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Using Challenge Driven Innovation To Optimise New Product Development

663 words - 3 pages

Using Challenge Driven Innovation to Optimise New Product Development
The era of ‘know it all’ management in creating solutions to problems affecting different sectors of the economy is long gone. Most innovative firms are turning to challenge driven innovation to churn out new technologies to the market. These sectors range from the energy, agriculture, reduction of carbon gas emissions to Information Technology among others. Firms have realised that there is a better pool of innovative ideas out there that is cheaper, effective and workable than internal product development procedures. In fact, the internal process may take so long and involve many product and market tests. Unfortunately, a significant number of these ideas fail to solve the market needs
Challenges offer diverse perspectives in product development and solution formulation. The wide pool of knowledge out there can be utilised cost effectively to quicken the release of new offerings. This of course comes with less risk. Ultimately, there is improved business performance, higher market share and better quality products. In essence, a challenge is a problem whose solution is of value to the company. It may be just an idea or a problem that is faced by either the industry or the market.
Turning challenges into opportunities
Challenges tend to be so wide and ambiguous. Problems need to be specific, detailed and actionable. The problem is the presented to the target masses as an opportunity to come up with solutions. The resultant solutions are analysed tested and the best ones awarded. The firm further manages the intellectual property of the solution makers. The organisations need to use the right channels to achieve the required results. A host of avenues are available to forward such challenges. This could include:
1. Encouraging innovation amongst the employees:
Companies can harness the talent within an organisation in different ways. A problem could be posed to the employees and are asked to come up with a solution. This method is cheap. However, there...

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