Spectrum Industries brings new ideas to the table

An MOC Success Story on Innovation Management System
July 8, 2015

Situation

Spectrum Industries realized their product development process had become stagnant and was not producing as many innovative products as needed to grow their business. The company consulted with University of Wisconsin-Stout Manufacturing Outreach Center (MOC) to identify options to improve product development.

Solution

UW-Stout MOC introduced Spectrum to Innovation Management System, a scientific process to innovate new products, markets, business models and services.

MOC's Innovation Management System enabled Spectrum to change their perspective through "lateral thinking" and defined a formal process for the company to continually generate new ideas that are unique, meaningful, and consequently, successful. Innovation Management System also provided Spectrum with a step-by-step method to vet these ideas and assess risks based on research.

Spectrum initiated a Product Life Cycle Management Team to consistently apply the strategy, welcome input from all departments, then review and rank proposed products to move the best ideas forward.

Spectrum
With a space-saving footprint, Spectrum's InTouch32 Tablet Cart stores, charges and transports up to 32 tablet computers.

Results

With a company-wide culture of innovation and a steady stream of new products, Spectrum Industries has realized significant results including:

  1. 10 percent year-over-year growth during the last three years
  2. Increased profit margins
  3. Development pipeline of 100+ ideas
  4. 350 percent increase in new products released per year
  5. New product success rate of 90+ percent
  6. Expansion to third manufacturing/shipping facility

 

UW-Stout Manufacturing Outreach Center

We help manufacturers thrive through positive growth and sustainable profit.

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