Why the Stage Gate Process is Being Used by More and More Organizations to Evaluate and Refine Their Next Big Ideas
While every business wants to be seen as the creator of the next massively “disruptive” product or service, the truth is that most businesses won’t be able to disrupt the market in a truly unique way. Still, even without disruptive innovation, organizations can thrive if they maintain a steady stream of incremental innovations over time. If there is one process that is sure to help your business sustain incremental innovation in a streamlined and efficient way, it is Stage Gate.
In a world in which having a rigorous approach to innovation is becoming more and more necessary to drive competitive differentiation within the marketplace, businesses can no longer rely on ad hoc and spontaneous efforts to drive innovative thinking as they look for the next disruptive idea. Enter the Stage Gate Process.
The Stage Gate Process refers to a technique for driving innovation management. As part of the process, a new innovation project or initiative is divided into specific steps, each separated by key decision points along the way. At the end of each step along the process a “Stage Gate” is used to allow for members of the team to evaluate the idea based on specific criteria appropriate to the project at that stage.
The typical Stage Gate Process has five phases with one ‘Stage Gate’ between each step:
2. Building a business case
4. Testing and validation
Before the next stage can be entered into, stakeholders and members of the team must agree on the validity and viability of the project. With this constant and continuous review of each idea, businesses that manage innovation through a Stage Gate Process are able to engage in innovation in a holistic and streamlined way. This ultimately allows them to review each idea from inception to launch and successfully manage innovative project development over time.
Still want to learn more? Check out upBOARD’s approach to the Stage Gate Process in the cloud as well as the template we’ve created to help businesses like yours drive growth by creating more (good) ideas quickly and efficiently.