Innovation Performance Management | VajraSoft Inc

Innovation Performance Management – From Idea to Value

Understanding the value or determining the value in a systematic, timely and cost-effective way is the critical factor that determines success or failure of the products. Typically about 33 percent to 60 percent of the new products fail in the market due to this fundamental reason.

So, define the “value” – perceived versus actual; this is critical for the outcome (success or failure).

Using Innovation Performance Management one can measure the translation of ideas into value. How to go about?

  • Determine how you want to convert your idea into New Product or Product Improvement or Service Innovation or Process Innovation
  • Is this Innovation going to be Incremental innovation (risks are low) or Radical innovation (simultaneously addressing multiple business pain points; – It is risky)
  • Determine the efficiency and effectiveness of your product / service or process innovation
  • Gain business expertise – This is critical for ensuring success
  • Start the transformation exercise of changing idea into value to gain competitive advantage
  • Get customer insights

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