Challenge
Louroe wanted to develop an innovation for growth plan to introduce new products into the market. While the company has a talented technical staff, it was challenging to create an organized method to continuously develop and introduce new products. For Louroe, it was all about creating the right strategy. Louroe was taking over 12 months to deliver new products and wanted to shorten this time.Solution
In the past, Louroe successfully partnered with CMTC and was excited to hear about their new growth services, specifically innovation. CMTC recommended that they participate in the Innovation Management System (IMS) program in October 2012. The program gives manufacturers a systematic and sustainable approach for developing new products.
CMTC consultants guided Louroe’s staff through “create sessions” which brought key employees together for brainstorming, strategy discussions and exercises that helped support the final decisions on which new products to develop. At the same time, new ideas for unique products were constantly taking shape and creating a “pipeline of innovations.” The IMS Program reduced the time and cost associated with new product rollouts. Louroe’s product introduction cycle now includes new item launches through 2016.
“Through CMTC’s guidance, we were able to adopt the Innovation Management System (IMS). This system has empowered us to strategically introduce new products into the market at an accelerated pace. We have received recognition for our new product releases and now have a strategic initiative to produce new products through 2016."
--Richard Brent,
PresidentDownload This Case Study
Product Delivery Time Shortened by 9 Months
Financial & Productivity Results
- Shortened product launch time by 9 months.
- 9 new products in pipeline
- 1 existing product in redesign
- 1 new design patent pending
- A pipeline of new ideas through 2016 with the goal of 2 to 3 product launches per year
- Received “Best in Commercial and Monitoring Solutions” award from the Security Industry Association in April, 2013 - first time in 30 years