Leveraging The Process Of Open Innovation
In today’s fast paced and competitive world, do you know what is the main objective of most organizations? It is not being able to cater to the service and product demands but every organization also looks forward to establishing a personal connect with their target consumers. Apart from offering quality products and services, it is also crucial to address the audience in person and understand their pulse i.e. knowing what keeps them connected to a brand and what does not. Over the past few years, forward thinking enterprises have been relying on the process of open innovation to attain this objective.
The modern day process of idea management therefore is not only about “thinking out of the box”, or jotting it down in a pen and paper and executing the same within the confines of a conference room. It is all about addressing the public at large and indulge in mass idea capture that not only helps product development but also offers solutions for daily life.
In early 2012 a conglomeration of four eminent partners, namely Deloitte, Deutsche Telekom, HYVE and RWTH Aachen University introduced their open innovation contest named ‘Find & Follow for M2M’ (machine-to-machine communication) ideas and concepts. By nature M2M is a next generation technology that enables devices to communicate with each other. The specialty of this technology is that it allows an individual to find and follow almost any conceivable entity or object on this planet. The competition welcomes everyone to contribute ideas for tracking anything in categories such as animals, sports, healthcare, safety and security, nature, environment and many more. Innovative ideas came from across the globe from Pakistan, India, Nigeria, U.S and Germany with ideas such as Pizza Tracker and Remote Parking Disk that can be put to daily use.
Furthermore, many companies tend to use the process of idea management not only to solve daily issues but also to provide people with a better and Eco friendly way of life. Apart from establishing deeper and meaningful audience connect, these companies aim to improve the general living and lifestyle standards and incorporate beneficial practices.
Plastic processing today is a major concern globally. World leader in extrusion processes Reifenhauser, Germany launched an open innovation contest making use of the crowd sourcing software to generate creative ideas for plastic processing. In order to make optimum use of the contest, participants were asked to focus on aspects such as the products that can be produced with extrusion, fresh machine developments that can be executed to the extrusion process for greater benefits and so on. The outcome of the contest apart from hundreds of entries were few winning and “out of the box” ideas that was adopted by the company acknowledging the contributor.
Whether a company wants to address global concerns, generic issues or develop a new product the main objective of idea management is to come up with something meaningful that benefits the world. However, companies need to keep in mind that when it’s about benefiting the world then the best ideas come from the people of this world. Hence, companies that are progressive in nature know that ideas can be generated from anywhere and find creative ways to tap into it.