Among Parker’s most important innovations introduced in the past decade, each achieved success by providing customers tangible and compelling value. In many cases, these new solutions created significant improvements in environmental and societal sustainability by minimizing manufacturing waste and reducing the use of energy. Such accomplishments are driven by reductions in weight, increases in efficiency, improvements to safety and the elimination of unnecessary features.
New product development is managed through Parker’s Winovation system, which establishes a long-term planning horizon for future product introductions and includes specific deliverables at each stage of the process to apply structure to the research and development of products, systems and services. This portfolio approach enables Parker to manage complex new products and ensure they deliver all of the key elements of value required by customers, and to share across global business units the knowledge and best practices identified along the way, including those related to sustainability and efficiency.
When correctly applied, industrial innovation drives strong financial performance and creates a lasting, positive impact on the world. Looking ahead, Parker will stand by its commitment to a sustainable business model that generates value for shareholders, customers, team members and society.