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HOW TO TAKE CONTROL OF PRODUCT AND SERVICE INNOVATION

Your guide to a structured approach that links innovation best practices with development and commercialization to accelerate time-to-, create a balanced product portfolio, and achieve business advantage 2 3

DRIVING GROWTH WHY IS PRODUCT INNOVATION AND THROUGH INNOVATION DEVELOPMENT SO DIFFICULT IN

Innovation is the growth engine of the PRACTICE? modern enterprise. Continuous innovation Developing innovative products requires a robust platform of in products and services is vital to drive processes and data. But with so many people in so many different revenue growth, stay ahead of competitors, departments involved with innovation, it’s easy for the best ideas and meet rising customer demands. to go unnoticed—and worse, for poor ideas to get to market.

In fact, research by Bain & Company shows that, over a five-year Employees throughout the business will often Big data and the Internet of Things also period, the most innovative businesses will grow 84 percent, have great ideas about how current products provide great sources of innovative ideas, compared to just 28 percent for the lowest performers in innovation1. and services can be improved, by adding but without an effective structure in place, Organizations that excel at product innovation are growing at services onto products to support new however, it can be very difficult to capture three times the rate of those that struggle to innovate. capabilities, as well as ideas for completely and analyze ideas, identify the most promising In this guide, we’ll look at why businesses find it so hard to get new products. Ideas can also come from and profitable ones, and then develop and product and service innovation right, and highlight practical steps customers, partners, and suppliers, or even commercialize them quickly and effectively. you can take to bring structure and control to your innovation from social media platforms seemingly management processes. unconnected to the business.

There’s a big gap between the expected and actual returns on innovation investments:2

97% 20% 45% 64%

of CEOs say think their innovation are dissatisfied believe their efforts innovation is investments are with the return to convert ideas into critical to their delivering satisfactory on innovation new products are business returns investment ineffective

1 Taking the measure of your innovation performance, E. Almquist, M. Leiman, D. Rigby and A. Roth, Bain & Company, 2013 2 Sources: News Releases and Press Articles; IDC Manufacturing Insights 2012; PWC Innovation Survey-Breakthrough innovation and growth 2013; Oracle Research 4 5

At the same time, Oracle research3 has shown companies need to the impact of disconnected balance innovation with processes in product a wide range of other innovation and development: requirements, such as supplier relations, product costing, portfolio management, of companies still use spreadsheets to make and compliance with 77% project investment global regulations. decisions

While product development cycles may be shrinking, have no systematic they now involve a approach for assessing lot more tasks, often 68% project value and distributed through opportunities multifunctional internal and external teams across the globe. have too many projects for their available 91% resources

have too many low-value projects in their product 67% pipeline

3 Oracle Innovation Survey, Oracle Corporation, 2014 6 7

Testing Artwork Figure 1 Facilities Houses Figure 1 shows the situation the average Outsourced Suppliers LIMS Quark Adobe project manager finds Partners

when developing a new ERP MES ERP Excel product or updating a SCM current one. ? Regulatory Customers Without the help of tools and a unified ? Bodies Idea ? single source of truth, it’s very difficult Generation to transfer best practices from experience ? Concept of complex development processes Evaluation from one product to the next. ? Value ? Review Project Chain To help overcome these issues, Manager Development management Enterprise and must ?

be seen as a global supply-chain Project methodology—and Launch ? one that needs tools to support it. Production ? Marketing ? Analyst

Logos Concept Ideas Complaints CRM Briefs

Pack Manager

Costs HCM Test FIN Product Sourcing Data Compliance LIMS Docs Developer Manager

Formulation Sample Site MES Specs HACCP Recipe ERP 8 9

What percentage of projects hit their THE TRADITIONAL cost and time targets? DEVELOPMENT MODEL Are our manufacturing The traditional development model must be replaced with a model that’s fit for purpose in the partners actually building digital age—and that’s exactly what’s happening at high-performing, innovative companies. the product we designed?

In the past, most organizations took a But product innovation and development document-centric approach to product is an overarching task. Managing these innovation and development, with product processes requires effective collaboration What impact do conflicting design scattered across the enterprise. between all lines of business—from and engineering changes have on R&D and finance to marketing and productivity and costs? But the digitization of products, more supply-chain management. engineering requirements, greater regulation, and shorter product cycles, mean Product development cannot be sustained that more global orchestration of processes by the traditional document-centric, What’s the status and progress and information is required. In the traditional distributed and disconnected approach. of all my ongoing projects? model, there are simply too many places for It’s ineffective to work on extended projects to fail. spreadsheets for simple resource planning and , where data and Often, product lifecycle management analysis are controlled manually. is seen as only relevant for the product Will we meet all the regulatory development department, and can be And even if digital point-solutions are requirements in every region? disconnected from other lines of business. in place, unless they’re connected to each Multiple and conflicting sources of data other it just takes too long to get a trusted continue to grow, with each department answer to questions like: distrusting the data provided by the others. How do we relate product issues and customer satisfaction back to product design and development?

Which people and resources should be involved with which project? And for how long? 10 11

Collect innovative ideas Automate risk THE MODERN from across the broader management. Improve ecosystem, including the quality and automate DEVELOPMENT MODEL voice of the customer

A more effective model for product And investment decisions need to be made innovation and development requires by looking at the overall innovation portfolio, companies to transform the disconnected including the probability of technical and Gain a unified view Enable project managers or document-centric into a connected, commercial success. of innovation within to build compelling data-centric approach. the product record business cases Whether developing new products or Today’s top performers know that projects improving current ones, the data-centric must be based on unified data from multiple approach means adapting management sources, with orchestrated data flows, methodologies, as well as adopting an IT and that development processes must be platform that supports the product value Automate analysis from Take action on dialogue many data sources for a closely tied to product and service innovation. chain from innovation through development and reporting from all continuous, 360-degree project participants to commercialization. In this way, companies view of products Innovation is faster when the development can introduce a systematic approach to of design concepts is closely related to capturing, selecting, and investing in the requirements and ideas. There’s a pressing right ideas and product and service concepts. need for effective use of information on With a connected, data-centric approach the costs and quality of the innovation Integrate information to product innovation and development, about ideas and Improve product portfolio pipeline so that elements of current organizations will be able to: requirements with decision-making products or services can be reused. related product concepts 12 13

HOW TOP HOW THE TOP INNOVATORS DEVELOP NEW PRODUCTS AND PERFORMERS DO IT IMPROVE CURRENT ONES

DO YOU HAVE ROOM FOR The vast majority of companies that are good at IMPROVEMENT? product innovation proactively match innovation and business strategies. They respect the effort If any of these statements apply to you, then required to generate ideas, develop prototypes, and it’s likely you can improve your process and tools commercialize offerings; they recognize the trade-offs to make product innovation and development more successful: that can throttle innovation; and they manage their portfolio accordingly. The best innovators use tools • We have difficulty developing new products that help them structure the product innovation and and getting them to market development process so that they can: • Getting from product strategy to practical • Encourage creativity and systematize execution execution is problematic for us • Attract and retain young talent by creating a • We’ve seen new products fail to meet targets culture and a structure that enable everyone • There’s no structured process for developing to work on innovation projects new products and services • Use appropriate metrics and rewards to measure • We have many different tools that support and recognize innovation portfolio. the product development process • Product innovation, development and These companies get innovative products to market commercialization are not closely linked quickly and profitably by taking a formal, structured • It’s difficult to make informed decisions approach that ensures concepts and products are about our product and service portfolio aligned with market demands. 14 15

Top innovators execute product development as a structured USING TOOLS TO CREATE AN OVERVIEW flow, closely related to the overall portfolio of offerings.

Figure 2 shows the improvements a controlled model can deliver, OF DATA AND INFORMATION such as a higher cash flow during each phase of the product The top innovation performers gather all Figure 3 shows how a product lifecycle and the faster release of next generation products. relevant data in one system. They exploit the platform turns the chaotic structure of the possibilities of digital networks, automation, traditional model into a well-orchestrated, analysis, and . Risk management, manageable approach. The introduction budgeting, and resource planning are all done of such a platform is essential to manage automatically, based on knowledge and best complex, distributed processes and collect Figure 2 practice experience from previous projects. data from all stakeholders and value chains.

CONCEPT DESIGN & PROTOTYPE LAUNCH PRODUCTION SERVICE PHASE-OUT DEVELOP & PILOT & RAMP & SUPPORT & DISPOSAL Figure 3

Rapid Manufacturing & 4 Next Commercialization Innovation Generation Management Products Portfolio Drive Margins & 3 Management Reduce Supply Risk Social, Mobile & Embedded Analytics ATE OV Ramp to Volume N N 2 6 Mitigate Risk I CASHFLOW D

Associated With E

Regulatory Compliance 5 V Requirements E

L Management Reduce Service & Product O

Warranty Costs Commercialization C P 1 O M PLM CLOUD Develop Products M E Right To Market RC IALIZE TIME

Collaborative Product Development Enterprise Project Execution Enterprise Product Record 16 17

USING TOOLS TO IMPROVE THE PROCESS FLOW CONNECTED INFORMATION PROCESS Capture, Develop Generate Product Optimize Product In Figure 4, we can see how modern Idea And Prioritize Proposals Investment Development & product development tools enable Ideas and Work On and Concepts Portfolio Commercialization best practices, where development is Requirements MARKET INSIGHTS MARKET seen as a structured chain of events, Idea linked together based on continuous background analysis of available data. PRODUCTS

Idea

Idea

Screen Compare Idea Fund

Figure 4 18 19

Automated tools for managing product innovation and development don’t 4. Accelerate development cycles: Product concepts can be quickly just help provide a better structure—they can have a huge impact in many and easily created, adapted, and redefined, evaluating the risks and the other ways. The best innovators use these tools to: organization’s ability to achieve the desired .

1. Incorporate the voice of the customer: Capture ideas from many 5. Build solid business cases: Product managers gain a 360-degree view channels and prioritize them based on business goals. Track where ideas of budget, resources, and desired features, based on high-quality internal come from, identify who has contributed to the process, and turn ideas into and external data. requirements and design concepts for successful translation into reality. 6. Create a balanced product portfolio: The product portfolio is kept up 2. Make well-informed investment decisions: Introduce a to date automatically, and continual analysis matches current and future comprehensive process for the orchestrated management of product products to ensure they fit with corporate strategy and market changes. proposals, so that they can be a trusted basis for product portfolio 7. Minimize the risk of failure: Poor projects and ideas can be stopped decision-making. before they waste valuable resources that should be directed to projects 3. Keep a history of ideas that aren’t used: Some ideas may become with the highest potential for success. With a 360-degree view of all feasible in the future as markets evolve or resources become available. If the information needed, such as resources required, probability of ideas are only stored on employee’s devices, when the employee leaves success, and supply-chain readiness, it’s simpler to make a fast decision their ideas will be lost to the business forever. A central history of all ideas to stop ‘living dead’ projects before they grow out of control. generated enables companies to revive old ideas or recycle components of those ideas at any point in the future. 20 21

STEP #1. IDEATION FIVE STEPS MANAGING IDEAS

FIVE STEPS FOR CREATING STRUCTURE AND TAKING It’s easier said than done, but the most successful CONTROL OF PRODUCT AND SERVICE INNOVATION companies have a process and tools to manage the innovation pipeline. The top performers Bringing structure and control to product Project managers need effective digital encourage ideas throughout the extended and service innovation is vital—but how tools to successfully and efficiently: organization, structure the collection of these ideas, 1 does it work in practice? and make innovation a part of the company’s culture. 1. Collect ideas from a wide variety of Research from Stage Gate International sources to collaborate on them and Ideas can come from many sources today. Social shows that top performers successfully identify the best ideas to put forward listening technologies can find ideas from external get 62 percent of their products to market, for development. sources, but they can also be applied inside the while the worst only achieve a success company, gathering ideas from different departments 2. Manage detailed requirements after ratio of 45 percent.4 across the business. identifying key features and then map This difference may be because those requirements to concepts. Ideas from all these sources can be fed into a product top performers use a combination of innovation funnel, from which the ideas that support 3. Develop concepts and manage related digital support tools and a structured the company’s product strategy can be identified for resources to ensure that approach when developing further investigation and assessment, so that only the goals are met. new products that links innovation best best ones are taken to the next stage of development. practices with effective development and 4. Create business case proposals There are many tools and techniques that can help commercialization. to trigger investment decisions.and bring ideas to the surface. For example, good reward get the necessary project funding incentives will stimulate idea-generation, as will 5. Manage a balanced portfolio that’s activities such as ideation workshops, innovation aligned with corporate strategy. labs, crowd sourcing, idea jams, and boot camps. But they cannot be used in isolation.

⁴ http://www.stage-gate.com/resources_stage-gate_latestresearch.php 22 23

The use of standalone ideation tools often ends with “campaign” completion, leaving ideas to stagnate in a repository. It’s far better to adopt a process and solution that provide structure and management capabilities across the rest of the innovation process. This will enable the ideas put forward to be fleshed out through collaboration, so that well-informed investment decisions can be made.

Figure 5

KEY QUESTIONS TO ASK

Companies that want to improve the way they collect and work on ideas should ask questions such as:

• What tools do we use to harvest ideas from internal and external sources? How effective are they at surfacing good ideas?

• Who is responsible for managing idea collection across the business?

• Is ideation currently a standalone process?

• How good are we at identifying the best ideas and working on them so they can be quickly and profitably brought to market? 24 25

STEP #2. REQUIREMENTS As the process moves forward, approvals for requirement specifications must be managed, while keeping an eye on the MANAGING REQUIREMENTS history of requirement specifications. Requirement specifications will also need to be closely related to the design concepts. At each stage, collaboration across teams is vital to ensure requirements are properly specified and the desired outcomes are achieved. Every product to be developed has a set of requirements with related deliverables. For example, a functional requirements document will contain sets of more specific requirements, INNOVATION MANAGEMENT IN ACTION each detailing what’s expected of the product or service that 2 is being built.  The challenge  The solution Typically, there will be relationships and dependencies between An international high-technology Oracle’s cloud-based Innovation requirement specifications. A certain requirement will depend manufacturer found that poor Management solution was used on another one, and impact another one. visibility into requirement and to provide clarity and visibility of product scope was increasing product scope and requirement For example, if requirement A cannot be completed until time-to-market and reducing specifications, as well as what-if requirement B is completed, A depends on B. In turn, requirement the return on innovation. scenario modeling to determine B impacts A. This can have an impact on requirement C and so on. optimal product requirements. A and C may also be considered must-haves, while B is only  a nice-to-have, which adds further complexity to the relationship The results of the requirements. The company now has standardized, repeatable processes for requirements management and design, and it has enhanced secure It’s almost impossible to track and handle these complex collaboration on requirements across global teams. interdependencies without proper automated oversight that monitors requirements management alongside the design concept. 26 27

KEY QUESTIONS TO ASK

When setting up a requirements management strategy, it’s important to ask questions such as:

• How can we get better at capturing and understanding our customers’ needs? How do we do it today? Which solutions do we use?

• How do we currently assess and prioritize the requirements and features of our products? Who makes this decision?

• What methods do we use to ensure the products we develop meet the defined set of product requirements?

• How do we currently estimate the scope of our product requirements?

Figure 6 28 29

STEP #3. CONCEPTS MANAGING CONCEPTS

A key task in the innovation management which are under current development clearly showing which features would be of design concepts, the association of process is to manage product design and production. 3 available in each release of the product. concepts with information held in related tools, concepts. A collaborative design workspace such as product lifecycle management, as well Typically, a concept is made up of a Product managers must compare and is necessary to generate, capture, analyze, as requirements management. Approved collection of features, which may include optimize competing concepts to support and approve product concepts which concepts need to be transferred directly to new capabilities or enhancements to product strategy goals, and securely share are validated as meeting both product product development for prototype planning, existing ones. As a product is developed, the results with existing and potential requirements and product strategy goals. detailed design with bills of materials, and some features may be tabled from the supply-chain partners or external design teams. product introduction. Concepts must be traced in detail from ideas initial product release, to be added in To assess a concept effectively, they need and requirements to finished products, for future releases. An organization’s product portfolio will need to look at several solution alternatives, engineering clarifications, process analysis to consist of a roll-up of product concepts, Managing a collection of features provides a which help compare concepts with and improvement activities. They must also so that product portfolio information can way to develop a roadmap of product features specifications that are “need to have” be aligned with strategic goals such as cost be captured through the ideation/concept/ across different proposals. For example, there or “nice to have”. Figure 7 shows an reduction, partnership development, and proposal development process, and tied may be different releases of a product, with example of an analysis of a design future technology migration. Concepts have to the company’s overall product strategy, each release having its own proposal. concept comparing different variants. to be managed in conjunction with related while taking the probability of technical requirements, and must be linked to the This requires maintaining a list of the Successful concept and commercial success and supply-chain product record to ensure reuse of products features supported in each proposal, supports the collaborative development readiness into account. 30 31

INNOVATION MANAGEMENT IN ACTION

 The challenge  The solution A lack of synchronization between Oracle’s unique Product Lifecycle product development data and Management solution with integrated processes made it difficult for this Innovation Management will enable KEY QUESTIONS TO ASK global manufacturer to compare the company to construct new When considering concepts management as part of an overall product concept alternatives and product concepts based on optimized develop cost estimates. requirements and ensure concepts can product innovation and development strategy, organizations achieve measurable business goals. need to ask questions such as:  The results • How are designs and design intellectual property managed today? Which design tools are used? Synchronized product development data and processes mean requirements can be mapped to concepts and actual products, helping get new products • Do products always meet customer requirements, and to market faster. how do we know? How is the requirements gathering process managed today?

Figure 7 • How do we currently assess the suitability and viability of the products we bring to market?

• Which metrics do we use?

• What is the current level of design reuse? Is it a priority to improve this? 32 33

STEP #4. PROPOSALS In many organizations today, the primary tools for managing the MANAGING BUSINESS development of investment proposals are PowerPoint and Word documents, CASE PROPOSALS often sent through email. This document-centric approach is extremely prone to errors and sending sensitive information though non-encrypted emails increases the risk of intellectual property leakage. Typically, proposals which are the basis for investment decisions capture essential information related to questions such as: This approach makes it difficult to documents can still be extracted • What do we want to achieve with the determine what’s been changed in the from the solution—but with trusted innovation/new product? document, when, and by whom. It makes and up-to-date information. proposal management unnecessarily • Are we targeting a new market, region Proposals should be able to be kicked off complex, as different versions of the or business area? automatically based on the design concepts documents may be begin worked on that have been developed. A streamlined, • How much investment is needed? simultaneously. It’s then difficult to templates-based approach for proposal make investment decisions based on • What return do we expect from our investment? management will help make the process the latest version of the proposal. repeatable and ensure all required elements • What type of resources do we need? A connected, data-centric approach to are in place to be able to make an informed When? And how many? proposal management is far more effective. investment decision. • If we go for option A, what is the trade-off The use of an integrated software solution Finally, it’s essential to link project for option B and C? introduces a single source of truth for management to the proposal, so that if the information on proposals, concepts, business case is approved, all the elements requirements and portfolios without of the proposal and its linked development getting lost in a multitude of versions. concept can automatically be used to get If required, PowerPoint and Word 4 the project underway immediately. 34 35

KEY QUESTIONS STEP #5. PORTFOLIOS TO ASK MANAGING A BALANCED PORTFOLIO When creating a proposal management strategy, organizations need to ask questions such as: Budgets and resources are finite, so investing in • How prone are our current the development of a new product means other processes to risk and errors? developments cannot be put forward. It’s vital to 5 • Do we have effective version manage a well-balanced product portfolio, based on control in place? comprehensive metrics, which could include strategic or product-related key performance indicators, as • Can reviewers and approvers well as measurements of financial performance. easily collaborate on proposals using up-to-date information? This portfolio must be continually analyzed to ensure it fits the company’s product strategy, as well as • Are repeatable processes used the budget and resources constraints necessary to to accelerate development achieve other strategic goals. With thorough analysis projects for approved of these metrics it’s possible to create a roadmap for proposals? achieving the right product mix for the company’s desired business outcomes.

A standalone tool for product portfolio management will often lack a combination of business and product analytics tied to investment decision processes.

Figure 8 36 37

But portfolio investment decisions must be made by incorporating all Figure 9 available information—including ideas, requirements, and concepts— so that the portfolio scenario is based on complete, real, and trusted information. This means the portfolio management tool needs to be an integral part of the overall innovation management platform.

INNOVATION MANAGEMENT IN ACTION

 The challenge At a consumer goods company with several international and local brands, investment decisions were based on a range of methods. With disconnected data information coming from multiple sources, it was difficult to make informed decisions and to assess the business value of each potential project.  The solution The Oracle Product Lifecycle Management software solution with integrated Innovation Management and was implemented to manage a portfolio of innovations and ensure investments will be aligned with strategic goals.  The results The company can now make decisions based on reliable, connected information, enabling it to invest in the right projects and kill off those that offer little or no return. It can also define a common approach to identify the best mix of innovation investments to align the product portfolio with corporate strategy and find new ways to capitalize on it established brands with additional, innovative offerings. 38 39

KEY QUESTIONS TO ASK BEST PRACTICE USE CASES

When establishing a balanced portfolio management strategy, it’s important to ask A COMPLETE SOLUTION TO SYSTEMATIZE questions such as: AND STREAMLINE INNOVATION

• What difficulties do we have today Ideal for: All companies that create product or productized services can benefit from a complete, integrated solution. in aligning our portfolios with 1 corporate strategy? So you can:

• Is our current portfolio tool linked to • Transform fragmented product innovation and development our product development activities? processes into a seamless, connected whole

• How long does our portfolio review • Capture a steady stream of innovative ideas and select the processes take? Who is involved? right ones to build into a predictive product portfolio and go-to-market strategy • How long does it take to create and maintain product roadmaps? • Analyze the impact of alternative investment scenarios Who creates and maintains them? on business objectives to identify the best opportunities Are they accurate? to commercialize

• Develop requirements that translate ideas into concepts and products that will achieve business goals

• Eliminate new products that don’t fit corporate strategy or fulfill the business case early in the development cycle 40 41

SOCIAL MONITORING REQUIREMENTS DEFINITION TO IDEA CAPTURE TO OPTIMIZATION

Ideal for: Capturing ideas from a wide ecosystem is Ideal for: Defining and optimizing requirements are vital a good starting point for consumer goods companies processes for manufacturers, particularly in high technology, 2 and manufacturers. 4 industrial manufacturing, and consumer goods.

So you can: So you can:

• Use social media to listen to ideas and feedback • Make product development processes more collaborative, on products and services from inside and outside connected, and disciplined the organization • Use existing products in the portfolio to avoid duplication • Translate captured ideas into profitable offerings of effort and wasted development resources that deliver a clear advantage over competitors • Refine and evaluate product requirements and gain insight into product readiness

IDEA CAPTURE TO • Maintain a complete record of all stakeholder input through BUSINESS CASE social collaboration

3 Ideal for: Turning ideas into robust business cases is an important consumer goods companies, manufacturers and companies in services industries.

So you can:

• Quickly capture ideas from internal and external sources in an idea pool to determine the best ideas to advance

• Analyze ideas using dashboards to make informed decisions about which ideas to build business cases around

• Collaborate with internal and external teams to enrich and refine viable ideas before moving forward with a proposal 42 43

CONCEPT FORMATION TO DESIGN

Ideal for: Taking a concept all the way through the design 5 process can be a complex challenge for manufacturers. So you can:

• Get new products to market faster by synchronizing product development data and processes

• Accelerate innovation by using existing products to create new designs PORTFOLIO REVIEW TO SELECTION • Capture new ideas from different sources through secure social networks AND PROJECT EXECUTION

• Use analytics to create product concept alternatives Ideal for: Manufacturers, as well financial services and develop cost estimates organizations, consulting companies, and companies 7 in other services industries can gain a real advantage with tools to evaluate product and service portfolios. PRODUCT PROPOSAL TO So you can: GO-TO-MARKET CANDIDATE • Accelerate the product and service portfolio Ideal for: Successfully getting profitable products to market evaluation process is a key concern in many industries, but digital tools can 6 • Use analytics to define the most important product be particularly valuable for companies in high technology, and service evaluation criteria industrial manufacturing and consumer goods. • Enhance product and service proposals by securely So you can: collaborating with team members • Systematically turn ideas into a profitable product portfolio • Analyze each potential product and service investment • Model potential product revenue streams and analyze to make better-informed decisions different investment scenarios

• Determine how well an investment fits within budget or resource constraints 44 45

CONCLUSION: THE KEYS TO SUCCESSFUL PRODUCT AND SERVICE INNOVATION

USE A CONNECTED PLATFORM TO SUPPORT YOUR STRATEGY AND PROCESSES

If your company regularly drives Begin with a foundational development of new products system of record for all product DEVELOP AN INNOVATION CULTURE and services, or modifications to value chain information, The innovation culture in the as internal social networks can existing ones, you could benefit such as innovation, development company plays an important role also have a huge impact on idea from a structured approach that and commercialization data. when you try to improve your generation and collaboration. links innovation management best Then automate related processes innovation processes. You should practices to development and aligned with strategy to lower costs This is an enterprise effort—it’s ensure that all employees in the commercialization. Top innovation and improve productivity. not enough to believe that you will company are involved in the performers have achieved succeed just because you have To maximize value and effectiveness, innovation process. A continuous measurable business advantage operational excellence in product you'll need a software solution that dialogue between staff and by modernizing their innovation development processes. You need provides best practices out of the managers is essential, as is the and development models. With to harness the power of innovation box—a connected platform that visible involvement of senior better control of product and service of the entire company, not just the covers the entire product lifecycle executives. The use of IT tools such innovation, you too can accelerate R&D department. and is ready to scale when you are. time-to-market, increase cash flow, Integrated innovation and portfolio and more effectively balance your management functionality is a must. product portfolio. ENSURE PROCESSES ARE REPEATABLE Your solution should be configurable Implementing a new approach to An essential part of best practice product development is to learn from without the need for customization; innovation does not need to happen successes and failures. Use analytics tools to gather detailed knowledge about cloud-based for fast deployment all at once. Rather, automating your results so you can repeat successful development processes, avoid and ROI; and easy to use, so project best practice use cases in a phased known risks, and capitalize on information collected in previous projects. managers and decision-makers manner allows you to resolve your can work productively, efficiently most pressing issues faster and and insightfully. more cost-effectively. NEXT STEP:

The imperative is clear—now is the time to take control of product and service innovation. Discover how a structured, modern platform can help you accelerate time-to-market, create a balanced product portfolio and achieve business advantage.

Visit www.oracle.com/plm to learn more. For a personalized assessment of your product and service innovation process, contact your local Oracle sales person or call +1.800.633.0738 to speak with an Oracle representative.

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