Source: The Forrester Wave™: Innovation Management Solutions, Q2 2016
Innovation that only creates change is just that — change. When we asked firms about their major business objectives, 37% claim that product and service innovation is central to their business transformation.
But old-style innovation will be very tough to maintain. To exploit business value from digital technologies, innovation managers need to increasingly think in open ecosystems, open standards, open platforms, and open source software. Digital innovation equals service innovation, which in turn requires a willingness to experiment and engage in minimal-viable-product thinking, because:
As customers’ demand changes more quickly, innovation cycles must get shorter. Fast software innovation will “eat” slow hardware innovation given the ever greater role that software plays for today’s business value creation. An innovation management solution supports decision sessions and real-time voting and collaboration to quickly validate or gauge the interest of organizational priorities in short sessions. Organizations need to be willing to fail fast, be able to work iteratively on product and service improvements, run idea experiments based on soft-launches, and get feedback on innovation efforts via external feedback loops quickly.