Platform Innovation – How to Amplify the Capabilities of Corporate Innovation Teams

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Organizations now adopt a multitude of activities for innovation and the major challenge in this is to engage the full creative talent of the organizations for innovation and getting the best out of it. Driving brand new models of innovation, there are many innovation management tools and software available in the market, which ensures end-to-end solutions for inception to accomplishment of the innovations.

Objectives of platform innovation

The new generation innovation apps are developed with keen focus on industry-specific requirements. Data and results from one module can flow seamlessly into another to ensure continuity and persistence of the process, and this approach can ultimately ensure the speed to market factor. The administrators can define the scope of innovation programs to any direction as you want. The primary objectives of an ideal platform innovation programs should be to;

  • Initiate engagement – Inception
  • Resolve a problem – solution
  • Improve business areas – optimization
  • Building prototypes – hacking
  • Develop opportunities with proper nurturing – incubation
  • Fund the business plans – pitching
  • Track the evolving trends – monitoring
  • Collection of insights – understanding
  • Consider many ideas – suggesting

An ideal innovation platform should and also allow enough room for flexibility and scalability based on the specific needs of organizations and their business goals.

An ideal platform innovation technological application can positively engage the right people involved for communicating, collaborating, and fine tuning the raw ideas into actionable outputs. Robust features incorporated to innovation platforms can enable all involved to track the growth of each ideas and evaluate the viability of those. Rather than simply ending up as a discussion forum, these platforms can focus really on generating a functional impact and enhanced financial returns.

The real role of innovation

The role of innovation management in any organization is to develop a definable system of innovation that is comprehensive and lets the best ideas to take the right shape quickly. With a comprehensive innovation management system, it becomes easier to invite ideas from all the quarters. These ideas may be regarding a new product innovation, finding out new market opportunities, devising a better organizational structure, or devising a creative marketing plan.

In any cases, it is imperative to let the participants know about the actual objective of the campaign and effectively contribute towards the achievement of the desired goals. Next, all these ideas needed to evaluated through expert analytical methods to understand their viability and predication on the expected returns these can attract. Those ideas which pass through the filtering and evaluation process can be further worked on and implemented on an experimental basis. Once if you find the sampling works well, these can be tried out at a larger scale in the real market to ensure the best returns.

With the help of the right innovation management system and process in place, the innovation management teams can function the best way to bring in the real results in terms of revenue itself. However, all these objectives are met only if the initial phase of selection and implementation of the platform innovation application is done properly.