Social Innovation Comes to PLM

Keywords: Innovation, Collaboration, Business Initiatives, Business Models, Sustain Market Share, Competitive.

Executive Overview
Most companies today rank innovation, risk, cost, and collaboration, in that order, as their primary business initiatives. Of these, they regard innovation in product and services as the most important factor for new growth. Today, companies are driving innovation beyond just new product development to include innovative new business models and manufacturing processes. The emergence of social innovation and communities enabled by a host of social media apps and tools has sig-nificant impact on companies and how they bring new products and services to the market. In the end, companies with the most innovative products, processes, and business models will win the most market share in the global economy.

Innovation will be the key differentiator for companies in a highly competitive and economically challenging market. The difference between prospering, struggling, or even continuing to exist will be the ability to bring new products and services to a market in which the consumers are continually looking for something new and improved. Additionally, companies should understand that even the best innovation process must have ideation with new and creative concepts to jump start the process. Opening the pool of creative ideas beyond the walls of the company through social interaction and communities will enable a new era of innovation.

While it is clear that innovation is essential to gain and sustain market share for a company's products and services, the current approaches for establishing innovation best practices are not always clear. There are several key areas that a company can focus on to foster a culture of innovation. These include things like seeking out creative people, establishing a way to manage innovation, and adopting social innovation approaches. This Strategy Report will examine the concept and practice of social innovation: what is it, what are the approaches, and how does a company implement these practices?

Table of Contents

• Executive Overview
• Establishing a Culture of Innovation for Product and Process
• The Framework of Social Organization
• Social Innovation and the Social Media Environment
• Recommendations

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