Product & Service Innovation

Product and service innovation

Every company, in every industry, needs an innovation strategy — whether it be high-tech product innovation, packaging innovation in consumer goods, or process innovation at financial services companies. Now more than ever, innovation is key to growth, to acquiring and sustaining competitive advantage, and to building shareholder value for the long term. At the same time, the innovation process is fast becoming more open, and more global: Setting up shop in local markets around the world and getting customers more involved in innovation efforts are now a vital part of any successful innovation effort.

Developing a powerful innovation capability is no easy task. Booz & Company’s innovation practice has demonstrated again and again, in its annual Global Innovation 1000 research, that there is no correlation between the amount of money a company spends on research and development and its overall financial results. Instead, success depends on a variety of factors, including a company’s openness to new ideas, its ability to manage innovation projects from conception to market introduction, to kill projects early on, if necessary, and to tie new-product development tightly to specific sales, marketing and financial goals.

Since the 1950s, when it introduced the concept of product life-cycle management in the seminal article “How to Organize for New Products” in the Harvard Business Review and created the PERT (Project Evaluation and Review Technique) methodology to streamline the U.S. Navy’s development of the Polaris missile, Booz & Company has been a trusted innovation advisor. The firm’s innovation experts can help clients improve their innovation functions, including new-product development, research and development, and engineering. We advise companies on setting strategy, making needed process and organizational changes, building new innovation capabilities, and assessing the scientific and technological robustness of their offerings. Our proven expertise in these areas, combined with our rich industry insight, allows us to identify innovation strategies and processes that are both technically and economically sound.


The Global Innovation 1000 Study: Navigating the Digital Future
Booz & Company’s ninth annual study of innovation trends and spending shows that the world’s 1,000 largest public corporate R&D spenders invested US$638 billion in innovation this year, the highest level more >
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Our thought leadership

Why Silicon Valley’s Success Is So Hard to Replicate
In this Scientific American article, Booz & Company senior partner Barry Jaruzelski discusses the special trait that distinguishes Silicon Valley’s firms from ordinary companies: the ability to integrate their innovation strategies with their business more on >
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Digital Engineering Reloaded: Building Differentiated Advantage in Product Development
Digital engineering technology is unleashing the potential for major advances in industrial product development, from the concept phase through design and more >
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Silicon Valley’s Innovation Secret
Find out how you can build an innovation culture that puts the secrets of Silicon Valley to work for your video >
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The Culture of Innovation
The Bay Area is famous for its long history of leadership in innovation-based industries. Booz & Company worked with the Bay Area Council Economic Institute to identify the strategic, cultural, and organizational attributes that have led to the sustained success of this more >
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The Innovation Strategy Profiler
Use this brief strategy assessment tool to profile your strategy and understand the capabilities you need to more >
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Innovation: China's next advantage?
Results from the 2012 China Innovation Survey. China emerges as an innovation engine and Chinese companies are becoming serious competitors, according to a new report by the Benelux Chamber of Commerce, China Europe International Business School (CEIBS), Wenzhou Chamber of Commerce and Booz & more >
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Service areas

Booz & Company has extensive experience with large, international corporations, governments, and organizations, having acted as an independent advisor on issues from developing an overarching innovation strategy to retooling specific R&D more >


Client examples

Case study 1: Booz & Company was retained by a major manufacturer of PCs, workstations and servers to improve its product development.
Case study 2: A major telephone equipment manufacturer was planning to set up a newly independent global engineering division.
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Meet our experts

Richard Holman
Global Lead
Barry Jaruzelski
Chris Manning
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