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Return on investment
A key requirement of any methodology designed to improve an organisation's results from innovation is that it must show clear and measurable returns on any investment required to implement. Open Innovation focuses on better leveraging assets an organisation already owns (it's expertise, human resources and ideas) and complementing them with collaboration and engagement from outside the traditional organisation borders. To manage this process effectively and be able to measure results accurately new technology solutions are almost always required to achieve optimal return.
Our customers tell us that they show positive ROI in the following key areas as a direct result of implementing Open Innovation principles using the Induct Innovation Community™ solution:
- Less time spent managing innovation processes
- Improved communication at all levels of the organisation
- New lines of communication opened with external resources
- Faster corrective action taken in under-performing areas
- Better understanding of where and how ideas originate
- Faster and more focused targeting of resources on profitable innovations
- Overall reduction in both risk and time-to-market for key innovations.
