Companies are increasingly looking to Open Innovation (OI) to generate the desired returns from their investments and maintain competitive advantage.
Listen to industry leaders talk about success factors for Open Innovation.
Accessing the best in global capabilities and technologies is no longer optional if companies want to maintain an innovation leadership position - and those who embrace Open Innovation move faster and are more creative than those that do not.
However, to be successful in Open Innovation you must seamlessly integrate external innovation capabilities with your internal innovation processes and infrastructure.
This can be done by:
Driving real change in your innovation system with a clear, bold and stretching ambition. It is essential to find the right balance between the internal and external capabilities needed to deliver growth.
Fixing the internal innovation system first – OI is not a band-aid. There is no point in acquiring great technology or ideas externally and then impeding their development by poor internal infrastructure.
Creating a culture of collaborative innovation within and beyond the company boundaries. Many organisations need to go through a significant cultural transformation to maximise their innovation performance.
Actively managing your relationship networks as an integral part of your innovation system to deliver long term benefits. Organisations need to connect
with the right people at the right time, enabling faster and better access to new opportunities.
Embedding the right tools and infrastructure for OI. There have been significant advances in IT that can enable effective OI to be embedded both inside and outside your organisation.
Our recent survey reveals that leadership is key to the success of implementing Open Innovation. It also shows that a clear strategy and structure are essential.
Request a copy of PA's Open Innovation report.
Read our recent articles on OI:
To find out more about assessing and improving open innovation approaches in your organisation, please contact us now.