Overview
The term Idea to
Offering (ITO, also known as Idea to Market)
essentially refers to the new product development business process framework.
It encompasses the entire lifecycle of a product or service, from the initial
conception of an idea to the final, market-ready product, service, or offering
available to customers.
ITO in involves activities
like idea generation, evaluation, concept development, design, manufacturing
or development, marketing and sales, customer feedback collection, and
continuous improvement. The main goal of the business process is to
effectively transform innovative product ideas into successful market
offerings.
Practically speaking, a business generates product or feature ideas
either internally or through an external feedback mechanism, i.e., from
customers or business partners. For example, A product or feature improvement
idea could come from a technician who shares his request for product
improvement via the idea to offering
process in . Engineers then translate this idea
into product requirements and concepts for a new or redesigned product. They
also evaluate the financial and statutory, legal, or compliance impact of the
changes they made to create a business case, and viable product designs, before
passing on all the information gathered for the manufacturing or production
process to kick in.
How
does the Idea to Offering process in
work?
Here’s a stepwise analysis of how the idea
to offering cycle in operates:
1) Idea Generation: This
is the phase where new product or service ideas are created brainstormed,
researched, and evaluated. It might involve internal collaboration among
different teams or stakeholders, or it might also have been generated
externally from feedback given by customers and/or business partners.
2) Concept Development: Once promising ideas are identified, they are developed into more
detailed concepts. This could involve outlining the product requirements,
product features, benefits, and potential market for the offering.
3) Business Case Creation: In this stage, a comprehensive business case is created. This would
include estimates of costs, potential revenue, market analysis, competitive
landscape, and a feasibility assessment, which also includes a legal,
statutory, and compliance check.
4) Product Design, Redesign, and Development: The chosen concept then moves into the product design. redesign and
development phase. This consists of various activities, such as creating
prototypes, designing the user experience, developing the actual product or
service, and conducting testing.
5) Manufacturing or Implementation: If the offering is a physical product, this stage involves manufacturing
and quality control. For software products or services, it could involve
implementation, customization, and integration.
6) Marketing and Sales: Once the offering is ready, marketing strategies are developed to create
product awareness in the target market and attract customers. Sales teams are
trained and equipped to promote, sell, and cross-sell the product or service.
7) Launch and Commercialization: The official launch of the offering takes place, making it available to
customers. This involves events, promotions, and communication campaigns.
8) Customer Support: After
launch, ongoing real-time customer support and maintenance for the newly
launched product or service are crucial. This could involve handling inquiries,
addressing issues or concerns, and releasing periodic updates.
9) Monitoring and Improvement: Data is collected post-launch to monitor performance, gather feedback,
and identify areas for improvement. This information is then used to refine the
product or service offering, as it evolves amidst changing market conditions.
10) End-of-Life or Upgrade: Eventually, the product reaches the end of its lifecycle, at which point
decisions about its discontinuation, replacement, or upgrades are made.
The idea to offering process generally involves various modules and functionalities from the
existing suite of software solutions,
namely product lifecycle management (PLM), enterprise resource planning (ERP),
customer relationship management (CRM), and sometimes even project or program
management tools.
Below is a diagram explaining the ITO or
new product development process:
How
will WE help implement the Idea to Offering process in ?
The ITO cycle in refers to a new product development-based business process spanning
the entire product or service ecosystem, right from the initial conception of
an idea to the final, market-ready product or service available to customers.
As your trusted ITO in process consulting partner, WE can help you to successfully plan, customize, and implement your
end-to-end ITO implementation
journey.
Here’s how each of these steps in this implementation process would be
executed. The specifics of each of these steps would be tailored based on the
organization’s unique requirements and the specific modules used.
1.
As-Is Process:
This involves understanding the existing processes in the organization
before the implementation. For ITO, it would entail analyzing how ideas are
currently generated, evaluated, developed into offerings, and launched to the
market. Within each process, there would be procedures like:
·
Idea generation and
capture.
·
Idea evaluation and
prioritization.
·
Concept development and
business case creation.
·
Design and development.
·
Marketing and launch
planning.
·
Customer feedback and
improvement.
2.
Business Blueprint
(Fit-Gap & To-be):
Based on the analysis of the current process (As-Is), a business
blueprint or framework is created. This includes mapping out the desired
‘To-Be’ processes in . During the ‘Fit-Gap’ analysis, we identify areas where
’s standard functionalities align with the requirements and where customization
or additional development is needed. This can lead to the creation of a ‘To-Be’
process that factors in the ITO cycle in .
3.
Master Data
Migration/Item Master Configuration:
In this step, the master data that needs to be migrated to the ITO process in or
needs to be created afresh is determined. For an ITO cycle in , this
might involve creating and maintaining master data records related to products,
materials, customers, suppliers, or any other relevant categories.
4.
System Configuration
/ Realization:
Based on the ‘To-Be’ blueprint, the
system is now configured to support the ITO
process in . This involves setting up modules and
functionalities, customizing screens, defining workflows, and enabling the
necessary integration. For example,
modules like Product Lifecycle Management (PLM), Sales and Distribution
(SD), Production Planning (PP), and more are configured based on system
requirements.
5.
User Acceptance
Testing (UAT):
Before Go-Live, UAT is performed to validate that the ITO cycle in and
the organization’s requirements. Test scenarios would cover the end-to-end ITO
process, including generating and evaluating ideas, designing offerings,
launching products, and capturing customer feedback.
6.
Go-Live Preparation
(update as per feedback during UAT):
Feedback received during UAT is then incorporated into the system.
Documentation, SOPs, and training materials are finalized, and data is cleaned
and migrated. The organization now prepares for the actual system launch.
7.
Go-Live:
The idea to offering process framework is now launched for operational use, in a formal Go-live
event. The ITO in is
executed within the environment, with
new ideas captured and managed, offerings designed, redesigned, and developed,
and the launch process executed within the system, as per the required
configuration.
8.
After Go-Live
Support:
After the Go-Live, support teams are in place to address any issues,
questions, or improvements that may arise. The ITO
process in continues within the confines of
the environment, and any fine tuning or
necessary adjustments to the system or processes are made based on real-world
practical usage.
Agile collaboration with relevant stakeholders, proper, regular training
and development, and application of change management strategies are vital
throughout the implementation process to ensure a successful and smooth
transition to the idea to offering
cycle in . It is therefore key to work in complete sync with premier process consultants like WE to successfully customize, navigate and execute the implementation
of the entire idea to offering
process framework.
WE
in a nutshell
Headquartered in the metro city of Pune India, Business Process Experts (WE) is a pioneer in the
ITO solutions space, a specialist providing unique, customized implementation
pathways for the idea to offering cycle in . With prominent offices in UAE and other major cities in India and the
world, the company was established more than a decade back in 2012. Since then,
it has grown from strength to strength to become a key enabler in the ITO in business process
landscape.
Helmed by a crack team of engineers, management and finance experts,
and consultants, WE and its well-known
sister concern YRC are key strategic, transformational partners for prominent clients
worldwide. WE clientele belongs to leading industrial sectors like engineering,
automobiles, banks, chemicals, garments and apparel, retail & hospitality,
manufacturing, pharmaceuticals, mining, and ITeS.
If you are an entrepreneur or business owner looking to craft your very
own ITO success story, your
search ends here, please connect with WE now. We will thoroughly
understand the business rationale behind your organization’s ITO cycle in before
planning and customizing your entire implementation journey. Tapping into the
multi-pronged advantages of the ITO
process in with us will help you realize
your true business potential and stay well ahead of the curve!
FAQs
Please define the idea to offering (ITO) process in .
Idea to
Offering (ITO, or Idea to Market) essentially
refers to a business process framework aligned to the new product development
business process framework. It covers within its ambit the entire product or
service offering lifecycle, right from the initial generation of an idea to the
final, market-ready product, service, or offering for the end customers.
A business generates product or feature ideas either internally or
through an external feedback mechanism, i.e., from customers or business
partners. For example, A product or feature improvement idea could come from a
technician who shares his product improvement request via the system. Engineers then translate this idea
into suitable product requirements and concepts for a new or redesigned
product. They also evaluate the financial and statutory, legal, or compliance
impact of the changes they made to create a business case, and viable product
designs, before handing over all the information for final manufacturing or
production to take place.
What are the various steps involved in the idea to offering (ITO) cycle in ?
The
various steps and phases in the idea to offering cycle in can be explained in detail as under:
1)Idea
Generation and Capture:
·
Ideas for new products, services, or
improvements are generated and captured.
·
process solutions provide a platform to
capture, evaluate, and categorize these ideas.
2)Idea
Evaluation and Prioritization:
·
Ideas are assessed based on criteria
like feasibility, potential market value, cost, and alignment with business
goals.
·
tools can assist in creating evaluation
criteria and assigning scores to different ideas.
3)Concept
Development and Business Case Creation:
·
Chosen ideas are developed into
detailed concepts.
·
Business cases are created to outline
potential costs, benefits, revenue projections, and market analysis.
·
solutions could assist in creating, recording,
and storing business case documents and financial projections.
4)Design
and Development:
·
Once approved, concepts move to the
design and development phase.
·
PLM (Product Lifecycle Management) modules
might be used to manage design, prototyping, and development processes.
5)Marketing
and Launch Planning:
·
Marketing strategies are devised to
introduce the new offering to the market.
·
CRM (Customer Relationship Management) modules
could be used for marketing campaign management.
6)Customer
Feedback and Improvement:
·
Feedback from customers is collected
and used to improve the offering.
·
CRM or
C/4HANA (Customer Experience Suite) might be used to manage customer
feedback and interactions.
7)Manufacturing
or Implementation:
·
For physical products, manufacturing
and quality control processes are managed.
·
For services or software,
implementation and testing are done.
·
PP (Production Planning) or SD (Sales and Distribution) modules are
generally involved here.
8)Launch
& Commercialization:
·
The offering is officially launched
and made available to customers.
·
tools might help manage inventory, pricing,
and distribution during the launch.
9)Customer
Support:
·
Ongoing customer support is provided
post-launch.
·
solutions could track customer inquiries,
support tickets, and resolution processes.
10)Monitoring
and Improvement:
·
Performance data is collected to
monitor how well the offering is doing.
·
BI (Business Intelligence) tools might help
analyze data and generate reports for decision-making.
11)End-of-Life
or Upgrade:
·
Eventually, the offering might be
retired or replaced.
·
solutions might be used to manage the
end-of-life process or the introduction of upgrades.
What are the benefits or advantages of implementing the idea to offering (ITO)
process in ?
Implementing
the Idea to Offering (ITO) process in
offers several benefits and advantages to organizations. Here are the
key benefits of the ITO process:
1.
Streamlined Innovation Management
2.
Centralized Information stored in an
integrated platform
3.
Efficient Resource Allocation
4.
Better Data-Driven Insights and
Decision Making
5.
Enhanced Collaboration through a
tool-based approach
6.
Optimized Time-to-Market
7.
Consistent Documentation
8.
Compliance and Governance
9.
Improved Customer Experience
10. Scalability
11.
Reduced Risks and Challenges
While
implementing the ITO process in offers
numerous benefits, successful implementation requires careful planning, user
training, change management, and ongoing support. Organizations should align
their processes and strategies with ’s integrated capabilities to fully
leverage these advantages.
What is the difference between the idea to offering (ITO) and the plan to
produce (PTP) in ?
Idea
to Offering (ITO) and Plan to Produce (PTP) are two different business
processes within that focus on different
stages of the product lifecycle. ITO encompasses the entire journey from idea
to market launch and offering, while PTP focuses on the production planning and
execution aspects.
Here
are the key differences for both processes:
1)ITO
covers the entire product lifecycle, from idea generation to market launch and
beyond. On the other hand, PTP focuses specifically on the manufacturing and
production aspects of the product lifecycle.
2)ITO
involves activities related to idea management, concept development, marketing,
and customer feedback. PTP involves activities related to production planning,
material procurement, production execution, quality control, and distribution.
3)ITO
is a broader and long-term process encompassing the entire lifecycle of
bringing an offering to market. PTP is more focused on short to medium-term
production planning and execution.
4)The
primary goal of ITO is to successfully market innovative product ideas and
continuously improve upon them based on customer feedback. PTP aims to
efficiently produce and deliver products according to demand while optimizing
resources and minimizing costs.
5)ITO
involves cross-functional collaboration across various departments, including
marketing, design, development, and customer support. PTP involves
collaboration between production, procurement, inventory management, and
quality control teams.
6)
Modules: In , ITO-related activities involve modules like PLM (Product
Lifecycle Management), CRM (Customer Relationship Management), and others. In ,
PTP-related activities are typically managed using modules like PP (Production
Planning), MM (Materials Management), QM (Quality Management), and others.
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