Build versus buy: The innovation conundrum
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1-925-297-2600 [email protected] WWW.SPIGIT.COM SPIGIT IS THE INNOVATION ENGINE THAT DRIVES BUSINESS GROWTH Innovation is regarded as the key driver for business growth by every successful enterprise. However, a recent Booz & Company survey of 700 companies and senior innovation executives revealed that just 25% felt their companies were effective at generating new ideas and converting them into product development projects. Increasingly, enterprises including many of the Global 500 are considering technology platforms that provide deep idea management functionality that leverage principles of social collaboration, crowdsourcing, game dynamics and analytics to drive a repeatable end-to-end innovation process that results in business outcomes. As organizations head down the path of implementing an innovation process, they may reach a point where they need to decide whether they build their own “home-grown” technology platform, or purchase a software solution from a social innovation platform provider. Before such a decision is made, it’s important to consider the environment and culture that the innovation platform would operate in. KEY CULTURAL QUESTIONS YOU SHOULD ASK AT THIS POINT ARE: 1. Is innovation a key strategic goal of the organization? 2. Is there an established innovation program and process? 3. Does IT have the expertise to build, maintain and upgrade an internal system? 4. How are ideas currently shared in the organization? 5. Is the organization supportive of innovation and have a culture of trying new things? With these high-level thoughts, the following key questions from the business and IT perspectives will help you decide which route the organization should take. FROM A BUSINESS PERSPECTIVE: 1. Does your senior management team need assurance that other companies have seen success using such platforms? 2. How quickly does the platform need to be “live”? 3. Does the User Interface need to be engaging and appealing? 4. Should the platform use the latest advances in behavioral science, game mechanics and collaborative decision models? 5. Will access to thought leadership and support be required? 6. Will the innovation process be likely to evolve and improve? 7. Is the team resourced to review all ideas or are automated mechanics required to identify the best ideas? 8. Will external users be asked to participate in providing ideas? 9. Is there a requirement to measure outcomes and automatically produce reports on progress? 10. Will you need best practices and technology to ensure sustained engagement? The Innovation Conundrum: Build or Buy Social Innovation software
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Increasingly, enterprises including many of the Global 5000 are considering technology platforms that provide deep innovation management functionality that leverage principles of social collaboration, crowdsourcing, game dynamics and analytics to drive a repeatable end-to-end innovation process that results in business outcomes. As organizations head down the path of implementing an innovation process, they may reach a point where they need to decide whether they build their own “home-grown” technology platform, or purchase a software solution from an enterprise innovation platform provider. This short whitepaper helps you understand the tradeoffs.
Transcript of Build versus buy: The innovation conundrum
1-925-297-2600 [email protected] WWW.SPIGIT.COM
SPIGIT IS THE INNOVATION ENGINETHAT DRIVES BUSINESS GROWTH
Innovation is regarded as the key driver for business growth by every successful enterprise. However, a recent Booz & Company survey of 700 companies and senior innovation executives revealed that just 25% felt their companies were effective at generating new ideas and converting them into product development projects.
Increasingly, enterprises including many of the Global 500 are considering technology platforms that provide deep idea management functionality that leverage principles of social collaboration, crowdsourcing, game dynamics and analytics to drive a repeatable end-to-end innovation process that results in business outcomes.
As organizations head down the path of implementing an innovation process, they may reach a point where they need to decide whether they build their own “home-grown” technology platform, or purchase a software solution from a social innovation platform provider.
Before such a decision is made, it’s important to consider the environment and culture that the innovation platform would operate in.
KEY CULTURAL QUESTIONS YOU SHOULD ASK AT THIS POINT ARE:1. Is innovation a key strategic goal of the organization?
2. Is there an established innovation program and process?
3. Does IT have the expertise to build, maintain and upgrade an internal system?
4. How are ideas currently shared in the organization?
5. Is the organization supportive of innovation and have a culture of trying new things?
With these high-level thoughts, the following key questions from the business and IT perspectives will help you decide which route the organization should take.
FROM A BUSINESS PERSPECTIVE:1. Does your senior management team need assurance
that other companies have seen success using such platforms?
2. How quickly does the platform need to be “live”?
3. Does the User Interface need to be engaging and appealing?
4. Should the platform use the latest advances in behavioral science, game mechanics and collaborative decision models?
5. Will access to thought leadership and support be required?
6. Will the innovation process be likely to evolve and improve?
7. Is the team resourced to review all ideas or are automated mechanics required to identify the best ideas?
8. Will external users be asked to participate in providing ideas?
9. Is there a requirement to measure outcomes and automatically produce reports on progress?
10. Will you need best practices and technology to ensure sustained engagement?
The Innovation Conundrum: Build or Buy Social Innovation software
FROM AN IT PERSPECTIVE:1. Are there sufficient internal resources available to build a
new platform?
2. Is there sufficient in-house expertise in design and development in the areas of social, mobile, ideation, crowdsourcing, game dynamics and analytics?
3. Will resources to maintain, support and upgrade the platform be available?
4. Are competitors using a cutting edge platform that is evolving faster than you can develop in-house?
5. Can a secure environment be provided to hold data and is sufficient data storage available?
6. Can a secure external environment be provided to extend the platform to partners, customers and suppliers when needed?
7. Will the platform need to operate on different Operating systems, browsers, mobile devices and interfaces?
8. Will the platform need integration with other enterprise systems such as SharePoint, Jive, and Yammer?
9. Will the platform be internationalized and localized for your globally dispersed workforce?
10. Will the resources applied to an internal project distract the organization from your real core competencies?
ABOUT SPIGIT Spigit is a leader in Social Innovation, helping organizations unleash the creativity of
employees, customers and partners to find transformative ideas that drive growth.
Leveraging crowdsourcing, game mechanics and big data analytics, Spigit’s
platform is helping the world’s leading brands invent disruptive products, generate
new revenue streams, build an innovation culture, reduce costs and significantly
improve employee and customer engagement.
The world’s leading brands including major Retail, Healthcare, Financial,
Technology, Government, Insurance, Utilities and Pharmaceutical companies use
Spigit.
Headquartered in San Francisco’s Bay Area, Spigit is the innovation engine that
drives growth and a key player in the social enterprise market. For more information
about how you can enable crowd innovation for your enterprise, visit www.Spigit.
com, email [email protected] or call 1-925-297-2600.
While “home-grown” platforms may initially seem attractive due to perceived lower cost, best of breed platforms that have been designed by innovation experts with deep idea management, crowdsourcing and social and behavioral algorithms are usually more effective in the long term. Social computing, game dynamics and crowdsourcing are continually evolving fields with new research and development occurring daily, making it impossible for most organizations to stay at the cutting edge of the field. By purchasing a leading end-end social innovation platform, an organization can focus on innovation and execution to improve the business, rather than trying to build enabling tools and technology for ideation.
