Manufacturers work hard to minimize disruptions to their operations and invest significant resources to minimize production risk. They also are under constant pressure to find new ways to deliver more value to their customers. Sustainable business growth is critical to delivering this value. Many achieve that sustainability through experimentation.

But innovation and experimentation involve risk, which could lead to wasted resources, not meeting expectations, or a lack of return on investment. Sometimes precious resources will be devoted to experiments that will not work out. But just as there is the risk of failure, there is risk associated with not being innovative as well. For instance, the business may not stay competitive.

Manufacturers can reduce their innovation risk by linking initiatives to the unmet needs of their customers. They need to anticipate how their customers’ needs will change in the future.

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