Living in Houston, I am blessed with warm, sunny days all year around. My garden is stocked with tropical flowers, palm trees, tomatoes and pineapples. Quite enjoyable, if I don’t say so myself.
Yet, every once in a while, the weather forecasters predict a nasty cold spell, like the one we had this week in Texas. Already 12 days ago, people were chattering about “arctic temperatures”. Diligent to save my beautiful flowers and plants, I checked the hourly weather forecast several times each day to determine a plan of action if freezing temperatures were indeed headed to the Gulf Coast.
Every day, the forecast became rosier (no pun intended). Until Tuesday at 4 pm, the low temperature was predicted to be just 31⁰F. “Wonderful,” I thought, “Not a damaging freeze and no work for me in the garden.” And off I went about my business.
For some reason, I decided to check the weather forecast one last time before heading to sleep on Tuesday night. WHAT?!!?! A low of 25⁰F!!?@!# I rushed to the storage room for lights (heat source) and blankets (protective cover), then outside (in the dark) to implement my freeze protection strategy. And I’m happy to report not even a loss of foliage.
Do you have a “freeze protection strategy” for your innovation program? If not, you should.
Innovation is defined by uncertainty and risk, much like the weather. Most of the risks we can anticipate or can identify without too much trouble. In fact, it’s a good idea for the New Product Development (NPD) Team to define a list of killer variables in the Product Innovation Charter (PIC), for example. Additionally, utilizing a Stage-Gate™ or other structured NPD Process allows innovation risks to be handled consistently, efficiently, and with the least expense.
Each proposed new idea should pass through an idea screen (or filter) to assess technical feasibility, commercial probability of success, and customer
advantage. In this way, the ideas with the most potential are selected to move forward for further development, while weaker ideas are shelved. Once the new idea receives a “go” decision for development, the NPD Team must also implement a risk management plan.
Risk management involves being flexible to changing information and being prepared to address the so-called “bad news”. A good risk management plan, written into the PIC, will outline roles and responsibilities of the NPD team members and the project leader, action steps to minimize cost or lost time, and instructions to pull the “emergency stop” on the project.
A well-thought out risk management plan, coupled with a high-functioning structured NPD process will allow a firm to weather the changing conditions of their innovation program, and help prevent an arctic freeze.
Image of winter scene courtesy of Flickr.
Image of emergency stop button courtesy of Freefoto.
© 2011 Global NP Solutions, LLC
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