In October 2002, the world-renowned automobile manufacturer from Germany, BMW Group (BMW) was awarded the 'Outstanding Corporate Innovator (OCI)' title for 2002, by the Product Development & Management Association (PDMA).
This award was given for BMW's demonstrated exceptional skill in constantly creating and capturing value, through its innovations and development of new products. Commenting on BMW's selection for the award, the Chairman of the OCI Awards Selection Committee said that the company had shown a strong strategic commitment to innovation. The award came as a major recognition of the company's decision to let innovation be the driving force for its product development process throughout the late 1990s. Industry observers expected this development to further help BMW establish itself as one of the leading players in the premium segment of the global automobile market. According to analysts, BMW's innovation management system, developed in the late 1990s was the main reason behind the company winning the OCI title.
This innovation management system enabled BMW to exploit various path breaking technological innovations, right from the idea generation stage to the market introduction stage. This system enabled BMW to develop a continuous stream of new products and brands. Company sources admitted that by focusing on new product development practices using the innovation approach, BMW successfully withstood competitive pressures and held on to its market position. BMW is already working with consumers. The benefits of embracing new consumer interaction practices and experimenting new ways of seeking consumer inspiration. With the availability of new and technologies and a little imagination they recognize that they cannot maintain competitive advantage by relying only on traditional methods. Companies intrigued by this may want to start by conducting a small experiment such as opening up a design meeting or a brainstorming session to consumers who may have an opinion, product suggestion, or new business idea.
Finally this video will show you more about what BMW is doing:
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