Add co-innovation to your product management lexicon

The world of product development has undergone an enormous face-lift and changed some of the most fundamental ways many industries do business. Companies struggling to maintain an advantage in fiercely competitive markets are integrating a co-innovation approach to their product development process. They are implementing new ways to make all stakeholders an integral part of a collaborate process that develops and delivers better products and services.

Co-innovation is a process designed to bring together internal and external stakeholders to develop ideas and concepts that are leveraged to increase product and service innovation. By putting collaboration between diverse stakeholders at the core of the product development process, innovation can increase the market value and profitability of products.

Successful co-innovation requires more than the desire to collaborate. Organizations need to structure this new way of innovating and implement the requisite systems and tools to facilitate collaboration. This includes establishing an effective process to actively explore new markets and unlock untapped customer needs. The social web and the internet are facilitating the dynamic sharing of ideas and information on a much wider scale than the traditional static methods of the past. With the enormous increase of information, organizations can use co-innovation to ensure ideas and insights are captured and incorporated in the product development process, in record market time. The introduction of co-innovation practices ultimately leads to the implementation of more effective ways to manage knowledge (ideas, suggestions, issues, etc.) and improve the overall product development process.

Co-innovation: Advantages

Co-innovation makes collaboration among multiple parties, both internal and external to an organization, faster and more cost-effective. Companies who want to promote collaboration and implement co-innovation practices can expect to derive many advantages, including:

• Greater “customer-centricity” in new-product planning
• More effective stakeholder communication that breaks down organizational silos
• Easier access to different channels of information and to a larger idea pool
• Creation of new and more profitable products
• Increased customer loyalty and competitive edge

With co-innovation each collaborator or stakeholder brings a segment of the solution to the table. The results? A highly efficient network of motivated teams that consistently develop and deliver customer-centric products to market faster.

Promote co-innovation with OneDesk

Although there are many new technologies and tools created to meet product development needs, OneDesk is the only one that provides the solution that truly connects all stakeholders to the product development process, from beginning to end. OneDesk’s social collaboration applications allow for efficient communication and participation between all internal and external stakeholders, including customers.

Experience for yourself how easy co-innovation can be – Get a free account.

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