The study identifies mature innovation processes as a top factor contributing to higher levels of product team performance, enabling firms to meet their financial objectives and outperform their peers

Download a complimentary copy of The Study of Product Team Performance and Innovation Processes.

WILMINGTON, Del., May 1, 2020 – Planbox, a pioneer in cloud-based AI-powered agile innovation management solutions, today announced its sponsorship of the sixth annual global Study of Product Team Performance™, conducted by Actuation Consulting, the world’s leading provider of product management consulting, training and advisory services. The study identified statistically significant elements that correlate with top performance, the goal of which is to improve our understanding of why some product teams excel, while others struggle.

The Study of Product Team Performance 2019 was designed to explore the dynamics of high-performing product teams, and expand our growing knowledge of the factors driving the best outcomes. Through statistical analysis of the responses to this year’s survey, Actuation Consulting identified mature innovation processes as a top factor among five new key performance indicators that correlate with high performing organizations:

“Companies with more mature innovation processes and systems are more likely to outperform their peers. A mature innovation management system is one that plans innovation investments and activities that are aligned with the company’s strategic objectives. Organizations with this mindset and rigor are more likely to achieve superior levels of performance.”

Some of the key findings of the survey:

  • Only 7.6% of survey respondents said their organization has a mature and optimized innovation management system
  • Only 15.5% of survey respondents collaborate with startups, universities and researchers in their innovation planning and activities. Those that do are far more likely to achieve their strategic objectives
  • 47.3% of respondents look to their innovation program as a mandate to identify and manage new threats, risks, market trends and emerging technologies

The analysis also revealed a strong correlation between higher levels of product and financial performance when using profitability as a criterion for prioritizing requirements, indicating that this was the only criterion that was positively correlated with higher performance. Data shows that over half of respondents credit Agile with increasing their product’s profitability, a methodology which has become the dominant product development approach, with a consistent adoption rate and almost half of respondents reporting its use.

“This year’s global study of product team performance is truly eye-opening as it reveals some astonishing data-driven correlations between Agile Innovation and greater financial performance,” said Arthur Liberian, Senior Innovation Advisor at Planbox. “Agile is seeing a significant adoption across the board, and for good reason, as business leaders increasingly turn to this practice to realize faster business value. A common language and transparent environment are critical to success however, which is where agile innovation management comes in and provides the necessary infrastructure to achieve end-to-end Agility.”

“We are pleased to have Planbox sponsor this year’s study of high performance product teams,” said Greg Geracie, CEO of Actuation Consulting. “This is our sixth year conducting this widely recognized global study, and our regression analysis and findings are used as source materials for numerous books and articles. Our regression analysis has uncovered approximately 31 factors that are highly correlated with high performance on product teams. These statistically significant factors are meaningful to product executives and innovation leaders looking to improve their organization’s performance.”

Download a complimentary copy of The Study of Product Team Performance and Innovation Processes.

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About Planbox: 

Planbox is the pioneering cloud-based AI-powered agile innovation management platform trusted by some of the world’s most recognized brands, including Blue Cross, Cargill, Caterpillar, Dow Chemical, Exxon Mobil, Honeywell, John Deere, Novartis, Ontario Power Generation, Sun Life Financial, Whirlpool and Verizon, with millions of internal and external users. By leveraging a single system of record for innovation, its clients have built an agile innovation management capability that allows companies to innovate consistently and experiment cost-effectively within its ecosystem of employees, customers, strategic partners, universities, virtual net-works of R&D problem solvers, entrepreneurs and startups. Planbox’s Agile Innovation Management Suite is a modular platform for full lifecycle Innovation Portfolio Management, Emerging Tech Empowerment and Ecosystem Enablement. The AI engine mines your data for insights while your community collaborates to discover, develop and capitalize on the best strategically aligned ideas within your ecosystem of employees, customers, partners, academia and startups. Planbox accelerates business outcomes by pursuing breakthrough innovations, creating a sustainable continuous improvement program, building a framework for corporate venturing and actioning on consumer insights. 

About Actuation Consulting: 

Actuation Consulting is the world’s leading provider of product management consulting, training and advisory services. Its mission is to advance the profession of product management, and has been working tirelessly toward this goal since its founding in 2007. Actuation Consulting’s training programs combine proven expertise in product management with the thought leadership that has made its books global bestsellers. The firm provides popular training courses for product managers and product teams and publishes the worldwide Study of Product Team Performance annually. Actuation Consulting has also authored the global bestseller Take Charge Product Management and led the development of The Guide to the Product Management and Marketing Body of Knowledge (ProdBOK). Clients include many of the world’s most well-known organizations such as The American Hospital Association, Clear Edge Filtration, FLSmidth, Johnson & Johnson, Lebara, PointClickCare and Tactio Health Group. 

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