In our most recent Master Class, Ludwig Melik from our strategic partner, Planbox, focused on how to manage the innovation pipeline and pitch innovation to the C-suite. Other topics included:
- Different ways to collect high-potential ideas
- Who innovation teams should partner with
- How to determine ROI on innovation management
- The timeline for launching an innovation program.
Melik is the CEO of Planbox, a provider of AI-powered agile innovation software. Tim Mataja, a senior innovation advisor at Novatek International, accompanied Melik on the call.
During the webcast, Melik discussed the importance of building an innovation management ecosystem: “A lot of organizations now understand that continuously looking for efficiencies in their supply chain is just not enough, and really the major competitive advantage will come from looking at how they can better network and create deeper connections with their innovation ecosystem.”
Melik advises that innovation teams start by engaging employees and stakeholders at the company. Then, he said, teams can reach out to suppliers, customers, startups, and universities.
Melik also discussed how companies should determine ROI on innovation investments. According to Melik, ROI can include an increase in revenue and profit margins. However, not all returns are purely financial.
“Another key area is how does this impact how you work with your customers, and to what extent you are able to either command better brand loyalty or improve your brand in the eyes of your customer,” Melik said. He also cited R&D optimization, increased productivity, and decreased employee turnover as additional ways to assess ROI.
Melik also answered questions. One listener asked about the best way to implement innovation programs without overwhelming employees.
“Create communities where you are able to have those people work together in an area where they feel [it is] safe to share [their ideas],” he said. “[And when] an executive team is very strongly behind innovation, and the organization does a good job of maintaining communication and ensuring that [employees] understand that they’re in this for the long run … everyone is much more likely to get behind [innovation] … and ultimately participate and make [the program] successful.”
For slides from the presentation, visit the Planbox website.
