Innovation is a top priority for many CEOs, who look to new products as the engines to implement their corporate strategy for growth and transformation.
However, translating these aspirations into reality requires treating product innovation as a key business process, and providing solutions to support that process – linking this upstream to overall portfolio management, and downstream to product development and commercialisation. It is precisely to address this challenge that Oracle has introduced Oracle Innovation Management.
This new solution helps organisations increase revenue growth from new products and achieve a competitive advantage by introducing a systematic approach to capturing, selecting and investing in the right ideas and product concepts
To help organisations increase their return on innovation, Oracle today introduced Oracle Innovation Management, a systematic approach to capture, select and invest in the right product ideas and to manage your overall product portfolio.
Oracle Innovation Management enables bottom-up innovation so all stakeholders may participate in the product invention and definition processes, with simultaneous top-down financial impact analysis and strategic fit visibility to the key portfolio owners during and post investment decision.
With Oracle Innovation Management, organisations can make faster and more informed decisions by easily creating, refining and evaluating product concepts for cost, risk and against customer requirements and design goals.
In addition, using Oracle Innovation Management, organisations can define and manage different product development projects, in the context of their overall product portfolio.
To complete the product innovation process, Oracle Innovation Management integrates with Oracle’s Agile Product Lifecycle Management, helping to streamline the process of moving concepts to detailed design, development and release to manufacturing while maintaining full visibility into project status.
Oracle Innovation Management is a new addition to the Oracle Product Value Chain solutions.
Offering a 360-degree view of the product innovation, Oracle Innovation Management enables organisations to:
* Build an innovation pipeline that is fuelled by a steady stream of high-value ideas that can be translated into profitable offerings.
* Analyse the impact of alternate investment scenarios against business objectives, such as revenue, cost, profit and resources constraints, to determine the best opportunities to commercialise.
* Develop product requirements that translate ideas into concepts and products that will achieve stated success criteria.
* Create product concepts and alternative approaches to meeting product requirements and analyse against product supply chain and cost metrics.
* Increase productivity and reduce product development costs by strategic focus on fewer, better products that align with the business growth strategies.
“Product innovation is too critical a business process to be left to spread sheets and PowerPoints, and to remain disconnected from the rest of the product value chain,” says Jon Chorley, VP, Supply Chain Management Product Strategy, Oracle.
“By providing a highly usable, but systematic approach to managing product innovation, Oracle Innovation Management can accelerate the transformation of the best ideas into profitable products, and deliver against your corporate product innovation strategy.”
