The pressures of increasing sales and generating better profits from new products have never been greater in foodservice than they are today. As a result, the International Foodservice Manufacturers Association (IFMA) and Stage-Gate International developed Foodservice New Product Development Process: Performance Benchmarks, a first-of-its-kind research report highlighting the performance and best practices in product innovation, specific to the foodservice industry.
Foodservice New Product Development Process: Performance Benchmarks provides insight on the state of innovation within the foodservice industry and presents analysis on the best practices separating the best performers from the worst in various areas, including product innovation process, gatekeeping and governance, as well as detailing the import role of collaboration. With data from more than 100 companies across 55 variables, it is the ultimate resource for new product development in the foodservice industry.
"The foodservice industry's top performing businesses enjoy consistent, above-average new product performance – better sales, profits and commercial launches. We uncovered a success formula that links these top performers regardless of their size or new product strategy (branded or custom products)," said Dr. Scott Edgett, author of the report and CEO/co-founder of Stage-Gate International.
The report was developed as part of the second phase of The Center of Innovation Excellence (CIE), which focused on increasing understanding of innovation best practices in foodservice and identifying benchmarks for success that can be utilized throughout the industry. CIE is the product of IFMA and Stage-Gate International's partnership to provide IFMA members, their customers and all trading partners with a deeper understanding of the drivers of new product success that are unique to foodservice.
"By establishing external benchmarks for comparison, companies can develop informed opinions on the performances of their processes and how they can improve. This report, as well as the rest of the work being conducted through CIE, will serve as a useful tool for IFMA members and throughout the foodservice industry," said Jim Green, Vice President of Strategy and Member Value at IFMA.
Key features of the report
Measuring Innovation Performance: Get a clear view in to how organizations are performing with respect to new products, covering 18 metrics spanning the project level and the business level.
Best Practices that Drive New Product Success in Foodservice: Explore an in-depth analysis of the 18 key front-end activities that are critical to new product success and the 12 key elements that drive effective decision-making.
The Positive Impact of Manufacturer/Operator Collaboration: Discover the most important factors for successful manufacturer/operator collaboration and learn what practices increase the chances of product innovation success.
Foodservice New Product Development Process: Performance Benchmarks is now available for purchase. IFMA Members receive discounted pricing.