The Importance Of Stage-Gate Innovation In Project Management
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Stage-gate process is a strategy of project management, where an initiative or project is divided into different stages or phases.
Each stage is basically differentiated based on different decision points. At each gate or level again a manager, a committee of policy makers or a governance board makes important decisions about continuing the project.
In the stage-gate process, strategic meetings are arranged throughout the entire process of product development. In these meetings, an organization makes the next decision based on market-related data, experience and experimentation. The stage-gate process is decided based on the different stages of investment in the project.
The level of investment in the new product is adjusted to solve various complex issues at work and considering the needs of the customers. Market compatibility with the product is also determined and the necessary investment is given considering the product development cycle.
Let’s take a look at the 6 areas that need to be considered for success in the stage-gate innovation process.
Think like an entrepreneur, not like a manager
Stage-gate committee members should think and act like entrepreneurs. This will allow them to take risks and be willing to invest in the project without thinking too much about conventional data and performance. That’s why committee members need to be properly trained and coached to think like corporate entrepreneurs.
Time is your most precious resource
The team working on the project needs to be guided at the right time in stage-gate meetings, keeping in mind the thinking and working as an entrepreneur. At the same time you need to understand the full account of the investment to keep the project running.
Don’t just do meetings
It is often seen that stage-gate meetings are being held without any effect or decision. There is no point in holding such a meeting. However, success is possible only by making stage-gate meetings mandatory for all members of the committee and by making decisions directly at the meetings.
Don’t feel complicated
The stage-gate should not be complicated. It should be a simple process so that both the committee member and the team working on the project can be a part of it. Each organization is different and the processes must be consistent with all employees of the organization.
Remove statistics or statistics that do not work
Accurate and accurate statistics are the key to success in presenting the market situation to the Stage-Gate Committee. But teams on different projects often come up with inconsistent statistics. But it does not capture the needs or behavior of customers. For example, if a new application is created, it is important to measure how many people have downloaded the app. But it is more important to understand why they downloaded the app and how many active users there are in the app.
Invest as needed
We often see large corporations investing in a variety of projects with the sole aim of bringing a new product to market without focusing on the results they want to achieve. But it is possible to succeed more quickly by focusing on results and identifying the areas where they want to achieve business and customer satisfaction in the early stages of product development.
