An "Innovation First" Strategy
At Flowserve the foundation to create new products runs under the Innovation First strategy. Product development is chartered with the approach to increase the number of new product ideas, in particular, ideas that from the offset are expected to lead to further penetration of the market
Product development strategies at Flowserve have become more intensive and thought provoking. Over the next 10 years the company wants to fundamentally change the way they develop new product ideas. These ideas, in a strategy called Innovation First, are required at the inception stage to be viable ideas that will drive further market share and revenues.
This strategy requires project managers and product development teams to think extensively how to create new ideas within the existing technical data specifications. With so many projects and departments involved, teams need to be able to communicate effectively with each other and, in addition, have the possibilities to collate data in a strategic and effective manner.
Following the principals of Product Lifecycle Management, Flowserve is on a very good way to achieve the 5 to 10 year goal to transform the organization from how it is known today.