New Innovation Inventorying Software Saves Global Company From Repeating Costly Projects

InnoAnalytics.com, a new kind of innovation management software, has been saving a Fortune 250 company’s innovation department from repeating costly R&D projects.

InnoAnalytics.com combines the most effective elements of knowledge management software (Oracle and SAP), idea capture software (BrainBank, BrightIdea, Goldfire HypeInnovation), and cloud storage applications (Dropbox.com, drop.net, sugarsync, and SharePoint) into a powerful and easy-to-use innovation management application.

Until the introduction of InnoAnalytics.com, this company relied on two programs to manage over 200 active projects and more than 100 years of new product introductions.  The limitation of Microsoft’s Excel and PowerPoint saved on a shared drive had become apparent.  The Excel file was a massive list of projects with a brief description and list of key contributors.  The PowerPoint file contained PDF’s of project deliverables from the company’s suppliers such as design sketches and innovation concepts. Other types of new product development materials, such as results from consumer testing, pictures of prototypes, competitive products and engineering files, were scattered.  Some of these files could be found on laptops, others on shared storage systems, such as SharePoint.  Many others were lost when people left the company, changed jobs or simply forgot where a file was saved.

These problems came to a head in June of 2011 when the company’s innovation team contracted with a leading California design studio for conceptual work.  After 4 months and over twenty thousand dollars of fees, the results were presented at the stage-gate one review to a cross-functional steering committee of senior managers.

You can imagine the R&D group’s surprise and the manager’s frustrations when it became clear that nearly the exact same project had been completed two years ago by the company’s marketing department.

Fortunate for the R&D group, this expensive innovation mistake was traced to their system and process of innovation management.  More specifically, they identified the problem as a lack of effective management of their innovation inventory.  This path was chosen as superior to R&D project management with inventory software.

They chose InnoAnalytics.com because it offers the best elements of knowledge management software, idea capture software, and cloud storage applications.  It is the leading innovation inventory application, available to any user with an internet connection.   With accounts and pricing structured for companies of all sizes, InnoAnalytics.com was also provided the lowest cost solution.

Image thanks to music2work2

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