With increased global competition and reduced product lifecycles, quickly converting ideas into marketable products has become necessity. What’s more, ideas may come from anyone from value chain, from customers to employees. In today’s environment of crowd sourcing it’s smart to decentralize innovation. And it’s not just the breakthrough ideas that matter – evolutionary and incremental quality improvement ideas can also have long lasting impact on the ways businesses transform.
Clearly, superior quality and innovative products or services drive success. In fact, doing nothing may lead to lost market share, missed market opportunities, or losing out to the competition. It’s no surprise that many leaders are treating Innovation as an intrinsic part of their business strategy and processes to achieve sustainable growth and stay ahead.
Today’s customers are well informed about competitive products and services on offer and they seek the best value. They know that Amazon or Flipkart can deliver accurately, consistently, and with discounts. In this environment, an intuitive approach is simply not enough. Quality of service or product delivery really matters to customers, as do responsiveness to complaints and easy processes to handle problems. The goal is to develop sustainable delivery systems that give consistent results objectively. In this dynamic and competitive scenario, Innovation serves as a key tool to help adapt to market conditions.
Innovation is now becoming key tool to implement corporate strategy for growth and transformation. What separates successful innovators from the pack is their commitment to treating innovation as a strategic investment, not a casual day trip. Leaders need to allocate resources matching to their long term corporate strategy, yet should not fall in the inertia of static resource allocation for innovation. Leaders who are able to reallocate resources from one business strategy to another are generally able to deliver better return on innovation investment.
Companies face multiple challenges in today’s competing environment. The main challenge is not a shortage of ideas, but in making the right choices about investing in Innovation. New Product Development and introduction processes are often disconnected scattered into disjointed, separate systems, negatively affecting return on investment. The cost of failure gets more expensive at every progressive stage of innovation. A by data driven approach that provides early problem identification of probable failure, may help avoid mistakes.
Proposed Solution Features
Oracle Value Chain Management
Innovating, developing and commercializing quickly and reliably should be the rule of thumb for succeeding in a dynamic and evolving market scenario.
Product Value Chain Management
Product Value Chain Management is an systematic approach of managing the entire product life cycle right from that initial product idea stage to selecting the best products from a portfolio, then to successful product development and finally to quick commercialization of products.
Oracle Product Value Chain (PVC) is a suite of integrated solutions covering all 3 stages of modern product value chain: Innovation, Development and Commercialization. Trinamix Oracle Product Value Chain Management help transform scattered product development & commercialization activities into integrated & information driven cross-functional collaborative platform.
Oracle Innovation Management
Oracle Innovation Management offers a two-fold approach, enabling a more comprehensive, consistent a systematic approach to portfolio decision making.
- Bottom-Up Approach: Stakeholder participates in Product invention, definition and translation processes:
- Ideation Selection
- Requirements Identification
- Concept Definition
- Top-Down Approach: Covers functions to analyze financial impact and strategic fit in the long term within the innovation portfolio. Management can analyze each potential product investment with an eye on cost, risk and budget resources. Business case can be met with minimal risk of failure. Features:
- Analyze financial impact of business case proposal
- Manage innovation portfolio with eye on strategic fit
Benefits of Oracle Innovation Management
- Identify & translate best ideas that carry most profit potential as Product/Service Offerings.
- Data driven approach to committing resources to maximize value.
- 360° view of cost, resources and supplier risk.
- Determines fit in company strategy and budget.
- Traceability of ideas and decisions.
- Integration with world class Oracle PLM solution to convert ideas to projects and ultimately to profitable products.
- Empowers executives to make informed, confident decisions.
How Trinamix & Oracle can help
Trinamix’s Oracle Innovation Management Solution that enables converting market requirements into product/service offerings. This will help increase revenue, product profitability, customer satisfaction, and deliver greater return on Innovation Investments.
- Trinamix offers Business Consulting Services to help find solutions for your specific issues.
- We also help our clients in end to end Implementation of Oracle Innovation Management solution.
- Trinamix value-added services:
- Integration of Innovation Management with existing legacy systems.
- Integration of Oracle Innovation Management with Oracle Agile PLM.
- Integration with 3rd party system (internal/external – e.g., social platforms) with Oracle Fusion.
There is immense value that Oracle Innovation Management can deliver to our clients.