With disruptive forces affecting nearly all industries, today's leaders are looking for ways to innovate in a systematic way to deliver predictable results. The most innovative businesses grow by an average of 84% over a five-year period, compared to just 28% for laggards.* But finding great ideas, choosing which to invest in, and then getting them to market quickly is far from easy. So how do can you become more consistent?
1. Define your main challenges around Innovation
By defining problems properly, you make them easier to solve, which means saving time, money and resources. Maybe this is helpful to narrow it down: According to this 2015 Aberdeen report ** the main challenges around Innovation inherently span innovation management and project execution:
2. Examine your existing processes
Consider your business. Do you have:
If the answer to any of these questions is no, then you are ready to address these with an integrated solution that ties innovation activities to project management activities. Best in class companies are 58% more likely than their peers to have this process standardized. In this way their systems are connected, employees share a single source of accurate information, and they are able to manage all of their projects in an integrated fashion.***
3. Identify the right solution for your business
You should look for a system that addresses these two critical questions:
A modern, integrated solution leverages both innovation management and project execution best practices. It provides a systematic approach to analyzing project investments, providing visibility and using analytics to see if the innovation aligns with corporate strategy, company goals, customer needs, resource capacity and budget. Then it tightly links that information with an automated project execution engine to deliver the innovation.
4. Create value by continuously monitoring and adjusting to improve results
An integrated solution will give you more control with live monitoring and the agility to adjust as needed to win quick or fail fast to earn a healthier return on your innovation investment. Deliver value to your business:
Bringing it all together
A tightly integrated solution like Oracle’s Innovation Management Cloud with Project Execution can help you accelerate the execution of the right innovations that are best for your customers and for your business. Click here to see how it works.
To learn more about Oracle Supply Chain Cloud applications visit www.oracle.com/scm
Julia Vagdati is PLM and SCM Product Marketing Lead at Oracle. Connect with her on LinkedIn.
*Source: Taking the measure of your innovation performance, Bain & Company, 2013
** Source: Innovation Management Survey and Report, Aberdeen ,2015
***Source: Tying Innovation Management to Project Portfolio Management in the Cloud, Oracle, 2016