Two data challenges to new product innovation
86% of manufacturers at the webinar were innovating new products as a response to market conditions.
Strategy expert Steve Crow recommended change leaders look out for trends, changes in consumer behaviour, and any opportunities to redirect core capabilities to cater for emerging demands.
Despite the evidence that manufacturers are harnessing opportunities brought by unforeseen market changes, 38% of manufacturers question whether they have the right factory KPIs and objectives. Two common pitfalls were mentioned; knowing what to look for and knowing how to get it.
Data challenge #1 - what to look for?
According to Jeremy Praud, Director of LI Europe, for successful change to stick we must start with facts, figures and the truth. Having a balanced set of KPIs – both leading and lagging - acts as your funnel. When setting KPIs, consider safety, quality, cost, delivery and people engagement.
Its no use keeping KPIs within management. It's essential that business objectives are well communicated across an organisation, so when people know and are responsible for their own KPIs, it ensures that the business's overarching goals are top of mind.
Data challenge #2 - how to get it?
Many manufacturers are currently struggling to improve productivity because they can’t get the timely and accurate data they need to do so. 73% said that getting management information needed is an overly manual effort. This can usually be explained by one of the following:
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Their IT estate is a mixture of systems that aren’t integrated
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Individual systems have poor reporting, so they have to download data and manipulate in excel which takes time
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There is no system in place and/or their machinery is old and doesn’t generate data
And so, if it doesn't already, your strategy should include building a “digital muscle” to drive targeted business goals.
This blog is a follow up to Fluid's webinar Driving Change in the New Environment.