Open Innovation in the B2B Marketplace

27 Aug 2018 13:06

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A massive section of the market feels that B2B firms typically do not innovate enough, or are slow, or don't take alternative paths to innovation. where to find suppliers for my business is more a misconception about the first stage (innovation not being sufficient) than the fact, possibly since B2C companies have a bigger hit and"confront" from the market to make news people'aloud'. But B2B typically, has more development cycles as compared to some B2C company, so that they inherently are risk averse or are slower to move toward open innovation.

The significance of open innovation and crowdsourcing have been cited earlier but often noticed in B2B companies is that these notions are shrugged off as'easier for B2C as it's about customers talking about you'. In truth, this is obviously not true. It's all about collecting ideas from anyone in the ecosystem and incorporating it with your capabilities - a thinking more B2B companies are realising. B2B companies are less competitive in selling or coming up with radically new goods, and hence the purchase from executives, a clear innovation strategy and engagement of internal and external environment are some vital points any B2B firm should resolve.

B2B's have an advantage - they have"communities", thus the union between present and prospective partners becomes considerably easier. Breaking it down further, modularising challenges and finding the right platform will actually open the marketplace wide open. The rise of social networking together with new technologies puts B2B businesses concerns to rest here! Looking at engineering, human intervention in addition to outscoring, B2B companies can help not reinvent the wheel and look at greater cross-pollination options for greater success. Harnessing imagination and keeping the team engaged with tasks significantly helps productivity. However, the actual advantage lies in Intellectual Property (IP) and co-development or New Product Development (NPD) because of open innovation thereby positively impacting the top-line and bottom earnings.

Benefits and need for Open Innovation and crowdsourcing from the B2B marketplace are many. The points above are only a fraction. We have seen multiple B2B players using open-innovation initiatives available.

Firms have other open-innovation-like initiatives and although some are smaller compared to the remainder, it is a positive sign about the momentum in this subject. Open Innovation in the B2B space has work happening, but there's an untapped potential to be researched and filled. It is time to reap the advantages until others join the bandwagon.

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