Gooooooooooooooooooooood day folks!

Behold key takeaways from a recent Forbes article by Jia Wertz on Creating Value Through Digital Transformation, in which Planbox was identified as an essential innovation management software to help turn a promising idea into a successful outcome!

Innovation is hard but not impossible

Innovation is important for growth, but it’s hard to execute successfully. The key? LEADERSHIP, and digital tools like AI/ML:

For all the talk about innovation, it remains difficult for many companies. A recent study by McKinsey & Company found that 84% of executives agreed innovation was important for their growth, but only 6% were satisfied with their company’s performance.

What does work? Research from Deloitte has found that while most attempts at transformation stumble, particularly digital transformation, those that do succeed have several things in common. The top drivers of success were having leaders who articulated a clear change story for their teams and who used a broad range of digital tools, including cloud-based, artificial intelligence (AI), and advanced machine learning.

Desperate times call for innovative measures

Now is the perfect time to identify emerging trends and technologies that extend your business’ market value:

If ever there was a time for companies to truly commit to digital transformation, this is it. Surviving the most challenging economic conditions since the Great Depression, and thriving once the pandemic eases, requires flexible and imaginative thinking and the ability to manage the innovation process.

It may be tempting during this pandemic to pull back the reins on innovation or hold off on product development, but that may not be the best idea. Times of uncertainty are also times of opportunity. No one knows when the pandemic will end, but it does seem clear that the pace of digital transformation has only accelerated. Whether it is upgrading internal operations, launching an e-commerce strategy, developing a new product or reimagining existing products with new technology, this is an ideal time to move forward.

Innovation management software is essential

And for the piece de resistance, here’s what brings the aforementioned into a single system of record for innovation that makes the magic possible:

To help turn a promising idea into a successful outcome, innovation management software is essential.

Planbox, a Montreal-based company, which recently acquired a network of expert problem-solvers called IdeaConnection, has built software that brings the entire innovation ecosystem into a single platform so teams can effectively collaborate from anywhere.

The cloud-based agile innovation management software uses data-mining AI to surface new insights, and includes collaborative tools to develop ideas and engage a broad network of employees, partners, customers, startups and experts. It was used recently by Hollister Incorporated, a healthcare company, to enable manufacturing and clinical experts to collaborate and identify an opportunity to supply a nearby company with material to create N95 masks.

“The complexities of innovation aren’t easy for companies to handle without the right tools, so we gathered everything they need to manage the innovation process in one technologically advanced package,” said Ludwig Melik, Co-founder and CEO of Planbox.

Check out the article for yourself here!

Or better yet, find out why leading market research firm Forrester says “Planbox leads in data insights, AI/ML, and idea delivery” in The Forrester Wave: Innovation Management Platforms, Q1 2020.

Til next time folks!