Essay about Profit Comes from Innovation - 695 Words

For organizations to continue to be profitable they need to be innovative by increasing products and services that are available to the public. This includes creating new products and services as well as updating the products and services that are currently being offered. The healthcare sector is not an exception to this rule. They need to continually find ways to accommodate more consumers, increase profits, and reduce costs. This is done by an innovative process that begins with the three phases of the managed front end and the five phases of new product development (NPD) (Product Innovation Educators, 2012). Each of the phases is then followed by a gate meeting to decide if the project should continue (Product Innovation Educators,†¦show more content†¦Once all of this information is determined the project team will present their information to gate team members to determine if the project should continue on to the next phase, stay on the current phase, or be discontinued . Gate Meeting Checklist Idea: Date: Item: Comments/Notes: Score: 1 to 5 Fit to the mission of Centura Health? Fit to the vision statement of Centura Health? Concept Statement Protocol Statement SWAT analysis Project requirement documentation VOC research and concept test results Project plan Detailed business plan Marketing plan Program/Road map Risk analysis Regulatory agency plans Recommendation by project team Other Total Score Decision: Go, kill, park, send back for more information, refer Process Manager The process manager is an expert whose role is to improve the processes of the NPD practice (Jurgens-Kowal, 2010). Also, they are meant to train the NPD team on evaluation methods and guidelines (Jurgens-Kowal, 2010). According to Jones (2014) there are five important roles for the process manager, they need to be an expert with the NPD process, an educator, a scorekeeper, a facilitator, and an interpreter. According to Forbes (2012) the process managers are a senior management team member that understands the operation requirements of the business and corporate strategy. They need to be committed to process improvement and management ideas (Forbes, 2012). The mostShow MoreRelatedThe National System Of Innovation1462 Words   |  6 Pagessystems of innovation has been a helpful tool used by all countries. Innovation by itself has proven to be successful in modern day business with increasing profit margins but also in organisations and the world. University’s governments and companies all work together in building new innovative products and service that can benefit everyone as a whole. The National innovation system is a success as it allows you to see where innovations are thriving and where they are lacking. 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