Knowledge Management

Connect + Develop

Initiative of XYZ

Presented ByVijay PandeyB-5415020441306

Submitted to:Prof. Supratik Ghatak

OBJECTIVES To identify the changes in XYZ after

adoption of Connect + Develop initiative.

To understand the benefits of Connect + Develop Initiative.

To determine the challenges faced during implementation of Connect + Develop in XYZ Company.

Introduction

XYZ is an American multinational consumer goods company headquartered in downtown Cincinnati, Ohio, United States

XYZ’s dominance in many categories of consumer products makes its brand management decisions worthy of study.

As of now the net revenue of XYZ is $83 billion

Connect + Develop Initiative+ Develop

Initiative of P&G🔸XYZ has taken the open approach to innovation a step further with its Connect + Develop initiative

🔸Connect + Develop is a strategy through which XYZ aims to acquire at least 50% of its innovations from outside company walls

🔸The idea is not to replace its own research and development capabilities but to have them work more effectively and reduce the time taken to bring products to market

XYZ have around 9,000 researchers in the areas in which they work, but there are 1.5m scientists and engineers globally working in the same field. So they feel if they can go outside the company and find a best-in-class solution, why not do that?

Benefits

In addition to developing new products itself, the company looks around to identify companies that have developed proven goods, packages, technologies, business processes and engineering solutions that have the potential to be improved

The company has several means of capturing these solutions:

1) It has a website through which people can submit ideas based on XYZ’s list of requirements and technology briefs.

2) It uses what it calls its “intelligence search engine”. This consists of a group of people located around the world who act as corporate matchmakers—they assess the innovations, run them past the appropriate business unit and communicate with the companies or individuals that have developed them

Today, mechanisms are being sought to facilitate the interaction of large companies with smaller, innovative entrepreneurs.

With the cost of developing new products and technologies rising, these kinds of initiatives are becoming more common as companies look outside their own walls for sources of knowledge, expertise and innovation.

Thanks!