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In today’s competitive market, with ever increasing consumer expectations, globalization and the pace of structural change, the existence of any company depends on its ability to sustain Innovation.
Innovation is one of the most bandied about terms in global business today, but exactly what it means can be nebulous. In simple terms it can be defined as “A novel creation that produces value” and can be put in an equation as:
This means for innovation one should have some creation which is marketable
Every day, whether at home or at work, we come up with various solutions for the most complicated problems we face in our daily life, even if they are just simple changes, but a lot are lost for various reasons; perhaps we are reluctant, or due to the fear of failure, or we think that they aren’t good enough or that they might be silly..
So the first thing is an “IDEA”, which needs to be enriched and made achievable with the available resources. The next thing one needs is a “PROCESS” to evaluate, create and execute the idea. One can start with MS Word, Excel etc. to cheaply and easily develop the templates and documents required to manage a project and easily share and distribute these with email or with general collaboration tools such as a shared folder on company intranet.
So, it’s a good start, but some structured process is needed to manage and create a sustainable innovation environment in the company.
The roots of phase based developments can be traced back to the 1940s, in the world of New Product Development “NPD”, Dr. Robert Cooper introduced the concepts and terminology of Stage-Gate® processes which are the trade mark of Stage-Gate Inc. The basic idea is simple – divide the project into phases (a period of time), where in the early phase one deals with the how and the why, while the later phases deal with doing – developing and testing according to specification. Between the phases are gates (a decision point), where the pace, progress, and achievements are measured and the fate of the project is decided accordingly..
Phase-Gate process seems to be an easy bet but in reality the things are different, it’s a journey, which needs commitment from all quarters and it’s a test of endurance.
Innovexsol provides a complete solution that enables you to disseminate Innovation under the guidance of our experts and managing the NPDs using the eeJaaD PPM Software.
