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Emerson Electric

In: Business and Management

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Emerson Electric (Measuring Innovation) Successful

Emerson Electric is a global manufacturing and technology company with businesses in the United States, Asia, Europe and Latin America. The company has five business segments that they operate in: process management, network power, industrial automation, appliance and tools, and climate technologies (Marketline, 2010).
Emerson Electric sought to improve innovation by implementing a metric system to meet their goals. The company set a goal for all their 60 business units to make a third of sales from products released in the past five years. They are using sales as a measuring metric to see if previous products can still be profitable in today’s world. This can encourage incremental innovation if sales increase more than the goal of one third. In order to track new product sales separate from old products, Emerson Electric has come up with an approach to tracking in a more insightful, revealing, and effective way (Hindo, 2008).
The way the system work is that managers divide new product sales into one of four categories: minor improvements, major improvements, products that are new lines for the business, and ones that are completely new to the world (Hindo, 2008). This system is able to help managers develop radical innovations instead of incremental innovations. By categorizing their products, Emerson Electric is able to see how much innovation have occurred in the past year compare to future anticipations.
In the past five years Best Snacks Inc has not introduced any new product or services. They’ve only improved or extended previous successful marketing methods whereas they introduced a new package size for their products. Best Snacks can learn from Emerson Electric’s measuring innovation system. If Best Snacks divides their new products into categories, they can get away from the incremental innovations…...

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