Business Benefits

  • Setting formal ideation process leads to-
    1. > Cost savings through process improvements
    2. > New products, services & markets- thus new revenue sources
    3. > Improvement of existing products/ services

  • An Innovation driven Corporate Culture leads to-
    1. > Dissemination of cross-functional and cross-organization opportunities
    2. > Enables corporate-wide and business unit innovation activities

  • Engage Business Partners (suppliers, vendors, customers etc) in Product Development and Process Improvement.

Strategic Benefits

  • Helps in aligning Open Innovation with Corporate Strategy.
  • Helps in developing a continous pipeline of Revenue Generating Ideas.
  • Understanding where the 'New Ideas contributing to revenues' are comes from.
  • Helps in aligning KRAs with Idea Generation & Implementation.
  • Competitive Advantage (due to Product, Processes & Business Model Innovations)

Financial Benefits

  • Generating additional revenues and increase uptake of launch products/services.
  • Optimize return on innovation and time-to-market.
  • Significant ROI from investment in the process and implementation of top ideas.

Other Benefits

  • Collaborative participation across geographically dispersed groups.
  • Corporate culture, employee morale, feeling of making a contribution
  • Reduce employee attrition that happens due to lack of opportunities.
  • Identify & reward people with Multiple Skillsets in your Organisation.
  • Balance creativity with process discipline.
  • Ensure that key decisions and actions are taken at the right time.