How Innovation Management Drives Digital Transformation

Most innovation managers know digital transformation is crucial for building successful businesses. Explore how three innovation management practices can accelerate digital transformation for your company!

Innovation disrupts the market with new products and services on a daily basis. But, that is not all. Innovation also brings about changes within an organization itself. To execute innovation processes more efficiently, companies need to adopt digital tools and services. And that is exactly how innovation management drives digital transformation. Let’s explore this further!

What Innovation Management Tools Lead to Digital Transformation?

1. Trend Intelligence

If you want to break through in a dynamic market, the first step is to be aware of emerging technologies and trends. You need to have an idea of what your customers want right now and in the future, whom you are competing against, and how you can get your company to stand out in the crowd. Sounds like a lot of research work. But, what if by the time you gather your data, the results become outdated? Moreover, how exhaustive is the information you can gather through a google search?

This is where technology comes in. Trend Intelligence solutions enable you to anticipate future trends and business opportunities before others do. Through this data-driven tool, billions of data points on technologies, trends, and startups are analyzed and mapped to identify emerging industry trends exhaustively.

2. Idea Management

Ideas are the bread and butter of innovation. So, managing them efficiently is crucial. Would you rather write them down in notepads and lose them the next day or keep them safe on a digital platform? Of course the latter, right? Hence, SaaS tools including idea management solutions pave the way to successful innovation project execution

Besides allowing all the members to access the inventory of ideas, software algorithms rank and score the ideas without the factor of human bias. This eliminates the need for reviewing each idea manually, saving a lot of time and effort that can be instead utilized for higher-level innovation activities.

3. Open Innovation

One innovation inspires a bunch of others. To further encourage this, more and more corporates adopt open innovation driven by digitization. Open innovation combines the brilliance of your internal team with external entrepreneurs, startups, skill teams, scientists, and even customers. This solves some of the most pressing business challenges and opens new doors full of possibilities. Leveraging diversification and different perspectives, as well as areas of expertise, allow you to take full advantage of all innovation resources to accelerate digital transformation in your company!

Now you tell us — how else do you think innovation management contributes to digital transformation? Get in touch & let us know!

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