From the press release:
“Kennametal has demonstrated an impressive corporate commitment to innovation which has resulted in a successful track record of significant new product launches in the past five years,” said Sally Evans Kay, chair of PDMA’s OCI award selection committee. During recent turbulent economic times Kennametal has used its commitment to innovation to provide unique customer solutions and to gain a competitive advantage.
In 2009, 43% of Kennametal’s sales came from products less than five years old, up from 17% in the late 1990s. Key to the improvement was the establishment of a corporate innovation strategy to introduce new products at a market leading pace. Instrumental to implementing the strategy was the development of a robust and disciplined stage gate process.
Since being recognized as an OCI Finalist in 2007, Kennametal has shown its dedication to continuous improvement in innovation, including the establishment of the Innovation Ventures Group, a dedicated organization focused on emerging business opportunities which capture new sources of customer value.
A key highlight of the OCI award program is the opportunity for the winner to present the practices and processes instrumental to the company’s success, providing significant learning opportunities for the new product development and innovation community. John Tucker, Vice President & Chief Technical Officer of Kennametal, will present Kennametal’s principles and success stories at the PDMA Global Conference on October 20, including a case study on the company’s most recent breakthrough technology.
“This is a rare opportunity to ‘look under the hood’ of a successful company,” continued Sally Evans Kay. The learning and application from their presentation is undoubtedly a priceless opportunity for companies wishing to grow their innovative practices.”
42 firms have been recognized as Outstanding Corporate Innovators since the inception of the award. Kennametal joins an elite group of past recipients, including Apple Computer; BMW Group; Eastman Kodak; FedEx Corp.; Nabisco; Harley-Davidson Motor Company; Affymetrix; Herman Miller; Hewlett-Packard; Hunter Douglas; Mine Safety Appliance Inc.; DuPont and Pepsi-Cola.
The Product Development & Management Association’s Outstanding Corporate Innovator Award is the only innovation award which recognizes sustained (5 or more years) quantifiable business results from new products and services. 2010 is the 23rd year in which PDMA has given this prestigious award, and the winners represent a group of global corporations widely recognized and respected for their innovation success.
The OCI Selection Committee uses a rigorous process to evaluate each year’s nominees and to select those companies which have proven themselves exceptionally capable of integrating strategy, culture, process and technology to consistently create and capture value through successful product and service innovation. The OCI Committee also looks for companies with disciplined innovation practices that can provide a learning platform for the PDMA audience – practices that are broadly applicable no matter the size of company or industry in which they compete.