Last year Gartner published an article entitled “The 5 Most Effective, Least Used Digital Innovation Hacks” which listed crowdsourcing, differentiated funding, differentiated metrics, startup innovation, and formal innovation management. These “hacks” (as they called them) had the greatest potential to improve a company’s capabilities and functions.
Of course, crowdsourcing and innovation management are closely related, but not everyone understands the potential benefits of crowdsourcing and innovation management. It’s one of the reasons that crowdsourcing and innovation management champions must communicate the benefits of such programs.
Here are some of the most commonly cited benefits of crowdsourced innovation management.
Better Ideas. Steven Johnson explored the nature of disruptive and creative ideas that have transformed our society. He noted that the ideas that connect and merge with others are the ones that are more likely to be transformative, powerful, and impact the future of a business. Launching a crowdsourced program allows for those connections to happen and for better ideas to emerge as a result.
Lower Costs. Opening up the boundaries between different disciplines inside or outside of an organization maximizes the value of ideation. Because these programs aren’t limited by one department and people can participate part-time in these creative exercises, crowd innovation programs generally have lower costs than traditional research & development departments.
Viral Marketing. New ideas that make progress generate interest and excitement. If you’re collaborating with employees, they might volunteer to help empower change within an organization. If you’re collaborating with customers, you have the opportunity to turn these changes into marketing campaigns that will build an audience before a new product or process even gets to market.
So why aren’t you crowdsourcing already?