Growth is a good thing. Right? It means your business is doing well, reaching new customers, obtaining greater market share. Well, not necessarily. If your organisation does not have effective product portfolio governance, growth can quickly become overwhelming and lead you into making inaccurate decisions.
Kingspan Insulation knows this struggle all too well, but they conquered the challenge by adopting efficient product portfolio management. Here is a summary of their story…
As one of Europe’s fastest growing building material manufacturers, Kingspan experienced rapid growth through expansion and acquisitions, and with that came growing pains. Struggling to manage resources and budgets across time zones, they faced an out-of-control product portfolio, which lead to pulling a product from the market the same week as its release—after two years of development. They needed a single point of truth to make accurate business decisions.
Leveraging Planview Enterprise provided Kingspan with the visibility they needed to power their own in-house Innovation Development System (IDS). With better visibility into the health of their product portfolio, the company acted on issues allowing them to kill projects, identify resource constraints, and more. Plus, Planview Enterprise had paid for itself with the cost savings from the canceled projects within just four weeks!
If the premise of this story sounds familiar to you, I highly recommend you listen to their recent webcast, Establishing an Innovation Development System for Global Growth, lead by Joel Clarke, Innovation Development System Coordinator at Kingspan, to learn more.
Here are several of the benefits outlined in the webcast:
- Resources are comfortable escalating risk and issues as everything is directly accessible by project teams – so there are no more surprises
- Risks can then be more closely monitored by senior management and stakeholders trust the data
- Under-performing/high-risk projects can now be canceled early, saving time and resources
- Resource bottlenecks are easily spotted and decisions made to keep progress moving
After two years, Kingspan is still seeing the benefits. The systems dashboards provide senior management with both visibility and a single version of the truth, phase/gate methodology ensures new products match Kingspan’s strategic goals, and by integrating R&D production and NPD, the company can now view the entire product lifecycle.
Kingspan’s story is one that organisations can relate to, learn from, and aspire to resemble. They addressed many challenges to create an NPD process that enabled innovation and growth. How are you managing and adapting your NPD processes? Share by leaving a comment below.