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Building an Innovation Process That Keeps Pace With Revenue Opportunities

Building an Innovation Process That Keeps Pace With Revenue Opportunities

Challenge

When you are a leading pharma company with a reputation for innovative products, life is typically good. That is until the pace of innovation exceeds the ability to fully capitalize on market opportunities. Our client found themselves in this position. This was a big problem for a market leader seeking to protect its reputation as an innovator and sustain the level of revenue from innovative product releases. 

Approach

The key to success was reframing the innovation process. So Grail went to work to find the breakdowns in the current process. The client already had an elaborate database structure in place. However, we quickly spotted several kinks. There were inconsistencies with the methods used to document the vast volume of incoming innovative ideas. The criteria to advance initial ideas were not adequately supported by justifiable information. There wasn't clear visibility into the timeliness and status of every innovative project at each stage.

After a full assessment of the breakdowns, we set to work addressing them. Grail standardized the client’s pre-submission process for Innovative Ideas. Part of that standardization was requiring research support to determine the viability of individual concepts. We developed a platform that utilized existing client resources to report the innovative project status at each step.

"I love that I feel like Grail is part of my team. I can describe projects and you understand how they are fitting into larger objectives."

Sr. Director, New Product Concept, Pharma Company

Results

The client implemented a 9-step innovation process, from idea inception to the final Go/No-Go decision. Nine steps might seem like a lot, but in fact, these clearly defined steps are driving innovation at a rate 10-15% faster than before. More importantly, ideas are vetted, researched, and moved forward with confidence. The client is capitalizing on more opportunity revenue as a result. As an added bonus, the new 9-step process allowed the company to develop S.M.A.R.T. goals for innovation projects, resulting in increased productivity among the Innovation team members.

Talk to Grail Insights about optimizing your innovation process today. Reach out at hello@grailinsights.com   

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