For years, many companies have restricted their innovation management to their own specific area, i.e., customers, competitors, suppliers. This often led to the development of similar or imitative products.
This strategy sounds logical, yet increasing numbers of businesses are straying from this traditional path. Market competition has intensified, making it more and more difficult for companies to recover the costs of development through sales alone. That leads to a reduced amount of money available for research, as well as increased pressure to innovate. Hence, it is high time to reconsider established R&D processes and workflows.