CMTC Manufacturing Blog

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Use Innovation for Profitable Growth

Posted by Ellen McKewen

By Dr. Virginia Green, Manager, Innovation for Profitability & Growth

Innovation seems to be the new buzz word in manufacturing and business. But what is innovation? It can be defined a number of ways, but to put it simply, it is a process used to create opportunities for growth. However,  before innovation can occur, a company must be ready to change and “confront reality” as to where they are in the company’s business lifecycle. In recent years, due to the economic downturn, companies have been cost cutting, and yet, many companies are still in decline, and their survival is at stake! These are the companies that need to restart innovation and begin to grow.  

So how do you get started on an innovation journey? One answer is CMTC, where we partner with your company to create solutions. CMTC is the leader in providing manufacturers with a proven innovation system for profitable growth.  

 Here’s a brief overview of how CMTC works with manufacturers once they have made the commitment to innovate and grow. CMTC will:  

  • Innovation to Achieve Profitable GrowthProvide a System that Increases Innovation Speed & Decreases Risk - This is accomplished through teaching and installing a reliable system for how organizations create, communicate, and commercialize meaningfully unique ideas.

  • Help Develop a Quantified Pipeline of Innovations - Organizations develop a quantified pipeline of innovations starting with the acceleration of existing ideas and moving to the definition and discovery of new ideas that address very important problems and opportunities.

  • Assist in the Transformation of Cultural Attitudes about Innovation - Participating organizations see a transformation of employees’ cultural attitudes, acceptance and proactive involvement with innovation.  Every employee, every week, is thinking of ideas to help the company work smarter towards real profitable growth.

WHY NOW?
Today, there is a system that increases innovation speed while decreasing risk.    

WHY YOU?
The world is changing and you need to be changing faster than the marketplace if you want to stay ahead of the curve.  Your company’s readiness to innovate and move towards a path of profitable growth begins with your answers to the following questions:  

  1. What has been the revenue trend of your company over the past three years?

  2. In your opinion, where does your company fall on the “Confront Reality Chart?

  3. What new services or products have you introduced in the past three years?

  4. What percentage of your sales today are from services and products you didn't offer three years ago?

  5. Do you think your profit margin is higher or lower than your competition?

  6. What is the number of full-time employees you have now as compared to three years ago?

  7. What is your strategy for business growth?

  8. Do you have a process of developing innovations?

  9. How long does it take you to deliver new innovations?

  10. Would you buy your company if it was on the market today? How much would you pay for it?

To find out how your company’s readiness is and start on your path to innovation and growth, contact Virginia Green at 310-263-3060 or visit our Innovation Page

Topics: Manufacturing, Innovation

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