by Brianna Crandall — April 15, 2015—As competition intensifies, businesses are constantly looking to improve their business models and keep up with market demands. Rapid globalization has also compelled companies to employ inventive technologies that will facilitate employee collaboration, as well as revolutionize existing product development and service delivery processes. As a result, organizations are adopting a plethora of advanced technological tools to manage their innovation process, according to a new report.
The analysis from global growth partnership company Frost & Sullivan finds that emerging technologies such as artificial intelligence, cognitive computing, social computing, cloud computing, semantic analysis, virtual reality, computer-aided design, and big data analytics heavily influence innovation management.
“Deploying innovation management tools empowered by emerging technologies will help firms propel organic growth through innovation,” said Frost & Sullivan Technical Insights Research Analyst Sathya Vendhan. “For instance, the integration of cloud computing with idea management solutions will enable organizations to reap the benefits of collaboration. Similarly, the use of big data and cloud will enhance project efficiency and decrease production costs.”
The primary factor curbing the incorporation of new age technologies in innovation management is the lack of awareness on technology utilization, especially in non-information and communication technology sectors, according to the report. Another challenge is low employee participation owing to the poor integration of software into existing company infrastructure.
Furthermore, the reluctance of organizations to share intellectual property causes redundancies and bottlenecks in product innovation. Companies must form mutually beneficial partnerships to build a collaborative environment that will facilitate open innovation and ensure better products for customers, advises Frost & Sullivan.
“In addition, pitching products at competitive prices will allow companies to withstand market competition in developing countries,” advised Vendhan. “To that end, implementing frugal innovation models for better cost and performance efficiency will quicken the march towards a sound, technology-backed innovation management process.”
Available for purchase from Frost & Sullivan, Technology Solutions to Innovation Management Challenges (Technical Insights): Leveraging Technology Platforms for Improving the Innovation Management Process is a part of the Frost & Sullivan Technical Insights subscription. The report gives an account of advanced technologies and how proprietary innovations arising out of them can be leveraged for innovation management. The study expands to provide perspectives on how technology can impact the various stages in innovation management. The research also includes brief case studies.