5 Reasons Your Business Needs Idea Management Software
The global innovation management market is expected to grow from USD 421.60 million in 2017 to USD 2,815.37 million by the end of 2024, at a CAGR (Compound Annual Growth Rate) of 29.2%. This highlights the importance of idea and innovation in the growth story of a business.
But, where does innovation take flight from? Where do the C-Suite in any business turn to in their quest for breakthrough ideas? Well, innovation is always a collaborative effort, and it will be a huge mistake not reaching out to your employees. Those are the ones that will boost efficiency, or cut expenses, for your business intuitively or in the long run.
Businesses are now investing in creating a structured process known as idea management. A process that functions by generating, organising, evaluating, and prioritising the collective insights from employees, customers, vendors, and investors. This helps you to identify the opportunities that will harness the business innovation process and implement them within the organisation – ensuring holistic growth for your business.
Fig. Idea Management Software – How it helps
While the whole concept of idea management is about capturing ideas from the most ‘involved’ strata of an organisation – the employees; it is no small task. This calls for innovation management tools that can help capture ideas and deliver the required results. This is where idea management software helps increase productivity.
Need to convince your boss?
5 top reasons why your business needs Idea Management Software
#1. To capture insights and data about your business
Employees are always the most enthusiastic, innovative and dependable of all when capturing ideas in an organisational setup. It is not because they have a fixed salary to take home, but because they are the most connected to the problems – be it internal, vendor or customers.
As a result, employees have the best insights to the problems. Likewise, they also have the innovative solutions on how to possibly deal with those problems. It’s for those at the highest echelons of the organisation to now ‘listen and capture’ the ideas from employees. These insights are useful to help take your business to the next level, and when idea data analysis software helps.
#2. To identify the opportunities to improve your business
Once the ideas are captured across all divisions at the organisational level, the idea generation software quickly evaluates and prioritises the best ideas so as to capitalise on them. This helps your business to gain productivity by identifying opportunities to improve organisational efficiency, while gaining a sustainable competitive advantage.
#3. To ensure a transparent business environment
Transparency is the key to long-term success for a business. It empowers the employees and everyone associated with it -from vendor, suppliers and investors to feel inclusive, to share their ideas and execute the innovative insights that are captured through the idea management software.
Not only does transparency in the process enable employees to see and understand everyone’s ideas and suggestions, it also helps them to be better by working on the feedback to their ideas. Thus, supporting a cross-functional team environment where people across all divisions proactively work to deliver together on enhancing ideas in an open system.
#4. To support a collaborative team environment
Productivity is always multiplied when every person in a business from the grassroots to the highest level, functions as a team – with a common goal. One of the many reasons why you need innovation management software for your business is that it is an open tool that promotes collaborative work culture.
And this can be the magic potion to rocket-launch your business to the next level. Remember, the last time when you had a great idea and your team-mates helped fix up the loose ends to deliver a complete and compelling solution. Isn’t that more empowering?
#5. To know what your customers really want
Maximising business productivity may be your ultimate goal, but what matters is the path to gaining a sustainable competitive edge. And if you cannot convince your customers to invest in your product or service, you will lose your competitive advantage. Only by listening can you get to know exactly what your customers really want from you. But how can you do this effectively and with a quick turnaround?
Use the collective intelligence of your employees.
As previously highlighted, your employees are the gateway to your customer insights. Idea management tools help by swiftly accumulating ideas to resolve a customer problem and zoom in on the best solutions. Therefore, leaving your customer happy and with a very positive experience.
With more and more business owners and decision-makers investing in innovative and idea management technologies, the best idea management software can help you capture fresh ideas for your prevailing business challenges. Empower your employees to harness this innovative platform. To ideate and collaborate towards business transformation, while sustaining a robust and transparent idea management workflow process.
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Measuring the business value of employee engagement is challenging. Consequently, if you cannot measure something, how can you determine if there is a true return of investment? Åse Lindvall, co-founder of Wide Ideas, firmly believes in the ROI of employee engagement and in this short article and video blog she explains exactly why.
Read the full article here.
Head of Digital Marketing
With enthusiasm for the creative and an eye for the detail, fused with 15+ years at Oracle leading cloud software teams to create complex innovation solutions, David drives the digital marketing strategy.