Business Operations

 
Every manufacturing executive has talented innovation leaders in the middle ranks of his or her company—managing a lab or department, but eager to move up. How do you prepare them for the next step in leadership so they can become the executives of tomorrow?

The Innovation Research Interchange, the NAM’s innovation division, offers a program designed to fill this gap in manufacturing professionals’ career development. The Shaping Innovation Leaders program, a partnership with Northwestern University, takes place over one packed week in June every year, and gives these midlevel managers a comprehensive introduction to business strategy, accounting and finance, organizational behavior, brand management and much more.

It’s the starter pack for those seeking to advance in the manufacturing industry. If you have someone on your team who could benefit, here’s what you need to know.

Who it’s for: The course is targeted at managers who have 10–15 years of experience and usually a graduate degree (most often a Ph.D.). These managers typically have several direct reports, oversee a lab or department and handle their own budgets.

• Past participants have worked at major manufacturers and related companies of all sectors, including Mars and FM Global.

What they’ll learn: This one-week intensive residential program—this year taking place June 8–13—features classes in the morning and afternoon, and also includes lunch, dinner and evening study and networking sessions. The courses include:

• Understanding Financial Statements;
• Evaluating Financial Results and Investment Projects;
• Financial Strategy and Cost of Capital;
• Driving Profitable Growth;
• Defending Your Brand; and,
• Law for Technical Executives.

Who’s teaching: The program is taught by eminent Northwestern faculty, including award-winning professors in marketing, management and finance.

• The program’s director, Adjunct Professor of Executive Education Marian Powers, boasts a long career of developing finance textbooks and software and specializes in teaching financial reporting and analysis to executives.

Inside the classroom: Every session of the program introduces participants to skills they may not have encountered in their technical positions. To take just one example, the High-Performance Negotiation Skills session introduces these managers to the framework and tactics that high-level leaders use in handling challenges.

• The course helps participants answer essential questions, such as “How should you think differently about negotiating as part of a team? How should you think about coalition-building in deals with many parties? How can you negotiate effectively from positions of weakness as well as strength?”
• To answer these questions, participants will examine case studies from the manufacturing industry. All the program’s sessions draw on real-world, relevant examples, ensuring that participants receive a useful toolkit of strategies.

What they’re saying: “Above all, this course illustrates a framework behind the motivations of our marketing and business/finance counterparts,” said one participant.

• “We no longer have the excuse of ‘why do they do it that way!?’ but rather, we can help those functions more effectively and proactively.”

Learn more and register: To learn more about the Shaping Innovation Leaders program or to register, visit the IRI site. This year’s program is still accepting applicants.