Home' MHD Supply Chain Solutions : MHD May-Jun 2016 Contents D
igital tools help bring structure and control
to complex, dispersed product innovation
and development processes – but what
exactly does that mean for your ability to get
innovative ideas to market quickly and profitably?
Why is innovation so difficult?
Continuous innovation is the key to sustainable
business growth. But delivering innovative
products and services quickly, consistently, and
profitably is easier said than done.
Unless product innovation and product
development processes are closely linked by
an integrated, structured flow, it can be difficult
to bring ideas to market. Even capturing and
selecting the best ideas in the first place can
be tough when there’s no central repository
of innovation and development data. Making
informed decisions about in which products and
services to invest, isn’t easy if there’s no single
source of trusted information.
The best innovators use digital tools to help
them structure the product innovation and
development process, with everything connected
and supported by continuous analysis of all
the available data. In this way they can get
innovative products to market successfully,
and ensure the entire portfolio is aligned with
corporate strategy and market demands.
1. Automate complex processes
With all the necessary data from across the
product value chain gathered in a single system,
tools can be used to automate many elements
of the innovation and development process.
Budgeting, resource planning, and risk
management can all be automated based
on knowledge gained during past projects,
making management simpler and reducing or
eliminating the risk of errors.
2. Capture ideas from everywhere
Great ideas can come from employees in every
part of the business, but they can also come
from a company’s ecosystem of customers,
partners and suppliers.
Digital tools enable organisations to listen
to capture ideas from across the enterprise,
monitor social channels and incorporate the
voice of the customer into the ideation process.
Ideas captured from all channels can then be
prioritised based on strategic objectives, and
the best ones put forward to be turned into
requirements and concepts.
3. Keep ideas that aren’t used
Not every idea captured will be a good fit for
current strategy or market conditions. Some
may be unfeasible from a technical point of
view. Or there may not be enough resources to
develop all the good ideas in the pot.
But conditions will change, technologies will
evolve, and resources will become available
in the future. Innovation management tools
enable companies to keep a history of all ideas
generated, so they can be revived or recycled at
a later date instead of being left to gather dust (or
be taken to a competitor) on employee devices.
4. Create compelling business cases
Unifying and centralising high-quality data from
all relevant internal and external sources gives
project managers a complete view of everything
they need to know to build a robust, viable
business case proposal.
With clear visibility of budget, resources, and
desired features, it’s far simpler to assess ideas
and concepts and have confidence that the
development costs and return on investment in
the business case will actually be reflected in
reality once the product gets to market.
5. Make investments with confidence
Without reliable data and automated tools, port-
folio investment decisions can often be a shot in
the dark. But when product proposals are based
on a 360-degree view of trusted information,
combined with well-orchestrated management
and execution throughout the development and
commercialisation process, investment decisions
can be based on facts, not hunches.
6. Accelerate concept development
Digital tools and a central data repository enable
seamless collaboration between all stakeholders
throughout the product development process.
Product concepts can be quickly and easily
created and adapted, based on assessments of
the risks involved and the feasibility of technical
and commercial success.
7. Stop ‘living dead’ projects growing
out of control
A lack of visibility, structure, and control in the
product development process means that poor
projects can continue to drain resources from
the organisation long after they should have
Innovation management tools analyse a clear
and complete view of all risk factors to enable
organisations to ensure failing projects are
quickly cancelled and resources directed only
towards the projects with the highest probability
8. Manage a balanced portfolio
For truly sustainable success in innovation,
it’s essential that product portfolios are well
balanced, so that the organisation has the right
mix of products at any given time, as existing
products are updated, new products come on
board, and old ones are retired.
Digital tools continually analyse innovation
and development processes alongside the
existing portfolio to ensure current and future
products fit with strategic objectives and
changing market conditions.
Steve Bray is the general manager, ERP, for
Oracle ANZ. For more information call
+61 2 9491 1000, email salesinquiry_au@
oracle.com, or visit oracle.com/applications/
MHD SUPPLY CHAIN SOLUTIONS — MAY / JUNE 2016
Links Archive MHD Mar-Apl 2016 MHD Jul-Aug 2016 Navigation Previous Page Next Page