innovation management

What is innovation management?

Innovation management is the systematic process that organizations use to develop new and improved products, services and business processes. It is dependent on a network that offers great ideas that grow into successful projects with a measurable impact. Businesses use innovation management for a number of different purposes including product development, process enhancement, revenue improvement, budget management, cost savings, citizen engagement, market research, and more.

How does innovation management work?

Innovation management involves harnessing the creative ideas of an organization’s employees or external network and utilizing it to bring a steady pipeline of profitable new innovations to the marketplace, quickly and efficiently. To do this requires technology that will help companies not only gather those ideas, but assemble them in an orderly manner that can then be augmented and discussed.

First off, an organization identifies a platform that is public or private where any member of a network can sign on and share their ideas. The organization promote the site on social media, email, at events, and more so that a critical mass of participation is reached. The network is invited not only to share their ideas, but also to comment and vote on the ideas of others.

Once a host of valuable ideas have been collected, it is then necessary to flag some of the most promising ideas. It is possible to evaluate the best ideas against a variety of criteria including the ideas with the highest votes, the ideas that generated the most amount of conversation in the comments, ideas that have been flagged for valuable content, and ideas that address the most important subject matter in their description or tags.

These most promising ideas are then sent to a team of experts who can build on the original idea and build a proposal that will work for the organization. Those proposals are then vetted by a team of leaders who can evaluate those ideas against weighted business goals, decide whether each project is a go or a no-go, and prioritize the most best ideas for implementation and then track their eventual impact.

How does IdeaScale fit in?

The simple, turn-key IdeaScale solution can work for any size company: non-profits, small businesses, government agencies, or even large enterprises and fulfills all of the aspects of innovation management without ever leaving the software. Sign up for a free demo today.