Redwood Shores, Calif.—April 18, 2014—Innovation is a top priority for many CEOs who look to new products as the engines to implement their corporate strategy for growth and transformation. However, translating these aspirations into reality requires treating product innovation as a key business process, and providing solutions to support that process—linking this upstream to overall portfolio management, and downstream to product development and commercialization.
It is to address this challenge that Oracle introduced Oracle Innovation Management. This new solution helps organizations increase revenue growth from new products, and achieve a competitive advantage by introducing a systematic approach to capturing, selecting, and investing in the right ideas and product concepts.
Oracle Innovation Management enables bottom-up innovation so all stakeholders may participate in the product invention and definition processes, with simultaneous top-down financial impact analysis and strategic fit visibility to the key portfolio owners during the decision and post-investment.
With Oracle Innovation Management, organizations can make faster and more informed decisions by easily creating, refining and evaluating product concepts for cost and risk, and against customer requirements and design goals.
In addition, using Oracle Innovation Management, organizations can define and manage different product development projects, in the context of their overall product portfolio. To complete the product innovation process, Oracle Innovation Management integrates with Oracle’s Agile Product Lifecycle Management, helping to streamline the process of moving concepts to detailed design, development and release to manufacturing, while maintaining full visibility into project status.
Improve Portfolio and Product Investment Decision-Making
Oracle Innovation Management is a new addition to the Oracle Product Value Chain solutions. Offering a 360-degree view of the product innovation, Oracle Innovation Management enables organizations to:
- Build an innovation pipeline that is fueled by a steady stream of high-value ideas that can be translated into profitable offerings.
- Analyze the impact of alternate investment scenarios against business objectives, such as revenue, cost, profit and resources constraints, to determine the best opportunities to commercialize.
- Develop product requirements that translate ideas into concepts and products that achieve stated success criteria.
- Create product concepts and alternative approaches to meeting product requirements, and analyze against product supply chain and cost metrics.
- Increase productivity and reduce product development costs by strategic focus on fewer, better products that align with the business growth strategies.
“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, vice president of supply chain management product strategy, Oracle. “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.”