Avoiding Innovation Mistakes Using Innovation Knowledge Management Tools

More than ever R&D and new product development (NPD) teams are spending significant amount of their time avoiding innovation mistakes.  Leading innovation knowledge management tools and software have transformed innovation knowledge management into a strategic advantage for their users.

How many times have you heard the sayings “There’s nothing new in the world.” or “Everything worthwhile has already been invented.” or “Every solution to a problem has already been found/applied elsewhere.”

Successful innovation requires an immense amount of the right knowledge.  Not only specific to the area of the domain, but including other broad based knowledge and insights.

Is there any reason not to believe that all the knowledge required for a successful innovation would already be somewhere within your existing R&D, design or engineering organization?

Unfortunately, there is a long held view that innovation is random. Because innovation is unpredictable, the best a company can do is to identify important innovations early and react appropriately. But decades of research and applied work has brought great clarity to the world of innovation. While we’re still far from perfect predictability, companies that manage innovation knowledge and process can sharply boost the returns on their investment in innovation.

Some examples of companies that have built a innovation factory include Procter & Gamble (PG) and Anheuser-Busch (AB-InBev).  These companies follow a structured approach to capturing innovation knowledge and insights.  They treat innovation as a strategic effort, with senior leaders actively involved in improving their innovation processes and innovation knowledge management.

 “If HP only knew what HP knows we would be much more profitable.”

Former HP CEO Lew Platt

A key value of innovation knowledge management tools and software is their contribution to the organization’s continual improvement and learning from past mistakes.  Successful companies strike a balance between performance and learning cultures.  Utilizing innovation knowledge management software enables R&D organizations to proactively identify best practices and retrieve institutional knowledge.

Innovation knowledge management leverages the advantages open innovation.  The leading innovation management software tools enable collaboration with suppliers and outsourced resources within a secure environment.  This mean that new product development (NPD) teams can better:

      • Share knowledge and experiences globally, regardless of geographic locations.
      • Identify and access capabilities and insights from individuals, teams, and 3rd parties
      • Leverage new and little-used capabilities for current projects

Innovation knowledge management is the process through which organizations generate additional value from their intellectual assets. These intellectual insights may include ideas, concepts, past projects, consumer research and competitive insights. Innovation knowledge management allows innovation teams to quickly integrate institutional knowledge, learn from past projects (and past mistakes) as well as capture additional value from unused new product concepts and ideas.

Knowledge and creativity management are now major driving forces behind pioneering companies that are achieving competitive edge crucial to competing and winning in the marketplace.  Intensifying competition is eroding profitability of existing product offerings. This leads to a constant pressure on margins, and smaller R&D budgets.  Innovation organizations, more than ever, are challenged with doing more with less. Innovation knowledge management includes getting the right information to the right people at the right time to reduce costs, speed time to market and increase the predictability of innovation concepts.

 

 

 

 

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