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Global Leader in Technology Business Solutions – Innovation Portfolio Management
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Service and product innovation has long been a key differentiator for this enterprise, by both its customers and competitors alike. Historically, the process of innovation management was manual, with ideas being collected from around the world in as many different formats (spreadsheets, e-mail. PowerPoint, notes) and many different languages. There needed to be a smarter way to manage innovation?
After the annual idea cut off, it was down to the innovation centre to tease important information from the submissions and capture the contents of these ideas in a standard document format. Having been worked up into coherent business propositions, these were presented to the global leadership team in a series of face to face meetings. Decision making saw management vote on each proposition until a prioritised ranking of ideas was agreed. Then at the end of this process the hard work of developing the idea started.
How to capture, evaluate and manage innovation to enable a much shorter smarter journey to the market? If they were to compete in a competitive marketplace, the following key questions had to be answered:
- Could an automated collection process be implemented while maintaining and encouraging organisational creativity?
- Would senior management agree to accept process automation as it would reduce the opportunity for lobbing?
- Could the approval processes be automated, so that if an approval was required the idea or project would “drop into the required approvers’ portfolio for action”?
- Would the move to an automated innovation evaluation process with increased transparency and data driven decisions stifle innovation itself?Approach
- It was critical for personnel to enter their innovation ideas in the required format and see them progress through the gated process.
- Data entry checking and “Alerts” would ensure that all required data was captured in the required but significantly shortened time frame.
- Providing a collaborative tool that business users could configure, manage and maintain over the years to come was key to reducing total cost of ownership.
- As soon as idea data was captured, scorecards, dashboards and bubble charts started to report on the pending product and services portfolio.
- The investment assessment criteria are reviewed and changed annually depending on organisational strategy – ensuring that innovation investments are carefully targeted.
- Ranking, prioritisation and selection take account of in-flight and proposed ideas, and give the evidence to aggressively manage under-performing or misaligned innovation initiatives.BenefitOracle Primavera Portfolio Management provided with more than a single source of the truth for all innovation ideas, in so far as it provided the standardisation for data input, evaluation, selection and reporting. It also provided the enterprise with many other benefits, here what the customer said“Today, the global leadership team is able to compress what was a long and arduous process with highly subjective decision making into a shortened period, where real-time decisions are taken by the senior leadership team “
“… the ease-of-use of the OPPM tool enables the innovation group to provide immediate responses to requests during meetings to create, develop and present new metrics to the decision-making body”
“The result is data driven investment, better use of senior leadership resources and shorter time to market for the innovations that flow from the process”