Open Innovation Best Practices: A New Report

City_of_lightsWondering how to make the best use of open innovation to drive your company forward? Concerned you may not be maximizing the paradigm’s potential? Then, check out this new report Open Innovation: Enhancing Idea Generation Through Collaboration.

The paper has identified 11 open innovation best practices based on research into how leading companies are tapping external sources of expertise.

The report was produced by APQC, a benchmarking and best practices research nonprofit, in partnership with PMI (Project Management Institute).

The best practices are categorized into four principle areas: strategies, roles, processes, and measurement/improvement.

The top three best practices highlighted by the report are:

  • Establishing a central and dedicated group to drive open innovation – 75% of the surveyed best practice companies have staff members specifically dedicated to pursuing and deploying open innovation strategies.
  • Partnering broadly across a variety of external and internal organizations
  • Inviting participation in open innovation via experiences

Among the other best practices revealed by the report are:

  • Position your organization to build and manage key relationships
  • Embrace broad and specific scouting for new ideas
  • Use change management to drive commitment to open innovation

OI Opportunities

The report’s authors believe that if companies implement these best practices they will be well positioned to be faster at responding to strategic opportunities and be able to shorten the decision or production review cycles.

Five organizations that APQC and PMI believe are among the world’s best OI practitioners were also picked out by the report. They are: Amway, British Telecom (BT), Cisco Systems, Inc., Corning Incorporated, and General Mills.

For more information including a report overview, click here.

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