In our previous blogs, we explained how to discover the most promising ideas by applying the bottom-up or the top-down approach within the Discovery phase of your innovation process.
Now, when you have the right idea you want to develop, just with one click Innovation Cloud enables you to start idea development.
This click will open a new submission form ready for your Innovation, with all identical fields that are automatically transferred from your original Idea. You will be presented with an option to choose a product development process that suits your idea you are developing further and submit your Innovation.
The first phase starts with the Research phase where preliminary analysis and assessment are done to define the complexity of the idea development. A well-known fact is that early idea development research and assessment will ensure reduced product cycle time. The following phases of your innovation process are designed to optimize the execution of product development activities for rapid time-to-market.
Through the various assignments and tasks, diverse experts are included in quick research to determine technical, market and financial aspects of the idea development. These include tasks such as research of market potential, operational and technical feasibility, potential time and cost to execute as well as technical, regulatory and legal risks. All activities within this phase have the aim to convince your decision makers why the idea should be further developed. Your innovation managers will always be up-to-date with the progress of team activities.
The next step is populating the Review Deck document with valuable data for your decision makers. As the success in this phase depends on having the right data and resources available to perform the work, the Review Deck summarizes all your findings and research so that your decision-makers in one place have all the data they need to make the right decision. Also, if we take a look from a project portfolio perspective, we have valuable data from our previous innovations that can assist you with your assessment. You can use your already collected market data, whether from the post-launch phases of your previously launched innovations or from your ERP software integrated within our system. With real-time data, you will be able to determine the probabilities of both technical and commercial success. For example, this way you can compare the expected product development cost with the average cost of product development of similar products. If the predicted costs are lower than the average idea development costs, then the innovation is on the right track, followed by the GO decision.
After each work phase is complete, your decision makers will decide whether or not to approve each of these phases. These first, initial analyses are crucial prerequisites in determining whether or not the company should invest resources to further develop the innovation idea.
We just covered the Research phase of innovation management. Keep a close eye on our blog page, ’cause the next topic will be how to build a sound business case around your innovation development within Innovation Cloud platform.
Visit our website today, schedule a demo with one of our experts and start managing your complete innovation process with the help of Innovation Cloud.
