Moises Norena Global Director of Innovation WHAT IS INNOVATION - - PowerPoint PPT Presentation

▶

Oct 13, 2023 216 likes •312 views

Driving Maximum Value Extraction of Innovation Moises Norena Global Director of Innovation WHAT IS INNOVATION ABOUT? FROM TO $375 Before innovation embedment Innovation embedded $350 ASV CAGR +3.9 % $325 02 09 Average ASV

SLIDE 1

Driving Maximum Value Extraction of Innovation

Moises Norena

Global Director of Innovation

SLIDE 2

WHAT IS INNOVATION ABOUT?

Average Ticket ($) $250 $275

$300 $325 $350 $375

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

ASV CAGR (3.4)% ‘97 – ‘02

Before innovation embedment Innovation embedded

ASV CAGR +3.9 % ‘02 – ‘09

FROM TO

SLIDE 3

LAUNCH AND LOVE How about (b) vs (a)?

(b) (a)

?

SLIDE 4

THE WHIRLPOOL INNOVATION PROCESS

2 1

Discovery Develop Opportunities & Experiment

Deliver & Grow

(AKA Launch and Love)

SLIDE 5

THIRD DIAMOND TO COMBINE TWO DISCIPLINES

1. The combination of innovation and Marketplace Management
2. A systematic approach to maximize value extraction in-market:

Turning non-innovations into innovations Providing differentiated consumer value Capturing marketplace and performance insights Bringing sustainable competitive advantage Innovating in go-to-market Maximizing return: margin expansion and share growth

Management

SLIDE 6

Experimentation: An “AND” not an “INSTEAD OF”

OBJECTIVE OF EXPERIMENTING WHY IS IT DIFFERENT?

The primary purpose is learning
To test hypotheses and/or assumptions

with consumers and iterate and adjust innovative business concepts

To learn from small (but real) and cheap

failures.

To accelerate the learning
Develop internal knowledge inside the

team, challenge their own assumptions

Not validation
Let the team challenge their own

assumptions and adjust the concepts accordingly

Failing is the best way to learn
In-market vs in-lab. Small budget owned by

business

By executing, learning, iterating, testing

again

Having the team own the planning, the

actions and results

SLIDE 7

Insight (trade) example

SLIDE 8

12 May 2011 8

Discovery GARDEN OF IDEAS AND INSIGHTS ELABORATED OPPORTUNITIES IN EXPERIMENT OR SCALE-UP 4 Domains 60 Ideas 38 Insights 10 Opportunities Estimated value $50 m annual revenue.

2 Experiments
Preliminary recommendation
8 experiments to Learn about

key assumptions on ideas

A pipeline of opportunities

SLIDE 9