CIMdata PLM Industry Summary Online Archive
31 July 2007
Implementation Investments
Centric Software Supplies Masco with Technology to Facilitate New Product Innovation
Centric Software announced that it is supplying Masco , a leading manufacturer of home improvement and building products, with a software application to capture new product ideas and guide contributions through a standard process that is specifically designed to filter out the best ideas and identify ideas worthy of patenting.
"The wealth of ideas and 'back of the envelope' thinking within companies is key to cost-effective revenue growth and creating a competitive edge," said Chris Groves, CEO of Centric Software. "Yet many companies struggle with how to implement new idea capture and triage. Often, those closest to the product have the best ideas for innovation. An investment in capturing internal creativity drives revenue growth and provides a return on their investment."
Centric's application helps track and systematically vet new ideas. The software manages ideas from concept to final selection, applying standard methodologies and metrics to ensure selection of the best ideas. All ideas from employees, partners and customers are captured using web-forms. Product and financial information about proposed ideas is stored in a secure repository, which facilitates collaborative discussions and selection of the best, new ideas. Formal processes and score cards guide categorization, ranking and promotion of ideas. Teams use the software to collaborate and discuss ideas in an online project management environment, which automatically maintains the complete history of each idea.
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