• 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.