Retail innovation is built on processes that require companies to gather heterogeneous inputs across the extended retail value chain. C-level executives and innovation leaders must consider a complex ensemble of instances when defining innovation strategies (or programs) and moving to innovation execution. Examples of such instances include supply chain, logistics, store operations, ecommerce, customer service, merchandise and assortment planning, marketing, IT infrastructure, consumer and technology market trends, technology providers, start-ups, and academia.
According to IDC’s 2020 Global Retail Innovation Survey, 90% of retailers run innovation efforts with an opportunistic, single-program, or tech-focused approach. This innovation setup causes inefficient and ineffective allocation of resources as it leads to duplication of efforts and quick, short-term wins that deliver rapidly degrading value within retail organizations. In turn, these dynamics impact the execution of daily back- and front-office operations that result in sub-optimal profitability and customer experience metrics. IDC believes innovation management platforms (IMPs) are essential for innovation leaders to gain visibility and control on the discovery and selection subcycles of innovation.
IDC Retail Insights aims to help retailers select worldwide innovation management platform specialty software. IDC’s new Worldwide Retail Innovation Management Platforms Specialty Software Provider 2022 Vendor Assessment MarketScape assesses the capabilities and strategies of worldwide specialty software providers in providing the retail industry with IMPs.
The study evaluates 10 vendors: Brightidea, HYPE Innovation, Idea Drop, innosabi, InnovationCast, Planbox, Planview, Qmarkets, Viima, and Wazoku. Vendors are evaluated on a range of capabilities:
- Co-innovation integration
- Employee engagement
- Hackathons and innovation scouting program
- Innovation decision making
- Innovation-specific project management
- Innovation-specific analytics
- Knowledge management