R&D is an important part of the innovation process. The initial stage of any innovation is the original idea, which is usually under the realm of innovation management, but it may also be the output of the R&D department. R&D is then called in to analyze the feasibility of this proposal or simply if the project is worthwhile. Feasibility studies must also be carried out in coordination with other departments, such as marketing, sales, finance, and logistics. This is why an innovation management system is required to facilitate communication and successful cooperation in this aspect.
One of the primary ways that innovation management assists the R&D department is by explicitly defining responsibilities in R&D teams and providing an adequate interface between them. This is especially important nowadays when we have many remote workers. Going completely digital – from idea to launch – assists in managing all stages of the innovation process, including R&D.
Investing in R&D and innovation management
Investing in R&D considerably broadens a firm’s knowledge base, allowing businesses to innovate more, and innovation management, on the other hand, assists in managing the complexity of change, improving innovative potentials and capacities. A combination of high-level investments in R&D and innovation management creates additional opportunities to develop and deploy product innovations by resolving the bulk of challenges we observe in overall organizational structures.
How can innovation management get the most out of research and development?
1. Crowdsourcing - is an important element of the R&D process, since it allows you to learn what your customers want. To better understand their aspirations, a crowdsourcing plug-in that can quickly become part of your communication strategy can be extremely beneficial to your innovation process.
2. Collaboration - digital collaboration enablement provided by innovation management software may boost flexibility in the learning process while aligning the economic execution of diverse initiatives with the company’s objectives. It all comes down to picking the best software.
3. Metrics - during research and development, it is critical to focus on value and provide evidence, but it is even more crucial to maintain track of various indicators. Lots of them must be summarized for every stakeholder to comprehend and interpret the research outcomes. Innovation management software with various reporting systems in place to fulfill the demands of your R&D team is always a wise investment.
R&D and innovation management are inextricably linked. Providing your R&D teams with digital innovation management tools and procedures speeds up existing processes and opens up new opportunities for improvement. Moreover, it adds value to your R&D process by enabling the open flow of information from the consumer level, making the innovation process seamless and transparent.