Getting to the market before a competitor can mean the difference between smashing success and crushing defeat. This has prompted many companies to look critically at their product development processes in hopes of finding new ways to slash time.
So is faster better? New research this year from Fisher College of Business Associate Dean Elliot Bendoly shows it’s not that simple.
Bendoly’s research, co-authored by Rao Chao of the University of Virginia and published this year in Production and Operations Management, took the novel step of scrutinizing the product development process at eight distinct stages – spanning the “fuzzy front end” to market entry – to find out what happens when each one is sped up.
They found evidence that shortening two of the eight stages – beta/market testing and technical implementation – was linked to market value gains, though only to a certain point. How aggressively companies innovated and how much time they cut were key factors of influence. The research, which you can read about in full on the Management Sciences department website, might break new ground in how we view the product development process.
Fisher’s Management Sciences department, where COE’s associate directors reside, is a powerhouse in generating the latest research insights the managers’ most critical challenges. Check out these other research highlights, published in recent months:
Being a top hospital in the country, Cleveland Clinic is home to countless great ideas poised to transform into life-altering, even life-saving, medical advancements.
Getting those ideas out of the heads of its top-ranked physicians and onto the market has been the focus of a remarkable collaboration between the hospital and one of its neighbors in the Cleveland economic scene: Manufacturer Parker Hannifin Corp.
This partnership, which began quietly nearly a decade ago and was formally announced in 2014, is the focus of the afternoon keynote at the Center for Operational Excellence’s Dec. 2 seminar. At the event, Parker Hannifin VP Pete Buca will share details on the Cleveland Clinic collaboration, which has become a bustling pipeline of medical device ideas the company is working to bring to life using its own product development process, dubbed “Winovation.”
Recently ranked the No. 2 hospital in the country, Cleveland Clinic sees more than 5 million patient visits a year and employs more than 3,000 caregivers. That same U.S. News & World Report ranking called it the No. 1 hospital in the country for cardiology and heart surgery and one of the top five for diabetes and endocrinology, gastroenterology, orthopedics and pulmonology, among others.
Parker Hannifin, meanwhile, is an $11 billion-a-year maker of motion and control technologies that spent about $360 million on research and development in its latest fiscal year. It’s a supplier to more than 400,000 customers that span just about every significant manufacturing, transportation and processing industry in the economy: Food and beverage, life sciences, renewable energy, agriculture and aerospace, just to name a few.
Parker and Cleveland Clinic began collaborating several years ago in an effort to connect the engineering and product development prowess of the former with the critical insights into health-care challenges at the latter. To translate these two capabilities into action, Parker employees sat in on surgeries and communicated with surgeons, leaders told Crain’s Cleveland Business. Interactions like these spawned the 100-plus ideas that initially populated the partnership’s pipeline.
One product seeking to eventually make its way to the market is what’s called the Cleveland Multiport Catheter (CMC), a bold attempt to advance the treatment of brain cancers. Gliomas – a type of tumor in the glue-like supportive tissue of the brain – are resistant to radiation and other common therapies, largely because of the natural barrier in the body that keeps circulating blood out of the brain.
Surgical catheters that pump cancer drugs directly into the brain have been used on a trial basis for the past few decades, according to an October 2015 article by a CMC inventor, but have key limitations. Two in particular, according to the article, must be used in a special operating room, and left in only for several hours. The CMC, which began development in 2009, can be implanted in any neurological OR then be left in place for several days, ultimately delivering more cancer drugs, wrote inventor Dr. Michael Vogelbaum.
Cleveland Clinic partnered with Parker Hannifin to manufacture the CMC and treated its first patient with the device about two years ago. A March update revealed seven patients have undergone treatment with the CMC, which now has an Investigational New Drug application formally on file with the U.S. Food and Drug Administration. Dr. Vogelbaum said in a CMC update video that the device ultimately could help treat other neurological conditions such as Alzheimer’s Disease, Parkinson’s Disease and epilepsy.
At COE’s Dec. 2 seminar, Buca will share other exciting developments with Cleveland Clinic and detail how other organizations can learn from their collaborative innovation efforts. The featured keynote at the seminar’s morning session is Fisher College of Business Prof. Aravind Chandrasekaran, an award-winning researcher who will be sharing keys to collaboration.