Managing Innovation with Idea Management Software
Wikipedia defines innovation as “the development of new customers’ value through solutions that meet new needs, inarticulate needs, or old customer and market needs in value adding new ways.” This can be achieved by bringing in more effective products, processes, services, technologies, or ideas. Among all other types of innovation, it is the innovative management solution that ensures that a product’s cost-to-manufacture and time-to-market are reduced, while keeping cutting edge quality.
For instance, let’s look at the innovative process put in place by Mahindra & Mahindra, a major automobile company in India. They created a new segment to retain their market domination by adopting a unique innovative production process called IDAM - Integrated Design and Manufacturing at a time when they were witnessing the loss of market share and entry of new players in the scene.
The IDAM team consisted of cross-functional teams including suppliers, who catered to every aspect of product development; from design and testing to vendor development and marketing. With an investment of USD 120 million - just one-fifth of what a world major would have spent on a similar-sized project - and a team that consisted of 120 people drawn from different departments such as design & development, testing & validation, marketing, manufacturing and supplier development, M&M developed a successful product ‘Scorpio’ that captured a major share of the MUV market in India.
M&M developed 74 Scorpio vehicles for testing purposes and since they used the Simultaneous Testing and Examining Process (STEP), they tested and retested every component until they were satisfied. The result was that the car won three prestigious awards namely the "Car of the Year" award from Business Standard Motoring as well as the "Best SUV of the Year" and the "Best Car of the Year" awards, both from BBC World Wheels. Within 9 months M&M was able to achieve its target of selling 12,000 vehicles.
M&M’s method of managing innovation fairly sums up the benefits of bringing in innovative ideas into manufacturing. According to Harvey S. Firestone, American industrialist founder of the Firestone Tire & Rubber Co., “If you have ideas, you have the main asset you need, and there isn't any limit to what you can do with your business and your life. Ideas are any man's greatest asset.” And it is definitely true. Since without innovation, there would have no assembly line manufacturing, no hybrids, and definitely no electricity.
Hence, in today’s competitive business environment what manufacturing companies need is idea management software to launch, monitor, manage and screen innovations and ideas. This helps to ensure that superior and viable products reach the market.
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