What is Innovation Management?

Innovation Management is a set of tools and techniques used by organizations to make Innovation:

• - Predictable
• - Profitable
• - Available On-Demand

In recent years, Innovation has jumped to the top of the corporate agenda as executives seek to gain a competitive edge in a rapidly changing economy. In fact, a recent Boston Consulting Group study found that 90% of organizations surveyed consider Innovation a top strategic priority.

Designing a Foundation for Innovation™: The Key to Manageable Innovation

Managers who are responsible for innovation processes are facing tough questions:

• What steps are you taking to make innovation more manageable?
• Are you creating a foundation to support continuous innovation?

Product Development, Manufacturing, Marketing, Legal and Information Technology departments are coming together to develop a common architecture to support enterprise-wide innovation.

Many tools can assist in making innovation more manageable: Brainstorming software, Virtual Prototyping, Product Lifecycle Management (PLM), Idea Management, TRIZ, Stage-Gate Process Automation, Project Management, Stage-Gate Process Automation, Product Line Planning, Portfolio Management and various other collaboration tools. Many companies anticipate investing in excess of $1 million in Innovation Management over the next 5 years.

Focus: The Key to Success

The reality of today’s economic environment is that investments need to prove their worth in real-time.   Gone are the days of investing a million dollars only to wait a year before a system is turned on. Successful innovation management initiatives must be sharply focused on the areas of highest impact and rapid return on investment. Only then will managers be able to lay the foundation on a prove-as-you-go basis.

In a recent survey of Innovation Management technologies, the Gartner Group concluded: “Demand and supply are growing for technologies in all facets of innovation. Idea Management and New Product Development lead this emerging space.”  Idea Management is a crucial component to any Innovation Management strategy and an ideal place to start.

Idea Management:  The Keystone to Innovation Management Strategy

Idea Management systems support the front end of the innovation process. These systems accelerate the idea selection process in order to prevent excessive projects from overloading an organization's ability to effectively execute. Downstream innovation resources are freed to focus on the projects that will yield the maximum benefit to the organization.

One BrightIdea customer saw a 300% return on investment in the first 3 months of use. Another developed a product expected to add $30 million in revenue over the next 5 years.

Isn't it time to get started?

Join industry leaders such as Honeywell, Emerson, Bristol-Myers Squibb, Philips, Stryker Corp. and the Department of Defense. Implement an Idea Management system today and place the keystone of a well-developed Innovation Management strategy.

To Learn More about how BrightIdea Innovation Management can impact your business,

Click Here to contact a BrightIdea Solutions Consultant.