Knowing the strategies to innovate and mitigate risk is essential for every company, especially those that are product-based. It’s key for a company to stay on top of how are you going to innovate, whether that will be through some new technology in your product, or bringing a new product being first to market, or expanding as a company and bringing more innovation to your process flow. Alongside innovation, the other element is to mitigate risks, whether that be a financial liability as you launch a new product, or operational risks as you move forward launching a new brand. Loren West of CPG Beauty and Beyond, an LA-based consulting agency, says there are always things that companies encounter typically. You should always try to take in mind to recap what risks you have and how to mitigate those from the start. She shares the top five project management strategies to innovate and mitigate risk on your projects.
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