What’s New in Enterprise Innovation Management?

by | Sep 3, 2020 | Blog Post

Getting new projects to market is complex and problematic and requires good management and good tools.

Enterprise Innovation Management allows you to repeatedly get the best ideas to market more quickly and more profitably. It is about choosing the right projects, and getting them right, from the idea stage all the way thorough to launch or value.

It enables you to evaluate, select and prioritize projects in an objective way, based on information and facts. The business case is built up incrementally, becoming more financially focused as the project gains maturity.

Is it worth doing? What will it cost? Will it be profitable?

Enterprise Innovation Management answers all those questions and allows you to see the bigger picture, ensuring your projects fit in with the whole portfolio and are aligned with the strategic goals of the organisation.

The best results come from companies who use an idea-to-launch system that features rigorous stages, gates and gatekeepers to manage the decision making, governance and approval process. They incorporate critical success drivers and best practices to accelerate their efforts and improve product success rates. These systems of progressive approval, checking and validation ensure that the project is worthwhile and kept on track, fitting in with the constraints of the organisation. An integrated solution for the entire portfolio is essential for success, with the four primary processes pictured below:

  1. Stage Gate is key for accelerating projects.
  2. Portfolio Management is intrinsically linked to Stage Gate – allowing you to evaluate what projects were approved whilst informing you what you should be approving at gates.
  3. Resource Management – you can only approve what you can resource. Resources need to be assigned based on prioritization, otherwise projects may be delayed or of poor quality.
  4. Project Management ensures all projects are delivered on time and requires an accurate, up-to-date informed view.

The latest Product Portfolio Management software is cloud based. Because of the availability and ease of deployment of those tools, this can reduce costs, while increasing business agility, flexibility, and innovation. Cloud systems can deliver results faster and cheaper than ever before, reducing projects time to market. It enables better use of your resources, with less capital expense, and increases collaboration within your team.

Benefits of a Cloud based platform:

  • Cost savings compared to internal hosting
  • Minimal requirement for internal IT support
  • Quicker to get a system up and running
  • Expandable/scalable resources – Easy to scale up
  • Secure
  • The system can be configured to fit your needs.

To find out how you can benefit from Cloud Based Innovation Management, register below for our free, on-demand Webcast, which includes a product demonstration.

Related Reading:

What are the Benefits of Product Portfolio Management?

Three Things to Consider When Choosing Product Portfolio Management Software

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