3M 2004 Annual Report Download - page 7

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innovate, grow, deliver 5
New-product development is the engine of 3M’s growth, and it’s
fueled by 3M people in many fields – technical, marketing, sales,
manufacturing and more – working together to meet customer needs.
We’re proud that our reputation for innovation was reaffirmed in a
recent global survey by the Boston Consulting Group. This survey,
which involved more than 235 executives worldwide, ranked 3M as
the most innovative company in the world. To ensure that innovation
remains a hallmark of 3M and to get the best possible return on our
sizable investment in research and development, we’ve established a
company-wide, data-driven method for generating new products and
bringing them to market. It’s called 2X/3X, and it aims to double the
number of new ideas going into our product development pipeline and
to triple the market success of the products coming out of that pipeline.
This initiative is producing strong results. Among our major new
products are proprietary films that enhance the brightness of electronic
displays, such as LCD TVs and computer monitors, and new indications
for our immune response modifiers, which stimulate the body’s immune
system to fight virus-infected cells and tumor cells.
By using Six Sigma methodology, we uncover customer and market
needs and then develop and market new products in an even more
rigorous way. And by listening to our customers during every phase
of the process, their needs and requirements are considered from start
to finish. Together, our data-driven methodology and customer atten-
tiveness help ensure that our new products fully meet customer needs
and drive profitable growth.
ACCELERATING
GROWTH