How does the internal market for innovation at nYpro function? The answer varies according to the type of innovation being sought. Innovation is sought at the individual and plant level. Innovation in such a setting aims to improve organizational growth and customer satisfaction. Innovations in such a context also promote standardized processes and inputs. It also facilitates alignment among different functions of a company. Here are some examples.
At Nypro, aggressive internal competition drives the internal innovation market. The CEO of the company oversees the innovation process. The CEO is responsible for maximizing the value of the innovation process. He or she reviews production processes and recommends changes that will improve the quality of products or services. This process also aims at managing risks and executing valuable business frameworks. The company’s internal innovation market focuses on customer satisfaction, quality, increasing profitability and reducing cycle times. It also aims to achieve strategic goals.
A cross-functional team led by a program manager supported Nypro’s first product development. This team consisted of engineers from Nypro and the client company. This diversity promoted innovation. These teams often included representatives of the client company and from suppliers. A diverse team is crucial for innovation in a highly competitive industry.
If a single plant produces high-volume NovaPlast, it may be unable to meet the demand for low-volume jobs. The internal market for innovation in Nypro will be affected because one plant will dominate the other. All other plants will be unable to compete with the new plant and all remaining plants would have to accept their failures and slow innovation. These choices are costly for the company, and may result in the loss of some staff.
The internal market for innovation at Nypro functions well. It has a process to identify and standardize important innovations. A process helps identify new technologies that will create competitive advantages for the company. Nypro’s innovation program aims to satisfy customer needs. A clear focus on quality and customer satisfaction is an essential part of the organization’s strategy. How does Nypro’s internal market for innovation work?