered innovative. But innovation shouldn’t be the primary driver for new product or process initiatives – the “why” is as important as the “what” and must go beyond technical curiosity, perceived demand, and the desire to stay relevant.
As more businesses contemplate strategic innovation investments in the coming year, fully understanding the benefits and true level of commitment will help ease leadership’s go/no go decision.
This goes beyond the market study and business case with its estimated direct impact on the bottom line. While this impact remains critically important, business transformation opportunities resulting from strategic innovation initiatives are just as compelling, creating sustained revenue growth tied to organizational evolution.
Thus, expanded market-relevant capabilities, improved operational insights and efficiency gains, employee retention and growth, proactive risk mitigation, quality improvements, and new avenues for branding and marketing are tangible outcomes of making the strategic, innovation investment.
Innovation Initiatives should also realistically address resource requirements. Executable plans must align with company commitments for both short-term and long-term investment. Advanced awareness of what is needed to launch and sustain a new initiative increases the window to pursue and secure funding that aligns with critical milestones.
With strategic planning and organizational buy-in, the excitement of an innovation initiative goes beyond the initial hype to drive informed decisions, focused actions, and achievable outcomes, resulting in sustained, measurable growth.
Taking the time up front to assess and plan ultimately reduces the cost and time to achieve success through critical alignment of innovation strategy with business strategy. Validating the “why” more holistically addresses internal and external stakeholder needs. This is essential to set clear goals and expectations; in innovation, it is just as important to know when to take an offramp as to understand when you’ve turned the corner.
Planning is fundamental to Boston Engineering’s approach to successful product development and manufacturing innovation.
Our understanding and application of business transformation aspects in use case development, feasibility and gap analyses, manufacturing readiness assessments, and roadmapping drives our success and value in the strategic innovation planning process.
Download this article and the complete publication by visiting the 2024 Technology Outlook digital download page today.
As the engineering landscape continues to evolve, Boston Engineering is committed to proactively integrating cutting-edge technologies and methodologies into the solutions it delivers, ensuring that clients stay at the forefront of industry trends and maintain a competitive edge in 2024 and beyond.
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For almost three decades, Boston Engineering has designed, developed, and optimized devices and technologies the medical community relies on to save lives, enrich quality of life, and reduce costs to the healthcare system. We provide solutions to the challenges in the adoption of surgical robotics.
Our expertise includes industrial design and product redesign, sensors and control systems, robotics technical innovation, and digital software solutions.
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