Business success isn’t just about math and science. It’s also about creativity, imagination and, above all, innovation. The good news is that most businesses have a steady source of fuel for innovation: ideas. These come from everywhere – primarily from employees and business partners, but also from customers, consultants, academia, and even competitors. The bad news is that many companies lack a formal process for determining the value of any given idea and moving it in a systematic, timely, cost-effective way from concept to reality. As a result, many opportunities for innovation simply slip through the cracks, along with their potential for success.
You can avoid this problem by deploying Innovation process management (IPM) which supports both the systemic processes and the human interactions that accelerate innovation. IPM helps enterprises to…
- Actively capture, share, and rate new ideas
- Collaborate on critical decisions about risks, benefits, and strategic value
- Create transparency and insight
- Use metrics for measuring innovation
IPM connects the right ideas, the right markets, and the right resources.