6 Secrets of Highly Innovative Companies: Secret #3 – Include Technology in Long-range Strategic Planning

This month we are running a series based on our independent research on innovation confidence.  To learn more about disruptive innovation and other strategy approaches, visit the Newport Consulting Group website strategy page.

The area of technology planning, including both bringing technology into the elements of new product development (NPD) as well as information technology (IT), is a critical element of successful strategy for highly innovative companies.   Based on qualitative discussions with executives, new technology innovations will be engaged only through selective reduction in existing portfolios of non-performing initiatives where these initiatives can be eliminated. From this position we understand that executives are looking forward to finally “cleaning out the closet” and divesting of under-performing initiatives, an activity that has until this point had not been given much attention.

Forest Pharmaceuticals uses a value-based ROI model to determine capitalized and non-capitalized investments in technology that are applied directly to functional therapeutic areas of product development and research. In this way the company can dedicate its resources to best maximize in the most expeditious manner its return on technology to support its market position.

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Filed under Innovation, Strategy, Technology

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