Generating new ideas can be challenging for all organizations. No matter the size of your company, you need a way to organize, prioritize, and implement them successfully.
Make innovation a priority. Research shows 30% of companies feel innovation is a top challenge in achieving organizational goals.
An innovation strategy will help you cultivate those ideas while promoting company growth. Here are some idea management examples from companies that are excelling at innovation. Use them as inspiration, and learn how IdeaScale can help.
What is idea management?
Idea management is the process of capturing, developing, and implementing ideas. It offers many benefits to an organization by structuring how ideas are shared.
When everyone in a company is encouraged to be a part of innovation, more ideas are shared and developed. Seeking input from outside an organization leads to even greater opportunities.
Idea management allows your organization to reach its full potential. This can only be realized when the right systems are in place. Here’s how other companies have been successful.
Nest is an innovator in the thermostat industry because of its willingness to ask and listen. The company analyzed problems such as comfort levels and energy use and found solutions.
Nest sought customer feedback to gather positive and negative information. They learned what features were needed to create a sleek, smart thermostat that saves energy and money.
Nintendo has long been innovators in the gaming industry, but they needed to find a way to reinvent themselves to stay ahead of the competition. Their answer was Pokemon Go, a collaboration between Niantic, Nintendo, and the Pokemon Company.
Pokemon Go appealed to gamers of all ages. It included elements of virtual reality, gamification, and at-scale commerce. Nintendo incorporated these features like no other company had before.
Online chatting has become an integral part of business. Teams need ways to communicate and collaborate.
Slack is a cloud-based application that allows teams to work together regardless of location. One of the company’s most recent innovations is Actions, which gives users the ability to turn talk into tasks.
Users can now take action on a conversation while connected to other apps. Slack has also updated its search functionality by improving speed and predictability.
Dollar Shave Club
Dollar Shave Club is another idea management example worth noting. Their disruptive thinking resulted in an easier, more economical way to buy razors.
Dollar Shave Club bought blades on the open market, which they sold online. They skipped the distribution networks and factory altogether in favor of a business model that met customer needs. Dollar Shave Club understood its target audience. They knew how to package and distribute the product directly to customers. They were subsequently sold to Unilever for $1b, and are still recognized for their innovative ideas and product delivery.
Idea management is crucial for gaining a competitive edge. Statistics suggest the failure rate for innovation is approximately 90%, a figure that will decrease as more companies dedicate the time and resources to making it a priority.
Create a plan and form strategies for how you will innovate. Make innovation a company-wide goal so everyone can take part.