For companies actively engaged in innovation, the rewards are high—but so are the risks. You could be the company that develops the next iPhone, or you could be the company that develops the product that is made obsolete by the next iPhone. While luck may have a small part in the matter, the real difference between success and failure in innovation is the process of innovation itself.
By leveraging an enterprise innovation management (EIM) SaaS platform like inno360, you ensure that with each new innovation project, you have a clear and comprehensive view of the IP, individuals and institutions in your innovation landscape, as well and access to any and all relevant resources and experts. With everything you need for success integrated within one tool, your innovation process is streamlined and becomes dramatically more effective.
Here are ten ways an enterprise innovation management platform gives your team a competitive advantage:
Increased capacity
- Through the platform’s search and networking tools, you have access to collaborators from all industries all over the world.
- The platform was designed with dynamic visualization features to give you a broad view of all relevant market or technology segments.
- Best practice workflows are built into the platform to allow you to have a deep view of specific technology specifications.
Speed to Market
- The platform allows you to locate, reach out to and engage with potential collaborators within hours, rather than weeks or months.
- The innovation landscaping capabilities allow you to see all existing expertise and knowledge around a given topic or product—preventing you from reinventing the wheel with every new innovation project.
- The platform allows you to quickly locate opportunities to acquire or license new capabilities that will jumpstart your new product innovation.
- Regardless of the needs you have in taking a product to market (i.e. finding someone with specific technical skills, filling knowledge gaps, locating distribution channels), the platform allows you to make connections and find partnerships that will complete your go-to-market needs portfolio.
Reduced risk
- Using the platform’s search tool, you can quickly scan global patents to find out what competitors are working on, as well as other global literature and knowledge sources, allowing you to easily determine what product areas are already saturated and where you stand to gain a competitive advantage.
- Within the landscaping feature in the platform, you can find technologies—both on the market and in development—that can either make your new product obsolete, or turn it into the new market leader.
- The platform prevents you from spending time and money on new capabilities that are less relevant than others that you would normally identify in a more comprehensive landscape.