Simplifies External Collaboration
Access To A Variety Of Networks In Different Industries & Specialties
Open talent networks can provide a huge force multiplier to businesses. However, not all networks are about open talent and marketplaces. The best innovation management platforms give you access to a variety of networks: in different industries, of different specialties, or involved in different areas of life.
For many organizations, there are some problems that can’t be solved internally: whether due to time constraints, a lack of resources, or its complexity. One way to solve problems and explore opportunities that an increasing number of global companies are using is open innovation. Open innovation doesn’t have to involve just a one-time idea or single-use solution: marketplaces can also offer the ability to leverage a crowd’s problem-solving capability on a more regular basis. Using the crowd in this way opens your business up to a diversity of insights and expertise that it wouldn’t otherwise have access to. Examples of this include accelerators that pair start-ups with innovative companies in a similar space.
MassChallenge’s ‘Ultimate Guide to Corporate Innovation’ report shows that accelerators and incubators “help corporations speed up innovation cycles, which leads to gains in productivity and performance.” Pairing with start-ups or university programs brings the diversity of thought and ideas that bolster a company’s innovation efforts.
Organizations will also look to points throughout their supply chain for ideas about process improvement, optimization, and areas for expansion. Many platforms will have the functionality to create dedicated spaces to workshop ideas with suppliers, customers, and partners. The innovations that can come out of these conversations are valuable as they come from those who know your product or service best. A McKinsey survey of 100+ companies in multiple sectors showed that:
[Those that] regularly collaborated with suppliers demonstrated higher growth, lower operating costs, and greater profitability than their industry peers.
Data sourced by the McKinsey Procurement Practice shows that those that innovate regularly with their suppliers tend to beat industry trends by around 2x in growth. Innovation management platforms that extend a company’s reach into other networks are invaluable: especially when this functionality is available in-platform, through the internet.