Mar 14, 2020 Posted by Dr. Nidhi Arora in Head Scratch | 3 comments

EZwit – Risk Analysis App for Innovation Projects

EZwit, the risk analysis app, offers its users to perform risk analysis in innovation projects. EZwit is the product of EZInnovTools, a European company known to be a tool hub for the global innovation market.

 
 
 
 
Innovation brings inherent risk. Entrepreneurs and business managers identify innovation as one of their key risks. If they do not integrate risk management activities in the innovation process, innovation may rather hinder the achievement of their long-term goals.

 
EZwit at its core performs analysis using Artificial Intelligence which makes it easy for users to impute data and receive responses.

 

How does EZwit Work?

EZwit works as an information funnel aligned with the concepts developed and tested by 6 well-known organizations in the world including ISO 31000 for risk management standard and ISO 56000 for standard for innovation management. The tool generates your answers and strategic suggestions.

 
EZwit delivers 4 types of main responses:

• Low Risk
• Medium Risk
• Significant Risk,
• High Risk

 
The responses are accompanied by 12 strategic effort guidelines based on priorities and many more market guidelines for competitiveness. There are over 368 million possible combinations out of which there may be 3456 different responses. The risk analysis can be done by a single person adding other 6 additional professionals totaling 7 different opinions, which makes the analysis more sophisticated and accurate.

 

Why is EZwit Useful?

EZwit contains most current technical concepts about innovation. Therefore, the EZwit tool is essential for Strategic and Tactical decision-making by manager of innovation project, helping them to utilize time, money and energy to their best.

 
Initially EZwit is available in three languages English, Spanish and Portuguese, and will soon support 6 additional languages German, French, Russian, Japanese, Chinese and Korean. EZwit will also have packages for commercialization with companies.

 
The algorithm behind EZwit started developing in 2000. The EZwit tool was tested in Europe between 2008 and 2016 by more than 50 consultants from more than 400 companies. In 2017, EZwit was made to be used as a SAAS (software as a service) software. Now, in 2020, it is launched as an app to be used on smartphones.

 

How to Use EZwit?

EZwit can be downloaded from Google Play Store or Apple Store for free. It works over the internet. To test EZwit, user has to enter its email to register.

A registered user can also invite other users on EZwit to evaluate their innovation projects. Using the EZwit is very simple, just answer a series of questions and ask for the answers.

 
The manager off EZwit analysis can invite a financial analyst, a resource analyst, a market analyst along with three other market assessors. He can define the acceptable risk level for the innovation project, as well as customize up to 20% of the questions, based on the type of innovation project.

 

Conclusion

Innovating without direction or faulty risk assessment of project may lead to nowhere. Entrepreneurs, project managers, innovation managers, finance and marketing professionals including top management of companies who take up innovation projects are always concerned about risks factor involved in the projects. If they can get a tool handy which can assess the risk that exists in their innovation projects, they can take right decisions at right time.

3 Responses to “EZwit – Risk Analysis App for Innovation Projects”

1. Rudy says:

   May 6, 2021 at 2:00 am

   That is really fascinating, You are an excessively skilled blogger. I have shared your site in my social networks.

   Reply
2. Prajal says:

   June 17, 2020 at 5:16 pm

   Getting risk analysis tool free of cost is indeed an advantage for business people.

   Reply
3. Shikha mittal says:

   June 17, 2020 at 5:13 pm

   The blog is really informative!!

   Reply