Microsoft (NASDAQ:MSFT) has unveiled its new Innovation Process Management (IPM) initiative, designed to help companies build a flexible IT platform to speed the process of innovation for a better competitive advantage.

The new initiative promotes the delivery of solutions that enable companies to manage the end-to-end innovation process with greater transparency, coordination and discipline. It's a key component of the Microsoft Office Enterprise Project Management Solution, which enables organizations to facilitate the innovation process. The initiative addresses ideation and knowledge capture, process and knowledge management, and project and portfolio management.

"Innovation is a top priority in every industry we serve," Joe Boggio, director of innovation management solutions at Microsoft, said in a statement. "This initiative joins employees, suppliers and customers around a formal, end-to-end process to manage innovation for sustained growth."