How to define the business case of your innovation By Innovation Cloud, 26.06.2019

How to define the business case of your innovation

After you have successfully finished the initial research phase of your next innovation, it is time for the second phase of your product development process - Business Assessment phase. In this phase, you will define the full business case of your innovation in detail and provide the action plan to develop it.

In the business assessment phase of your NPD, you will further refine your initial research and assessments by devoting more time and resources to activities in this phase. Every parameter from your previous phase is available now for further refinement. Solid pre-development work increases the new-product success rate.

 

 

The output of this phase should be a clear picture of product definition, business case and built innovation plan for development. You should determine full market potential, operational and technical feasibility, potential time and costs of development of your new product/service as well as technical, regulatory and legal risks. With business case document you define your product/service in detail and provide solid ground why it should be developed. Also, you extensively plan your further development of proposed innovation from project portfolio point (all assignments, tasks and activities in development phase) as well as from resource planning point of view (human, time and financial resources required for development phase).

The depth of business case analysis can vary depending on the type of your innovation. If your homework requires more assignments, you will add new ones with one click. Describe your assignment, assign it to a team member in charge of completing this activity, set the due date and mark the activity if it is required.

You can use your pre-created task list templates or add new ones to ensure a successful outcome. With Innovation Cloud you can save time and efforts by directly editing documents within your innovation management platform, without constantly downloading and uploading documents.

The systematic analysis will ensure that all necessary information areas are covered with an aim to define the true business value of the potential investment. Review phases are signed by senior managers who act as “gatekeepers”. Their job is to review the quality of the inputs and deliverables. Their signature will result in a Go or No Go decision of the progress of innovation.

When the review committee approves the progress of your innovation, your team will be in front of the next working phase- the Development phase.

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.


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