Innovation is the conversion of knowledge and ideas into new or improved products, processes, or services to gain a competitive advantage.
Businesses today have no shortage of ideas; rather, they lack the ability to determine their value in a systematic, timely, and cost-effective way. Innovation Process Management (IPM) helps companies encourage people to share their ideas, rate them, and make critical decisions about their associated risks, benefits, and strategic value.
In order to facilitate the innovation process effectively, organizations need a solution that allows them to manage innovation in an objective, strategic, and scalable manner. Because organizations often lack the resources necessary to act on all contributed ideas, they must manage innovation through a systematic process that facilitates the selection of optimal ideas which have the highest strategic value.
Microsoft's IPM Solution
The Microsoft® Innovation Process Management (IPM) Solution is built on the Microsoft Office SharePoint® Server 2007, and the Microsoft Enterprise Project Management (EPM) Solution, enabling organizations to facilitate the six stages of innovation process management.
In order to foster innovation, the organization must first establish and prioritize business drivers and metrics.
Ideas are captured in a centralized and collaborative portal. Employees can search to find experts both internally and externally, and they can search back-end systems to gather sales history data to develop a business case. Workflow and collaboration technology will then help create a cross-functional team and collaborative workspace for idea submission.
Ideas are formulated according to business cases that include strategic impact, market potential, financial analysis, and SWOT analysis, and it can then be published for review. Other members of the community can provide ratings, reviews, and feedback to help determine the idea’s priority and value.
Select ideas according to business parameters, analyze the portfolio, and objectively evaluate ideas. In this stage, highly-rated ideas are approved.
Build the project team and execute the project while taking into consideration design, market potential, and legal evaluation. After the review is finalized, a design document is prepared that provides a project workspace for team collaboration. Assign resources and skills to projects in order to track project progress.
Give final funding approval to selected projects, and proceed to a delivery processes such as New Product Development (NPD), enabling end-to-end project management and tracking, from idea to retirement.
Microsoft EPM Solution Capabilities
The EPM Solution is a comprehensive PC and web-based project and portfolio management system. Learn how the EPM Solution helps organizations to select and deliver the right projects.
Time and Task Management
Portfolio Selection & Analytics
Business Intelligence & Reporting
Administration, Scalability and Extensibility