Artificial intelligence, automation, strategic oversight, restructured teams, and other innovation management techniques streamline the innovation process. Organizations committed to creating efficiencies within the innovation cycle using these strategies and others like them reap many benefits.
1. Democratizing Ideation
Innovation starts with ideation. In the past, ideation was limited to specific people during specific conversations. Automation tools, such as idea management software, remove the time and place restrictions that previously limited ideation. These types of solutions allow more people to participate in ideation. Rather than relying on a core team to produce ideas, this streamlined process gives employees the opportunity to contribute to the innovation process with ideas, regardless of their formal title.
2. Boosting Productivity
With artificial intelligence and automation contributing to research, analytics, communication, and other necessary work, employees can focus their efforts on more complex tasks that require creative problem solving and ethical decision making. Streamlining innovation with the assistance of machine learning allows human team members to use their resources more effectively.
3. Solving Problems
Strategic innovation management can help focus an organization’s efforts, so that its resources are spent solving real problems faced by their employees, customers, and communities, as well as the world as a whole. Streamlining innovation often means allocating time and money to the technology with the most potential for a business and its current and/or future shareholders. This strategy better aligns research and development with business goals and real world problems.
4. Sharing Data
Streamlining the innovation cycle often involves updating and documenting processes in order to centralize data. Having processes that prioritize gathering, storing, and managing data in a central database for real time feedback, trend analysis, and forecasting helps development teams bring innovations to market faster.
5. Continuous Innovation
When a company focuses its resources on a single invention, it can miss the opportunity to capitalize on emerging technology trends and gain a lucrative competitive advantage. With a strategic plan for innovation in place, organizations can allocate resources for inventions in every stage of the innovation cycle. This allows a business to continuously bring new products, services, and processes to market.
6. Business Growth
Streamlining innovation gives more employees more opportunities to contribute ideas that lead to creative solutions. Increasing the number of ideas also increases the number of opportunities for innovation. For businesses that rely on innovation to remain competitive, efficiencies in the innovation cycle can lead directly to measurable business success.