- Setting formal ideation process leads to-
- > Cost savings through process improvements
- > New products, services & markets- thus new revenue sources
- > Improvement of existing products/ services
- > Dissemination of cross-functional and cross-organization opportunities
- > Enables corporate-wide and business unit innovation activities
- 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)
- 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.
- 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.