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Tip #1 – Limit New Product WIP to Get More Across the Finish Line in Less Time

Pipeline Accelerator Insight #1

Limit New Product WIPThe single most important thing you can do to drive innovation results is to limit new product WIP – resource management.  Not the inventory of new products, but the number of active new product projects in your development pipeline and the resources they are using vs. your bandwidth.

Why is this so important? Because the more you work on, the more time everything takes. Part of resource management is just math. If you can run five projects maximum and still run at full speed, then running ten projects of the same size will take twice as long. But there’s more to it than that. The multitasking it causes means that people are also 30-50% less productive.

Most companies run 2-3 times more projects than they should meaning everything takes longer and less gets done. As this video demonstrates, the cash flow impact is stunning!

Why Pursuing Too Many Opportunities Delays Them All

Resource management to limiting WIP is tough to do. I mean seriously – put the inactive ones on a backlog and don’t let anyone work on the ones that aren’t active. And enforce it almost daily. And since new product development is knowledge work it can be hard to see when people are backsliding. But ignore this advice and they will slowly creep back onto the radar. Guaranteed.

Want to know what you can do to limit new product WIP and recapture that speed and agility?  Download the free Portfolio Accelerator to get a simple Excel tool to identify your optimum project load and maximize your new product cash flow!

Additional Insights on Resource Management – How to Thrive Despite the Innovation Talent Shortage

 

Book a Free Zero-Pressure Call to Discuss Your Resource Management Challenge

 

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