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by Emily-Sue Sloane, MA Editorial Staff Posted on Wednesday, November 07, 2007 4:45:00 PM Sign Up to receive Daily News Alerts in your E-mail Inbox    | Abstract: | In response to customer demand, company offers new release with vertical industry-specific risk analysis of new product ideas. |
| Keywords: | product innovation, product innovation software |
Invention Machine Corp. yesterday announced a new version of its Goldfire innovation software that bolsters the risk analysis capabilities designed to speed time to market for new products in a host of vertical industries. The company's flagship product, Goldfire, aims to improve the product development process for manufacturers facing a two-pronged dilemma: the "sunsetting" of many products over the next three to five years and the outflow of engineers and other innovators among retirement-age baby boomers. The software organizes and validates innovative ideas, helping manufacturers turn the good ones into revenue producers. It also identifies and reduces risks in the product development process by reducing technology and design problems and standardizing quality management, among other functions. Company executives say the Goldfire technology gives manufacturers a way out of the unpredictability of the innovation process. "We're allowing customers to save costs from innovating on an ad hoc, or what we call an accidental, basis and evolve them from an accidental to repeatable, predictable innovation," President and CEO Mark Atkins told Managing Automation in an interview. The software allows customers "to work in a uniform, collaborative, information-driven fashion to come up with new product designs," he said. [Click to continue] |
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