Build An Idea Pipeline

Neil Stolovitsky is a Senior Solution Specialist at Genius Inside.

  Governance   Innovation   Portfolio Management   ProjectsAtWork  

Does your organization have the right processes in place to support the next great idea? Once an evaluation and selection framework is in place, aligning an “idea pipeline” with the project portfolio is crucial. Otherwise, your next star project might not even get a chance to soar doomed or less-promising initiatives drain resources.

Successful products all begin with a great idea. However, the idea itself is just the first ingredient in a cocktailof factors, including resource and talent management, that contribute to a product’s success. The ability to capture new project development (NPD) ideas and prioritize their value based on organizational metrics, resources, strategic alignment and critical success factors is essential to developing an innovation pipeline.

The first step in selecting the best NPD project ideas begins with a systematic approach to capturing data so all stakeholders can contribute to the project selection process. Building the right framework around product ideas allows companies to make well-informed decisions based on facts. When developing this framework, the following elements should be considered:

> Data Integrity – Parameters must be in place to ensure that the output from processing product idea information is useful. Information sources for validating product ideas need to be consistent so that contributors are using …

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