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ANECT Innovation Process Management

This page provides a high-level overview of the innovation management lifecycle, from brainstorming to production. The purpose is to rationalize, coordinate, and focus innovative thinking and efforts 1).

What is Innovation?

Innovation is the conversion of knowledge and ideas into new or improved products, processes, or services to gain a competitive advantage. 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.

What is Innovation Process Management (IPM)?

To facilitate the innovation process effectively, organizations need a solution that allows them to manage innovation in an objective, strategic, and scalable manner. Creative innovation supported by a structured framework will enable ideas to thrive and technologies to come to market. Plus, it examines how knowledge and ideas can be converted into improved products, processes, or services using IPM. The IPM addresses the concerns regarding innovation through these phases: strategize, capture, formulate, evaluate, define, and select. IPM enables our customers to

Widen the idea pipeline

  • Foster a culture of innovation
  • Involve more of the right people at the right time
  • Facilitate collaborative participation

Formalize the innovation process

  • Balance creativity with process discipline
  • Ensure key decisions and actions are taken at the right time
  • Secure and manage intellectual capital

Optimize Return on Investment (ROI) and time to market

  • Provide objective and strategic selection criteria to maximize relevancy
  • Capitalize on business opportunities by improving the speed and robustness of idea selection
  • Maximize the financial return of selected ideas
  • Optimize budget allocation according to strategic value

With the IPM and associated technologies, the innovation process becomes strategic, repeatable, measurable and facilitative. Finally, the idea is retained regardless if it is a "go" or "no" decision.

What are the benefits of IPM to customers?

  • More people contribute to the idea
  • Ideas and knowledge are retained
  • A transparent process exists so that people know how to contribute to the ideation process
  • Less time required to screen ideas for value
  • Management gains visibility into the idea pipeline and key metrics
  • Intellectual property is retained by the business

How we structure, drive and manage Innovation Process?

 

Strategize

In order to foster innovation, the organization must first establish and prioritize business drivers and metrics.

Capture

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.

Formulate

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.

Evaluate

Select ideas according to business parameters, analyze the portfolio, and objectively evaluate ideas. In this stage, high-rated ideas are approved.

Define

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.

Select

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.

ANECT Innovation Process Management

IPM is designed in way to cover three key aspects of the overall process of managing innovation. This process is facilitated by an integrated enterprise project management and business productivity infrastructure that includes collaboration, unified communications, business intelligence, enterprise content management, and enterprise search.

  1. Ideation and knowledge capture helps you and your teams share ideas easily and rapidly to promote a culture of innovation. This culture occurs by increasing participation and then the quality and quantity of contributed ideas. By collaborating to solve problems and develop ideas, teams can gain incremental benefit or create an entirely new product, service, or process. Collaboration encourages feedback, gauges interest, strengthens teams, and further develops concepts to transform them into well thought out ideas.
  2. Process and knowledge management helps you to investigate, formulate, evaluate, develop, and promote an idea from concept to sanctioned project while involving key stakeholders internal and external to an organization. We provide you with the capability to enforce process structure and discipline without stifling innovation. In addition, you gain the ability to manage the lifecycle of all-digital content flowing in and out of the solution.
  3. Project and portfolio management helps you to evaluate ideas according to governing strategic objectives, such as growth, globalization, innovation, and customer loyalty. Project and portfolio management provides functionality to develop and implement operational parameters, such as workforce resource constraints, capital expenditures, project funds, and competing investments. It also provides performance metrics capabilities, such as sales forecasts, inventory, and budgeted versus actual expenses.

1) Note: Innovation Process Management design of ANECT is based on general principles of managing New Product Development, Change Management in organization and Project Portfolio Management. The service description employs only general principles to Manage Innovation Process. Source: Robert G. Cooper, Winning at New Products, 2nd Edition (1993) and „Stage-Gate" Model; C. Merle Crawfords, New Products Management, 5th Edition (1996); Henderson & Oldach, The Strategic Alignment Model (Venkatraman ea), www.12manage.com; Microsoft Corporation , White Paper Innovation Process Management (2007); ANECT, a.s., Project Management.

 

ANECT a.s. provides innovative solutions built on an integrated ICT infrastructure. Our Managers are ready to answer any of your questions concerning this particular service by phone +420 271 100 100 or e-mail: anect@anect.com.


Let´s a solution for your Innovation Management together!

 





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