Essay about Profit Comes from Innovation

695 Words3 Pages
For organizations to continue to be profitable they need to be innovative by increasing products and services that are available to the public. This includes creating new products and services as well as updating the products and services that are currently being offered. The healthcare sector is not an exception to this rule. They need to continually find ways to accommodate more consumers, increase profits, and reduce costs. This is done by an innovative process that begins with the three phases of the managed front end and the five phases of new product development (NPD) (Product Innovation Educators, 2012). Each of the phases is then followed by a gate meeting to decide if the project should continue (Product Innovation Educators,…show more content…
For organizations to continue to be profitable they need to be innovative by increasing products and services that are available to the public. This includes creating new products and services as well as updating the products and services that are currently being offered. The healthcare sector is not an exception to this rule. They need to continually find ways to accommodate more consumers, increase profits, and reduce costs. This is done by an innovative process that begins with the three phases of the managed front end and the five phases of new product development (NPD) (Product Innovation Educators, 2012). Each of the phases is then followed by a gate meeting to decide if the project should continue (Product Innovation Educators, 2012). There are many checklists and rating systems that can be used at the gate meeting. However, it should directly relate to the industry in which the NPD is for. A gate checklist for the healthcare industry will be developed for an expansion type project. Another important factor for the NPD process is there should be process manager to ensure the project is running smoothly. The roles and responsibilities of the process manage will be discussed after the gate checklist. Gate Meetings A gate meeting is done after each phase in the innovation process. This meeting is meant to present all information associated with the current NPD phase. This meeting will determine if the project will continue, if it needs more research, or if the
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