Tech-Clarity Insight – Top 5 Misconceptions about Innovation Management Software – Busting Myths to Improve Innovation, Time to Market, and Profitability discusses common misconceptions related to innovation, ideation, portfolio management, and project management software suites. These myths cause confusion and prevent companies from moving forward with important process improvements that innovation management software enables.
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Table of Contents
- Executive Overview
- Why Innovate?
- Why Enable Innovation?
- The Five Myths about Innovation Management Software
- Myth 1 – Process and Software Will Stifle Innovation
- Myth 2 – Innovation Begins and Ends with an Idea
- Myth 3 – PPM is Only for New Products
- Myth 4 – Innovation Management Software Will Slow Us Down
- Myth 5 – We Don’t Have Time and Resources to Implement
- Getting Started, Practical First Steps
- About the Author
Product innovation is critical to differentiate and remain competitive in today’s fast-paced, global markets. Bolstering innovation to a core competency helps manufacturers drive higher revenue, lower cost, and mitigate risk. So why is it so hard for companies to improve innovation performance and drive meaningful business value?
Innovation management software helps drive this new business value. Enabling technology helps companies improve agility, productivity, and time to market by improving decision-making, visibility, and commercialization efficiency across the product lifecycle. “I am a huge proponent of tools that help innovation,” explains Erik Greenfield, Senior Director of Program Management at Immucor. “They are cost effective and help improve time to market.” The benefits available are compelling. As Tech-Clarity’s The ROI of Product Portfolio Management explains, the financial value comes from “a combination of increased revenue from higher sales volume and margin lift alongside reduced costs from better resource utilization, avoiding spending on low-value projects, and improved efficiency.”
Despite the proven value of innovation management software, companies are often held back due to misconceptions. Tech-Clarity has identified five common myths that prevent or slow companies from using software technology to improve innovation performance:
- Process and software will stifle innovation
- Innovation begins and ends with an idea
- Product portfolio management (PPM) is only for new products
- Innovation management software will slow us down
- We don’t have the time and resources to implement a system
Clearing up these misconceptions allows manufacturers to put their innovation strategy into action. This paper offers insight to debunk these myths and offers practical advice on how to start improving innovation through enabling technology.