May Lord ganesha remove all bugs, errors, and obstacles from your path and bless your innovations with success.

𝐏𝐨𝐰𝐞𝐫𝐢𝐧𝐠 𝐓𝐨𝐦𝐨𝐫𝐫𝐨𝐰'𝐬 𝐄𝐧𝐞𝐫𝐠𝐲 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲

Our esteemed global partner, shaping future energy technologies and enhancing current power networks, faced a challenge in their Printed Circuit Board Assembly (PCBA) line. Utilizing Hex Spacer screws led to broken screws during assembly, disrupting workflow.

With our extensive portfolio in PCB Assembly solutions, we swiftly recognized the opportunity to address their challenge. Collaborating closely with our partners, we identified a suitable alternative part. Samples, accompanied by detailed drawings, specifications, and a robust quality control plan, were promptly submitted for evaluation.

Result

Swift Resolution: Bossard's expertise swiftly resolved the quality issue, minimizing production line disruption.

In any business it is important to have success measurement criteria. Otherwise one would never know how good or bad business is. It is probably the easiest to simply add up all expenses and revenues and see how much money is left at the end of the day. Any company operating on the market does this. However, for innovation it is not as easy. How do I measure the innovation success? Is the success criteria simply revenue?

We have discussed this and have come to the conclusion that there is a lot more to it than just money. We learned that there are three main areas that can be further split up. Here is what we found (this topic is also discussed here: (1)):

Against objectives

Does it meet the objectives

Financial Metrics

Does it pay for itself? (positive cash flow)

Does it add value in the future?

Non tangible goods

Does it lead to competitive advantage? (consumer commitment, employee pride, social capital)

This shows that although a positive cash flow is crucial for the continuation of an innovations project there are further factors that influence it. If for example the consumer commitment is measurably increased it may well be worth to continue the product or service although it doesn’t directly generate any money for the company.

In light of this, do you have to reevaluate your innovation projects success? We think that our transport app does and deserves a future!

Sources:

(1) http://www.innovationmanagement.se/imtool-articles/how-do-you-measure-innovation-results-and-outcomes/