To address this challenge, Oracle has come up with a new product to help businesses out in their innovative endeavours. Oracle Innovation Management is designed to help businesses lock down and invest in their best ideas, and increase revenue growth from a more competitive product line.
“Product innovation is too critical a business process to be left to spreadsheets and PowerPoints, and to remain disconnected from the rest of the product value chain,” said Jon Chorley, VP, Supply Chain Management Product Strategy, Oracle, in a release. “By providing a highly usable, but systematic approach to managing product innovation, Oracle Innovation Management can accelerate the transformation of the best ideas into profitable products, and deliver against your corporate product innovation strategy.”
As a new addition to the line of Oracle Product Value Chain solutions, Oracle Innovation Management gives business owners a complete view of the innovation lifecycle. Businesses can establish an innovation “pipeline” that keeps the stream of ideas flowing steadily, and analyze alternate investment scenarios based on factors such as cost, profits, and resource constraints to determine the best commercial course of action.
It enables businesses to focus on the products with the most marketable potential, thereby increasing productivity and reducing the costs of product development.
Additionally, since the product allows for bottom-up innovation, stakeholders can participate in the development process and offer top-down financial analysis throughout the innovation lifecycle.
It can also integrate with Oracle Agile Product Lifecycle Management solution to further streamline the process of moving ideas through the design, manufacturing, and release stages of the project’s development, without negatively impacting visibility into the project’s status.
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