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The Supply Chain Management Blog covers the latest in SCM strategy, technology, and innovation.

6 Modern Best Practices to Build an Innovation Pipeline

Larry Simcox
Sr. Director

I would like to share a recent article on ForbesBrandVoice — More Than Cosmetics for Digitizing Innovation. The article does a nice job articulating how Mary Kay is leveraging Oracle's Product Lifecycle Management (PLM) applications to improve its processes and results by incorporating 6 best practice for innovation recommendations from Kalypso, a Gold level member of the Oracle PartnerNetwork with a specialization in Oracle's Product Lifecycle Management application:

  1. Articulate and align on an innovation strategy
  2. Manage the fuzzy front end
  3. Systematize what you can to scale
  4. Actively manage innovation portfolio and investment allocation
  5. Organize and reward for success
  6. Measure your results and learn to improve

Following is a breakdown of each of Kalypso's best practice recommendations for innovation processes tied to Oracle's Modern Best Practice.

Articulate and align on an innovation strategy

An innovation strategy is "an articulated set of statements that become a playbook to achieve the corporate strategy," says George Young, founding partner of Kalypso. Oracle's Modern Best Practice for Innovation provides a strategic play book to monitor and capture ideas, build a business case, define requirements and design, portfolio review and selection and take products to market.

Manage the fuzzy front end

Oracle Innovation Management manages the fuzzy front end and provides a modern and standardized process to socially monitor ideas from your brightest innovators while providing a standardized process to sift and rank ideas, analyze trends, gather additional details all while capturing ideas.

Systematize what you can to scale

Modern best practice tools allow you to link your innovation efforts with product development while reducing you time to market to release commercially available products via a modern Concept Formation to Design best practice. The modern concept formation to design best practices takes your product development journey from gathering ideas and concepts to validation and best fit design while also exploring cost and alternative product evaluations.

Actively manage innovation portfolio and investment allocation

Most companies have scarce resources for new product and service introductions. Oracle's Modern Best Practice for Portfolio Review provides our customers with a standardized process to accelerate product portfolio evaluation and selection to give you the ability to analyze each potential product investment against its costs, risks, and resource requirements.

Organize and reward for success

The article states that frequently, innovation rewards are not connected to the actual outcome of the innovation. Oracle's Modern Best Practice for Product Proposal to Go-to-Market Candidate provides the foundation of turning ideas into a profitable product portfolio. Oracle's PLM Cloud solutions provide our customers with the ability to model and track revenue streams and analyze different investment scenarios to help you determine how well your investment fits within budget or resource constraints and tracking future revenues by product to establish your return on your investment on idea creation to product development and commercial availability.

Measure your results and learn how to improve

Measurement is like history. If you don't measure your results how do you know if anything happened—good or bad? All of Oracle's Modern Best Practices leverage key technology enablers like advanced analytics and big data. This keeps you from having silos of information in disparate systems—all piece meal together making it very difficult to learn how to improve. Keeping all your results centralized and tied back to your initial ideas and product launches will allow you to leverage that information for future product and service improvements.

Find more on innovation at Oracle.com:

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