innovation management software

Innovation management software is the engine that powers smart change at any organization. In the past, when companies considered change management, they thought of it as a process that only included a few elite members of the team. Now everyone in an organization’s network is part of that team and innovation management software makes it possible to connect with all of them.

What is innovation management software?

Innovation management software uses the currency of great innovation: ideas and sources them from an entire network of people. These people could be your customers, your employees, researchers, company stakeholders, and others. But the best innovation management solutions don’t stop there – they also facilitate project management and decision-making on the back-end – allowing expert decision makers to ask for help from the crowd at any time.

How does innovation management software work?

Every organization defines their own process for managing great ideas. But the simplest framework for understanding how innovation management software works is to look at in several steps. The first step is tapping the entire network for great ideas to general or specific problems. Once the innovation management software solution has collected a sufficient amount of ideas, it is necessary to sort the ideas and assign teams to the best of them to investigate their potential, as well as their possible value to the company. These times often create a proposal or pitch and the ideas that have the most thorough and valuable pitches are then evaluated for their relevance against a number of different business vectors. The proposals that rate highest during this stage become the innovation portfolio and decision makers work together to assign resources which will bring those ideas to life.

The best innovation management software will empower organizations to take every step within the tool and will offer points of inclusion for team members throughout the innovation lifecycle since most great decisions are made in a partnership between the experts and the crowd at large.