August 7, 2021

How are Innovation Solutions Utilized in Business?

As you begin to consider organizing and reorganizing your business structure to accommodate an innovation strategy, innovation solutions will serve as invaluable tools. This wide-ranging suite of solutions is essential to helping your business create a customized structure and processes that will effectively drive innovation. Without putting innovation solutions in place, businesses will continue to talk innovation without effectively executing viable plans.

Innovation consulting services can include:

  • Providing expert consulting services to determine what type of innovation structure would work best within each business entity. Recommendations are based on prior experience along with a detail analysis of the strengths and weaknesses of each company.
  • Consulting on setting up a new structure that fully integrates innovation and makes it a priority.
  • Consulting to create the rollout strategy and plan. It can take time and effort to change ways of thinking and doing, especially when employees don’t feel safe sharing new ideas. Rolling out the strategy can be a pivotal time and success can hinge on the right strategy.
  • Consulting to create an open innovation structure. Traditionally, companies were tight-lipped about their innovation projects, but the information age has popularized open innovation. Under this model, companies are transparent about their technology and open it to outside sources for input. This approach encourages global collaboration and thought diversity, which can accelerate innovation.
  • Continued coaching. Even if a new innovation structure and strategy is successfully implemented and continues to produce results, ongoing coaching can help companies adapt as new challenges arise. Staying aware and agile can ensure that innovation is a continued process and not a one-off project.
  • Consulting to scout for technology solutions and running innovation challenges. Coaching can help companies learn how and where to look for emerging technology solutions. Big data can help reveal trends, identify who is working on what and help connect companies with startups and innovators across the globe. Companies can also learn how to capitalize on internal teams and conduct innovation challenges that encourage engagement and provide a clear system for submitting and evaluating ideas.
  • And much more! Innovation solutions that include consultation services can vary widely and be completely customized to fit the needs of each individual company. A personalized approach provides the opportunity to build on weaknesses and take full advantage of existing strengths.

Software technology and automation can include:

  • Innovation challenge and idea management platforms. By providing a user-friendly portal for both internal and external collaborators to submit ideas, the innovation process can be automated and ideas can be moved to market faster. This approach also increases engagement and reinforces a culture of innovation. Innovation challenges are another valuable tool within the software that use competition to fuel participation. These software tools can be customized so each project is measured against specific, pre-determined criteria and fully for a personalized platform.
  • Idea review and advancement tools. These tools and features can help add a level of automation to the evaluation process. Ideas can be measured against criteria, scored and advanced through the ideation process at a faster rate.
  • Collaboration software. As more businesses turn to open innovation, collaboration software becomes increasingly important. The right software can help bridge gaps and allow people from all over the world to effectively communicate about projects and find innovative solutions.
  • Technology landscaping and scouting software. Technology landscaping allows users to gain a better understanding of the current market in order to anticipate trends and prepare for the future. These tools take a close look at direct competition, analysis information on patents, grants and trademarks and provide insight into research and development for a comprehensive view of existing markets.
  • Project planning software. Innovation solutions use software to organize and manage projects for better efficiency and outcomes.
  • Technology scouting services. The right technology scouting tools help businesses identify emerging technology and find ways to incorporate it into the business. This makes it easier to acquire the latest technology at just the right moment.
  • Mining big data technology to report on a specific technology or product space. With so much information available, the biggest challenge can be sorting through it all and finding the most important details. Fortunately, big data technology can make all that possible. Businesses can digest and utilize vast amounts of information, allowing them to have an accurate, real-time view of markets, technology and particular product spaces.
  • Scouting for technology solutions. Users can connect with a solver, expert, start up, discover new patents or get up to date on what is happening in academia and research labs.

Technology matchmaking services. Software can be used to better understand a business technology need and match them up with a solution. A variety of approaches can be used to identify potential partners and users can be matched with subject matter experts (SMEs), build a crowdsourced community of experts, etc.

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