Innovation at Honeywell Larry Fitzgerald, Site Leader, Honeywell Aerospace Mississauga File Number- 1 1 Honeywell Confidential and Proprietary. Preliminary – not final – no decision will be taken without satisfaction of any applicable consultation or negotiation requirements”
Great Positions in Good Industries Buildings, Aviation & Automotive & Construction & Defense Transportation Maintenance Chemicals, Specialty Consumer & Efficiency, Energy Materials & Home & Utilities Fertilizers Fire Protection Healthcare & & First Responder Medical Oil & Gas, Industrial Process Refining, Manufacturing Control Petrochemicals & Biofuels Energy, Safety Scanning & Safety & Security Mobile & Security Productivity File Number- 2 2 Honeywell Confidential and Proprietary. Preliminary – not final – no decision will be taken without satisfaction of any applicable consultation or negotiation requirements”
Company Recognition Fortune 500 Company - #74 Top 100 Global Innovators Fortune Magazine Thomson Reuters World’s Most Admired Companies 2011 North American Top Company for Leaders Fortune Magazine Aon Hewitt, The RBL Group and Fortune Magazine Best Places to Launch a Career Honeywell Chief Engineer Receives US Medal BusinessWeek Magazine of Technology and Innovation World’s Most Ethical Companies Ethisphere Institute Blue Ribbon Company Fortune Magazine Biofuels Company of the Year Biofuels Magazine Alexander Hamilton Award, Overall Excellence Treasury and Risk Magazine Alexander Hamilton Award, Category Level Treasury and Risk Magazine Most Influential People in Finance Treasury and Risk Magazine File Number- 3 3 Honeywell Confidential and Proprietary. Preliminary – not final – no decision will be taken without satisfaction of any applicable consultation or negotiation requirements”
Energy Efficiency More than 50% of Honeywell’s portfolio offers Air Traffic Biofuels Modernization energy efficiency benefits By immediately and Green Buildings Reduced Emissions comprehensively adopting existing Honeywell products, the United States could Industrial Process reduce energy Fuel Efficiency Efficiency consumption by 20 to 25 percent Energy Efficiency, Energy Performance Demand Response, Contracts & Smart Grid File Number- 4 4 Honeywell Confidential and Proprietary. Preliminary – not final – no decision will be taken without satisfaction of any applicable consultation or negotiation requirements”
Honeywell’s Businesses • $35-36 billion* in revenues, 50% outside of U.S. • Nearly 130,000 employees operating in 100 countries • Morristown, NJ global corporate headquarters Automation & Specialty Transportation Aerospace Control Solutions Materials Systems $10.8-11.2B* $14.7-15.1B* $5.0-5.2B* $4.3-4.5B* *‘11 revenues estimate File Number- 5 5 Honeywell Confidential and Proprietary. Preliminary – not final – no decision will be taken without satisfaction of any applicable consultation or negotiation requirements”
The Enablers Honeywell Functional Velocity Product Development™ Operating System Transformation Integrated Processes for Standardizes strategies, safety, quality, the way we processes, tools delivery, cost work, reducing and culture that and inventory waste and help us bring excellence, helping us to do profitable which can things better products that provide a and faster at a customers need 20-year lower cost and want, and competitive are willing to advantage pay for, to market faster File Number- 6 6 Honeywell Confidential and Proprietary. Preliminary – not final – no decision will be taken without satisfaction of any applicable consultation or negotiation requirements”
Technology & Innovation Developing solutions for the world’s toughest challenges and building on Honeywell’s Great Positions in Good Industries • Research, Development and Engineering is the growth engine for Honeywell • 19,000 scientists and engineers worldwide • 97 research and engineering facilities • Honeywell Technology Solutions in India, China and Europe • More than 30,000 patents or patents pending worldwide File Number- 7 7 Honeywell Confidential and Proprietary. Preliminary – not final – no decision will be taken without satisfaction of any applicable consultation or negotiation requirements”
Innovation & Honeywell • What can we learn about innovation from Honeywell? • Key elements of Honeywell’s Innovation DNA 1. Voice of the Customer 2. IPDS (Integrated Product Development System) 3. Opportunity Reviews 4. Identification of Core / Non-Core Products 5. Lean Operations & the Honeywell Operating System File Number- 8 8 Honeywell Confidential and Proprietary. Preliminary – not final – no decision will be taken without satisfaction of any applicable consultation or negotiation requirements”
Voice of the Customer File Number- 9 9 Honeywell Confidential and Proprietary. Preliminary – not final – no decision will be taken without satisfaction of any applicable consultation or negotiation requirements”
What is Voice of the Customer? A complete set of Customer Wants & Needs that are: • Expressed in the customer’s own language; • Organized the way the customer - thinks about the product, - uses the product, and - interacts with the product; • Prioritized by the customer in terms of both importance and performance (i.e. current satisfaction with existing alternatives) • A clear statement of commitment to the customer in order to try to meet / exceed their expectations and delight them. • It is not an event. It is a process of continuous, direct and timely communication with the customer to understand and validate their needs. • Active listening to the customer in order to accurately identify their requirements and deploy them. • An enabler for the alignment of corporate / business goals and customer expectations. G. Katz; the PDMA Toolbook 2 File Number- 10 10 Honeywell Confidential and Proprietary. Preliminary – not final – no decision will be taken without satisfaction of any applicable consultation or negotiation requirements”
Types of Customer Needs • Revealed Needs - Spoken - Spoken and articulated – typically performance related that must be fulfilled to meet and exceed customer expectations - Spoken but unarticulated – represent latent requirements and potential delighters if you can gain more insight into underlying needs • Unrevealed Needs – Unspoken - Basic Needs: must be met for the product to be accepted - Delighters: unexpected, strong impact on customer satisfaction – differentiator. Unlocking unarticulated and unrevealed needs can lead to a competitive advantage File Number- 11 11 Honeywell Confidential and Proprietary. Preliminary – not final – no decision will be taken without satisfaction of any applicable consultation or negotiation requirements”
Integrated Product Development System File Number- 12 12 Honeywell Confidential and Proprietary. Preliminary – not final – no decision will be taken without satisfaction of any applicable consultation or negotiation requirements”
Integrated Product Development System 1. 2. 3. 4. 6. 5. 7. Identify Concept Planning Development Delivery, Sunset Verification Customer Definition & Support, & & Improvement Needs Specification Validation Phase Gate Reviews Marketing & Sales & Product Operations Marketing Mgmt Program Managers Formal Phase Review criteria established for each phase Define Customer CTQs (Critical to Quality elements) Phase Owner is responsible for driving completion of, and conducting, the Phase Review Clearly Defined Phases, Ownership, & Accountability File Number- 13 13 Honeywell Confidential and Proprietary. Preliminary – not final – no decision will be taken without satisfaction of any applicable consultation or negotiation requirements”
What IPDS “Really” Means • Really understand your customers needs and requirements to produce the ‘right’ product the first time. • Manage the development with cross-functional teams to assure all aspects of product success are considered and acted on. • Plan the Project, Track to the plan using measurable data, Manage risk, and Recalibrate at every phase of the project. • Keep Leadership informed and Engaged throughout the program to help ensure success. • Consider downstream issues early, avoid wasteful changes and rework in later phases. • Use DFSS principles throughout the program to enhance quality, manufacturability, product cost/margin, and customer satisfaction. • And above all, apply sound Judgement and Common Sense throughout File Number- 14 14 Honeywell Confidential and Proprietary. Preliminary – not final – no decision will be taken without satisfaction of any applicable consultation or negotiation requirements”
Core and Non-Core Products File Number- 15 15 Honeywell Confidential and Proprietary. Preliminary – not final – no decision will be taken without satisfaction of any applicable consultation or negotiation requirements”
Core / Non-Core Identified Product Line 1 Product Line 2 Product Line 3 Own / Invest Make / Buy Demise / Buy File Number- 16 16 Honeywell Confidential and Proprietary. Preliminary – not final – no decision will be taken without satisfaction of any applicable consultation or negotiation requirements”
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