CEOs of industrial companies hear it from their customers every day: Why isn’t their service delivery as convenient as Amazon, as transparent as Uber, and as innovative and well designed as Apple? They may brush it off the first few times they hear it, but at some point most executives begin to understand: Customer expectations are rising.
For many industrial companies, responding to new expectations represents a significant challenge. Over the past 10 to 15 years, they have focused on achieving operational excellence by improving the productivity, performance, and safety of their assets and personnel. It has proven to be time and money well spent. But now it is not enough. Commercialization is the new operational excellence, putting new demands on organizations and leaders all over the world. Customer experience, insights, engagement, and value capture are all cornerstones in the new field of sales innovation that is driving commercialization excellence. Competencies in CRM, pricing, and global sales have now become imperative. Organizational capabilities such as pilot testing, scaling up, goal orientation, protecting IP, and engaging in innovation are separating winners from losers in the competitive market.
In studies based on InnoSurvey, our global innovation management database that contains data from 6000+ organizations in 62 countries, we see that organizations describing themselves as radical innovators outperform almost all other organizations on important capabilities for commercialization (see the graphic below). In our experience, the explanation lies in their ambition to be innovative as they compete to win and then keep customers and market share.
Contact Innovation360 to learn more about commercialization excellence and how we help you turn customer insights into commercial success.