To remain competitive, innovation has to happen. Whether it’s creating new or improving upon existing products or services, a company can only compete long-term if they’re continuously innovating.
That’s the difference between the most admired companies today and the ones that fizzle away without even a whimper…Ok, some go kicking and screaming.
What we do know is that 40% of Fortune 500 companies won’t exist in 10 years (Source: Dr. Peter Diamandis). The cost of stagnating as a company, and failing to generate new ideas, manage innovation effectively, and bring those ideas to market, is high.
Managing innovation is easier said than done. Inspiration for new ideas can come from anyone, anywhere, at any time. The question is, how are you going to manage this? An “ideas” email inbox? Spreadsheets? No way.
A more sophisticated and intelligent mechanism must be put in place to keep you organized and focused on the highest value initiatives – the ones that will help you accomplish your enterprise innovation goals.