At its core, an Open Innovation process leverages know how and opportunities outside of an organization, and combines external knowledge and innovation, with internal ideation, to capture and create value. In an Open Innovation model, it is assumed that valuable ideas and new opportunities can be found from the distributed research and development community external to an organization, and when combined with internal know how, an integration of external and internal expertise can lead to much more attractive outcomes, both in terms of quality of innovation, and in terms of timeline and cost needed for bringing innovations to market.Ī fundamental step in pursuing an Open Innovation model is to have a dedicated resource and process in place for scouting for external opportunities. This scouting process is often assigned to business development teams within an organization, for interests in licensing or acquisition of, or strategic investment in external opportunities. Scouting could involve a variety of processes, including exhaustive search through information posted online, and extensive search through patent literature. However, online public domain information sources often lack the quality of content to conduct a detailed assessment of the viability of opportunities that are of strategic interest. Patent landscape mapping, while valuable, is also an exercise that is largely focused on claims language, and often results in a large volume of information that does not easily lend itself to an assessment of the most viable, strategically aligned, external opportunities. Another common step in this process is networking and interviews with Key Opinion Leaders (KOLs) in a specific field. In our experience, while KOLs offer a great deal of insights, KOLs may not be the best source for identifying highest value external innovations, as they may be aware of the most visible emerging innovations, but not necessarily the entire landscape of research and development activity. By investing in a well-designed MarTech architecture, businesses can stay agile and responsive to changing market conditions, improve collaboration and communication among stakeholders, and create more targeted and personalized marketing campaigns.Open Innovation has garnered significant support and interest in recent decades. It provides a framework for how different marketing technologies work together to support a company's marketing goals, improve efficiency, and drive ROI. MarTech architecture is a critical component of any successful marketing strategy. By providing a centralized platform for managing marketing activities, everyone involved in the marketing process can have visibility and access to the same information, which can help facilitate better communication and coordination. MarTech architecture can help businesses improve collaboration and communication among different marketing teams and stakeholders. A well-designed MarTech architecture provides a framework for how different marketing technologies interact with each other to support a company's marketing goals. Marketing technology (MarTech) architecture refers to the design, structure, and integration of technology systems and tools that enable businesses to manage and execute their marketing strategies efficiently.
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