By Julia_Vagdati-Oracle on Feb 09, 2016
When you hear the word “innovation” it is likely that what first comes to mind is a new ground breaking technology. The reality is that there are many types of innovation and the inspiration for those innovations can come from many sources. Incremental innovation, most common, improves a current offering; process innovation improves how you produce or deliver a product; service & business model innovation improves customer interaction & experience; frugal innovation delivers more with less –targeting lower cost offerings typically to emerging markets, and the most publicized type of innovation, radical, breakthrough, disruptive innovation which significantly changes what the market and customer expects.
With so much input, filling the innovation funnel with ideas isn’t a problem for most companies– feeding the funnel with a balanced and steady stream of good ideas that are both achievable AND align with product, business and company strategies presents the greatest challenge. Lacking a collaborative, disciplined, systematic approach to selecting the best ideas that are translated into achievable, profitable offerings continues to challenge even the most notable companies.
Therein lays the greatest challenge to closing the ‘innovation gap’ – the gap that exists between what executives establish as strategy and expect versus what their organizations deliver.
In the following article published by Techzone360, Gayle Hayes, Senior Director of Product Strategy and Julia Vagdati, PLM Product Marketing Lead, discuss the strategies to close the Innovation gap, increase ROI and drive profitable growth in your organization. Click here to read the full article.