Developing an Innovation Factory
Multinational Electronics Company
Developing of Innovation Factory. In the face of increased competition from regions with lower production costs, this client company had committed itself to introducing a higher-margin mix of customer-focused products. Torc Consulting Group was retained to study the changes required for the company to innovate at a frequency and scale to deliver on this mandate.
Management were facilitated in the development of a roadmap to migrate the company from a purely operations to an operations-innovations mode. This included working through a sequence of activities to:
- Identify the higher-value global opportunities obtaining in their market
- Analyse the range and potential of all new product ideas being currently worked on in R&D
- Extend collaboration with academic institutions, technology partners and government agencies
- Institute a system to ensure that all information pertinent to the sourcing of new licensing opportunities could be quickly acted on
- Utilise existing manufacturing and customer relationship channels to actively stream information to the new product team.
The company’s management radically re-oriented the organisation to pursue a larger share of the corporate responsibility for new product introductions and for proactively outsourcing some existing lower value product lines – building a more sustainable business model for the future.