The 6 impacts of open innovation in the company

The 6 impacts of open innovation in the company

Companies are no longer what they were

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No matter what they want to isolate themselves to maintain customs, values or management models, they will change because the environment is changing. New forms of organization appear new approaches to the economy and relationships, such as the crowd economy, new ways of accessing and being in the market. Companies have seen that what was done before is not suitable for now and that is why they have to take, sometimes by obligation, new paths in management.

The open innovation helps to answer many of the needs that companies from a redefinition of roles and ways of managing innovation all issues that affect them. Let's see how open innovation impacts the company:

1 - COST:

Cost reduction. Without a doubt, this is one of the most interesting points. Innovation is today a fundamental element in business survival, but focusing all innovation on internal structures generates excessive costs that many companies cannot afford, opening innovation channels abroad will allow joining efforts and improving results by reducing costs

2 - OPENING: Democratization of innovation. Open innovation allows better access to innovation strategies by companies through InventHelp that do not usually have a budget to carry them out within their own companies.

3 - ROLES: Redefinition of internal roles. The introduction of open innovation strategies implies a change in functions and ways of managing, which usually shows a change and an improvement in internal capacities by improving our response to the new environment in which we find ourselves.

4 - INFORMATION: Increased sources of information. Our capacity for innovation no longer depends on our being able to access information generally processed internally by a specific department. In companies that apply open innovation, information sources are multiplied so that we can feed on them both internally (all workers participate in innovation), and external (both suppliers and customers or stakeholders can participate in innovation)

5 - MARKETS: Access to new markets. The interesting thing about open innovation is that we somehow lose control of it, and that is very good since it allows us to increase the possibility of impact by allowing us to reach unexpected conclusions. It also leaves us with the capacity for developments that make us reach markets on which we did not have the keys but that our Partners in innovation do.

6 - NETWORKS: Increase our networks. Companies must understand that they are not alone in the markets. Networking, protecting and properly managing those contacts and collaborators like InventHelp, improve the responsiveness of these companies and the development of innovation projects. Open innovation is a natural enhancer of those networks.

These are some points on which an open innovation strategy can impact a company. Our ability to adapt to the new environments in which we find ourselves or to those who may come will be increased with this innovation model. Our networks, resources and capabilities will improve through the impact that open innovation will have on our companies.

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This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.

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