Controlling Costs While Pursuing New Product Innovation

Controlling Costs While Pursuing New Product Innovation

Tigerprint

CLIENT: Tigerprint is a division of Hallmark Cards UK and sole supplier to Marks & Spencer for their greetings cards and other related seasonal products.

CHALLENGE: Managing costs and growing the top line are issues for all businesses. But in a business with a high demand for product innovation, it is critical to manage the cost base while getting returns in the areas that are most important. To achieve sustainable growth, Tigerprint needed to improve business processes and control costs while also building a culture of innovation and growth.

SOLUTION: Hallmark International’s working relationship with KT stretches back to the year 2000. In the years that have followed, the Tigerprint division of Hallmark Cards has relied on KT to help them pursue specific process improvements and develop systematic approaches that improve product decisions and project execution. Working with KT, Tigerprint has developed successful product strategies resulting in trend-setting product innovations that deliver strong sales for Marks & Spencer. Tigerprint is able to pursue growth and focus on managing costs.

RESULTS: Today new product development is not an individual function within Tigerprint; it is part of everything the organisation does. The systematic KT approach to strategic and operational decisions and to product reviews has brought speed and agility to the division. Improvements in product forecasting and re-buy policies have simplified transportation options and reduced costs. Clear product strategies support growth in new categories; and better project execution has improved Tigerprint’s new product performance. It is not new product development for the sake of innovation. Tigerprint is collaborating with KT to improve its product offerings within the commercial realities of cost.

“KT has brought together our concerns and ideas and articulated them in a way we could have not done on our own. The KT approaches provide us with clarity of thought when we need it most: for critical supply chain decisions and strategic business and product reviews.”

— Steve Wright, Managing Director, Tigerprint

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Scorecard

 

  • An improved product forecasting process and rebuy policy resulted in reduced costs and simplified transportation.
  • Clarified product strategies improved resource deployment and created growth in new product categories.
  • Increased discipline in the execution of critical projects improved new product results against critical KPIs.
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