Growth and Innovation: The New Roadmap to Business Excellence

9/27/2007

On September 24-26, more than 80 senior-level consumer goods executives gathered at The Four Seasons in Miami, Fla., for the second annual Consumer Goods Growth & Innovation Forum. There, they had the opportunity to explore how innovation has emerged as the new roadmap to business excellence through abundant networking opportunities and insightful presentations from their peers. Here is snapshot of some of the event's many highlights:

- In an opening keynote presentation, Jeff Weedman, VP External Business Development, The Procter & Gamble Company (P&G), explained P&G's shift from a culture of "not invented here" to "proudly found elsewhere". Open Innovation at P&G -- coined "Connect + Develop" -- has increased sales, profit and re-energized P&G to the point that it closes a deal with extemal partner every other day on average.

- Whirlpool Corporation's VP of Global Product Development, Henry O. Marcy, provided attendees with a retrospective on Whirlpool's innovation journey. The company is taking steps to break out of the "sea of white" and build brand loyalty by delivering innovations that provide meaningful customer benefits, have market sustainability over time and produce better returns for shareholders.

- David McNair, chief science and technology officer for Cadbury-Schweppes (which is in the process of demerging its $6 billion beverage business) discussed how the company revitalized its innovation strategy, increasing its investment in science and technology by 50 percent over the last three years.

- With so many different sectors in a company, internal communication is important in making the innovation process swift and effective. In a panel discussion on internal collaboration, moderated by Cheryl Perkins, president of Innovation Edge LLC, three consumer goods executives from different internal departments -- Rick Bayney, VP Portfolio Planning, Johnson & Johnson Pharmaceutical Services; Kim Feil, SVP and CMO, Sara Lee Corporation; and Kathy Sattler, innovation manager, Anheuser-Busch Inc. -- explained their roles in bringing new products to market.

For a more in-depth recap of the second annual Consumer Goods Growth & Innovation Forum, please read the upcoming November issue of Consumer Goods Technology.