Open Innovation cultivating Transparency.
There is an open paradigm shift in innovation by bringing transparency in challenges the companies are facing. Companies have to win in today’s competitive global market by continuing to innovate with good success rate.
The major challenge for the organization is “TIME”. The time required to deliver an innovative product is crucial. The chances are that the competitors can grab a major share of the global market while you are still struggling to get the product to stand out.
The common trend in most companies adopting Open Innovation is to use this as a mechanism to bounce back from past product failures, bad launches, failed R&D cycles, etc. This is a result of not assimilating innovation challenges from different product lines within an organization and the inability to bring in an ‘outside-in’ perspective to the product roadmap.
On the contrary, history of successful Open Innovation adoptions shows that significant players such as P&G, General Electric, Siemens, Bosch, Unilever, etc. have incorporated Open Innovation in their core culture and have brought about a ‘culture shift’ from the ‘top down management mandate’. As a result, these companies have always created innovative products which have been consistently profitable and have won the hearts and minds of consumers.
R&D teams inherently need to collaborate with not only business unit heads but also bring new avenues of insight, such as ‘crowd-sourcing of ideas’, social media trends, track reputation management data, customer sentiment data to get a correct feel of the what the mass thinks about the product. You may be thinking by now that this is a market-research firm’s prerogative. Well, in the real-world, true market research happens when you decide to ‘crowd-source’ your next idea and eventually the product. This means that R&D managers have to become comfortable with both assimilating and sharing information early in the product development process.
The organizations which have adopted Open Innovation into their organization carry out the process in phases.
- 1st phase – the ideas are collected from the participants and discussed,
- 2nd phase – the participants who have given better ideas and solutions are rewarded
Ideapoke’s Open Innovation Platform is a plethora of partners, solution, and universities. The organizations can post a challenge and get solutions to their innovation challenges. Come, experience the power of Open Innovation and open doors to limitless possibilities.