As per Morgan Stanley report, an estimated $2.7 trillion that companies invested into technology in the year, more than $500 billion is wasted largely part due to implementation failure. So, the importance and scope of Idea Management (Ideation) or simply Invention Disclosure Management System (IDMS) is obvious.
Critical Factors of Innovation Management
What are the critical factors for ensuring success of Innovations Management?
The critical aspects are:
Capturing Ideas, Managing Invention Disclosures
Evaluating and Approving ideas, inventions for Patent filing
Seeking Intellectual property protection in global markets
IPWayz allows you to manage innovations by capturing all ideas across the enterprise and manage the Invention Disclosure. The Invention Disclosure Management System in IPWayz allows prospective inventors to disclosure / submit their proposed inventions to patent committee for review.
Management can evaluate all submissions, and based on commercial viability and strategic benefits, decide to invest in creating business “value“. The scope of innovations can be – Product Innovation or Service Innovation or Process Innovation.
Enterprises can manage all ideas, invention disclosures in centralized idea repository. All inventors can submit their proposed inventions online for evaluation by patent review committee – constituting Business experts, Technical experts, IP Experts, Strategic Business Unit heads and Top Management or Executive sponsor. This ensures organizations solid returns in terms of competitive advantage and ability to monetize innovations and improve business value.
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