(572b) Best Practices in Process Development of New Technology

Commercializing new technology carries with it risks. As organizations seek to grow their business, they often look to technology improvements and step-outs to provide new business opportunities for growth. While offering high rewards, these ventures can carry project risks from technical uncertainties as well as market risks with introduction of new products. Cost growth and schedule slip are common results of commercializing. In the worst cases processes incorporating new technology fail to operate as expected taking months to startup and never producing the expected quantity and quality of product. As the level of innovation increases, the risks increase. However research based on detailed histories of several hundred innovative projects shows that when certain key practices are employed these risks can be reduced and new technology projects can be successful. This presentation will share the practices that when employed help mitigate the risks to new technology projects. The quantitative link between the use of these practices and the results of innovative projects will be shown.