There are a dizzying array of software solutions on the market that claim to bolster innovation. As a Chief Innovation Officer you are likely to be bombarded with sales pitches from solution providers large and small. While it is difficult to know the players without a program, highly functional digital infrastructures are crucial to enabling innovation in large, global enterprises. These solutions can break down functional barriers, increase the flow of information, virtually integrate geographically dispersed teams, and allow you to make better investment allocation decisions.
These solutions support and enable all stages of the innovation process. They include ideation tools, collaborative design technologies, simulation and prototyping solutions, portfolio and pipeline management systems, and product lifecycle management platforms. Some are focused on increasing productivity, others deliver market and customer insights, and at the top level, they enable decision support and the monitoring of innovation performance.
For executives accountable for innovation performance, the benefits of adopting digital enablers are clear. According to a study conducted by Booz & Company this year, companies that made significant use of these digital enablers were seventy-seven percent more likely to report that they financially outperformed competitors. All companies surveyed spent, on average, 8% of their total R&D budgets on digital tools and enablers.
I encourage you to read the entire report here. As a Chief Innovation Officer, you will find much to chew on.