Today when most of the companies are baffled in implementing new innovation processes, billions of dollars are wasted on failed innovation projects annually! It clearly suggests that it is not that easy to implement a systematic innovation process which promises to deliver value.
At the same time, there are many challenges faced by companies in selecting the right opportunities to commercialise. As complete innovation pipeline consists of different fragmented processes and data silos, more than 80% of innovation decisions are taken on incomplete and outdated information. In other words, companies found themselves lost with number of ideas coming due to the lack of proper Idea management capabilities and direction strategies.
Ultimately, companies struggle to take an End-to End life cycle view and they are unable to exploit the internal Expertise and knowledge of the value chain. A single system of record and management for complete innovation process could be an answer to this demanding situation. But due to thousands of platforms and software available in the market it is often challenging for companies to come up with the right solution that is the best-fit to their needs. With this inability companies ended up with most common mistakes which are:
At Lead-Innovations, it is our goal to offer a structured process to innovation leaders for creating direction, alignment and commitment needed to create and implement new business ideas from scratch to Minimum Awesome Products that adds Value. With the correct tool-set we help companies to select the innovation strategy together with the appropriate Idea management platform that is right fit for them. Stay tuned to get more insights and feel free to contact us for further information.