Foodservice Innovation Benchmarks & Best Practices

Posted by IFMA July 24, 2012

Tagged in Center of Innovation Excellence Foodservice Innovation New Product Development

According to a new report by Stage-Gate International and IFMA, nearly 50% of new product projects are failing to meet business performance objectives. The good news is this does not have to be the norm, because a formula for better performance exists.

Introducing Foodservice New Product Development Process: Performance Benchmarks, a first-of-its-kind research report highlighting the performance and best practices in product innovation, specific to the foodservice industry. Now available for purchase, the report is the foodservice industry's comprehensive guide to performance benchmarks and best practices for successful new product development.

Foodservice New Product Development Process: Performance Benchmarks was developed as part of IFMA and Stage-Gate International's Center of Innovation Excellence (CIE). CIE's mission is to provide IFMA members, their customers and
all trading partners with a deeper understanding of the drivers of new product success that are unique to foodservice.

With this guide at your fingertips, your company will have the
tools and resources needed to stay one step ahead of the competition. Your company will:

Gain in-depth insights based on research conducted jointly by IFMA and Stage-Gate International

  • 100+ companies assessed, including some of the world's top performing foodservice manufacturers through on-site
    workshops, detailed interviews and questionnaires exploring 55 variables.
  • High quality participation with over 75% of respondents being Directors, Executive Directors, Vice Presidents,
    Owners, Presidents or other high level executives.
  • 90+ charts and illustrations for greater understanding.
  • Comprehensive input from foodservice segments, including food, paper goods/disposables, beverages, janitorial/sanitations, heavy/light equipment and small wares/tabletop.

Discover the state of new product development in the U.S. foodservice industry 

  • Includes 55 practices, methods, performance indicators and approaches
  • 18 key performance indicators used to measure new product sales, profitability, distribution, market share and
  • 28 Idea-to-launch  process activities
  • Impact of collaboration between manufacturers and operators on new product performance
  • R&D investments made by foodservice manufacturers in different types of new product projects
  • Differences between custom and non-custom
    product development

Measure your company's innovation performance and compare against your peers

  • Results broken down by  best, average and worst performers for easy comparison
  • 15 key new product development practices and activities followed by best performers that are critical to new product success
  • Approach taken by best performers on collaborating with customers on new product development 
  • Recommendations, tips and guidelines provided by world's leading authority in innovation, Dr. Scott Edgett, on how to be successful at innovating within the foodservice industry

Performance Metrics

  • Product innovation metrics at the business unit level
  • The type of projects undertaken and the portfolio breakdown
  • Metrics used to gauge performance at the project level
  • Differences in performance between top performing companies (top 25%), and poorly performing companies (bottom 25%)
  • Differences between custom and non-custom product development

The Idea-to-Launch New Product Process and Practices

  • The business's product innovation process starting at the idea stage through to the product launch and the elements that occur during each stage
  • Best practices embedded within the product innovation process, including process flexibility
  • Quality of execution of key activities in typical product innovation projects/programs
  • The effectiveness of gatekeeping and governance practices including the gate deliverables and their quality
  • The impact of collaboration

To read an excerpt from Chapter 1, click here. The report is now available for purchase. IFMA Members are eligible for an exclusive discount. Click here to order the report.

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