Ecosystems boost revenues from innovation initiatives

Ecosystems are vital for organizations to broaden their market approach and shift their focus away from simply selling products. High-performing organizations encouraged new ideas about processes from a wide variety of sources, ranging from channel partners, to employees, to exploratory analysis of structured and unstructured data. The outperforming group also adopted a disciplined approach to funding innovation. They created separate and distinct funding allocations, clear rules about go/no-go project decisions, and explicit process review and gating procedures. Clear innovation performance metrics focused on objective measures such as expected return on investment (ROI) and time to break even.