A bio-tech company needed to accelerate time-to-revenue for new ideas with minimal additional investment. Now more than ever, research facilities struggle with managing and implementing new ideas. The next new idea might be game-changing. Or it might be pointless. Evaluating these ideas and accelerating time-to-revenue is crucial.
Concepts must be described fully and vetted quickly. Also resources such as staffing and funding must be assigned rapidly, and at the same time, metrics for the return on resource investment must be described, approved, forecast, and measured. The solution must enable research facilities to drive fast decisions about starting and continuing development to generate revenue as quickly as possible. Just as quickly, concepts that don’t meet goals must be identified and either amended or discontinued.
Tresbu Digital’s experts have used Mendix to create a portal-based innovation workflow solution that both enforces a rigorous concept review process and drives expedited resourcing. And they did it in half the time and one-quarter the cost of a full-stack solution. The result was A cost-effective innovation development system that provides decision makers an easy way to manage new ideas—and gives all employees a voice throughout the new product concept process.
The new system shortened time-to-revenue for new concepts by 60%-70%. By driving early decision-making, enables organization to be first to partner and first to market with innovations. Organization now has greater investment visibility and accountability by setting and monitoring meaningful innovation metrics from the outset that enable them to determine true RoI of the investment in the concept. What’s more the company is able to maintain the system itself, reducing dependence on and expenditure with outside developers.