A DEFINITION OF INNOVATION MANAGEMENT
Innovation management (sometimes called idea management) is usually the first step of a new product. In the PLM space, it's how companies work with their stakeholders and what they want for new products, add-on services, or product updates. Innovation management involves working with internal and external stakeholders to brainstorm, identify and capture new ideas. Innovation management also typically includes looking at a company's organizational infrastructure and processes to help foster new ideas.
Key Capabilities for Innovation Management
- Idea management: companies need to be able to capture, score, share and comment on ideas from their customers, partners and employees.
- Partner collaboration: many companies have relied on internal teams for their research efforts. Digital transformation now requires companies to be able to securely collaborate with new types of partners on new ideas and research.
- Knowledge management: in order to maximize their learnings and promote cross-organizational learnings, companies should be able to securely share information internally and externally. Common methods include Google Drive, Lotus Notes, Sharepoint, document management systems, etc. but these systems can be hard to maintain.
- Portfolio management: a common way to understand which ideas to pursue is by using portfolio management techniques. Companies can rate ideas against corporate goals, technology roadmaps, competitive pressures, market potential and more.
Benefits of Innovation Management
Companies who have a strong innovation management process can expect the following benefits:
- New sources of revenue
- Higher revenue
- Greater market share
- Higher customer loyalty
Find out more about PLM, or learn more about Propel's approach to innovation management, which offers a highly flexible and collaborative idea management solution built on a world-class platform.