Sustaining profitable business growth is difficult for established enterprises in today’s networked economy. Good ideas can emerge from anywhere, and the next big competitor could even be a start-up, as in the example of Airbnb in the hospitality industry.
In this environment, enterprises need to reevaluate their approach to innovation. Many are aware they are suffering from inefficiencies in their innovation process due to disjointed processes and tools they have adopted over the years. At the same time, they seem to be slower to invest in new Enterprise Innovation Management (EIM) solutions that can provide competitive advantages.
CIMdata, the leading global PLM consulting and research firm, conducted research to understand and address existing concerns and preempt emerging concerns of industrial firms engaged in innovation but confused and hesitant to invest in new EIM solutions.
The results of the research and analysis are a defined terminology and an innovation system framework, including solutions, benefits, implementation strategies, and challenges.