Open Innovation in the B2B Marketplace

27 Aug 2018 12:56

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Innovation in the Business-2-Business (B2B) world has generally been challenging and together with the faster cycles of innovation and new business models, the market of the B2B, has been confronting the pressure to innovate faster, more economical and more valuably. A large section of the market feels that B2B firms typically do not innovate enough, or are slow, or do not take alternative paths to innovation. This is much more a misconception about the initial stage (invention not being sufficient) than the fact, possibly since B2C companies have a bigger reach and"face" in the market to generate news people'aloud'. But B2B generally, has longer development cycles as compared to a B2C company, which means that they essentially are risk averse or are slower to move toward open innovation.

The significance of open innovation and crowdsourcing have been cited previously but frequently detected in B2B companies is these notions are shrugged off as'easier for B2C since it is about customers talking about you'. In truth, this is clearly not the case. It is all about collecting ideas from anybody in the ecosystem and integrating it with your capabilities - a thinking more B2B companies are realising. B2B companies are less aggressive in selling or coming up with radically new products, and thus the buy-in from executives, a very clear innovation strategy and involvement of internal and external environment are a few vital points any B2B firm needs to solve.

B2B's have an edge - they have"communities", thus the union between present and potential partners becomes much simpler. Breaking it down further, modularising challenges and finding the ideal platform will really open the marketplace wide open. The rise of social networking alongside new technology puts B2B companies concerns to break here! Looking at technology, human intervention as well as outscoring, B2B businesses can help not reinvent the wheel and look at greater cross-pollination options for greater achievement. Harnessing creativity and keeping the team participated with jobs significantly helps productivity.

Benefits and demand for Open Innovation and crowdsourcing in the B2B market are many. The things above are just a fraction. We have seen multiple B2B players using open-innovation initiatives available.

Companies possess other open-innovation-like initiatives and even though some are smaller compared to the rest, it is a positive sign about the momentum in this topic. find manufacturers near to me in the B2B space has work happening, but there's an untapped potential to be researched and filled. It's time to reap the benefits before others join the bandwagon.

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