Consistent product innovation has long been the “Holy Grail” of product development. As you would expect, product innovation is often cited as a top priority by most executives today. However, recent studies from Pricewaterhouse Coopers1 and IBM2 have shown that fewer than 20% of CEOs believe their investments in innovation are paying off. Managing innovation and making the best investments is more difficult because the product development cycle gets squeezed as time, people, and money are increasingly constrained. Global competition, government regulations, shorter lead times, and declining profit margins all have a significant impact on the ability of a business to quickly bring to market high quality innovative products that delight the customer.