Product Company
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Product Company

Innovation Management for A Product Company

Innovation Management for A Product CompanyIn today’s world, innovation is not just about creating new products. Innovation means reinventing, restructuring and reengineering of business processes, workflow management and products. Innovation also means discovering and creating not just new market trends, but completely new markets where unaddressed and unfulfilled needs might be present. Untapped markets, ideas, customers, are always present. The need of the hour is to find the right idea and introduce it at the right time in the right market. In short, you need to have your hand on the pulse of your both present as well as future employees and customers. Need to drive innovation and ideation Why you need innovative ideas? You need them because:
  • You need to ensure that your top line revenue grows
  • You need to make your bottom line efficient
  • You need to differentiate yourself from your competitors
  • You need to stay relevant and on your toes
To achieve these objectives, you need to continuously dip into the well of ideas to ensure that your product stays cutting-edge and relevant.

Innovation management to harness your ecosystem for best-in-business ideas

Innovation management to harness your ecosystem for best-in-business ideas For innovation to flow, you need to:
  • Give freedom to the people whose daily grind involves working closely with the products that end up in the market, thereby empowering and inspiring them
  • Involve more people during the storyboarding process – clients, product engineers, analysts – stakeholders from various product development phases
  • Set up an efficient feedback system where end users’ issues can be heard and addressed Encourage healthy expression of suggestions where all stakeholders can put forward and resolve their concerns and contribute towards solving problems
  • Invite all questions to avoid confusion and better the understanding of the process being used for product development, so as to ensure that there is no gap between expectation and delivery
So how do you do this? Do you introduce a process for idea generation? Do you make it mandatory for all and sundry to contribute at least one idea per week? Do you order your top management to make a committee for churning out ideas? Will any of this work in the long run? What you need is not a top management edict or some generalist forum on the intranet. You need an idea management solution that offers a complete set of features for managing, screening and even implementing viable ideas. We can help to drive Idea and Innovation Management for Product Company! With Ideacomb and its customizable features, you can look to promote employee inclusivity ensuring more ownership of tasks from current employees thereby enabling them to keep both themselves and the company updated and aligned with the changing market.