Top 4 Reasons to Use an Innovation Management Tool

Innovation management tools, also referred to as idea management software, are helpful in creating a culture of innovation within your organization. As we have outlined in our previous blog on the 5 Ways to Create a Culture of Continuous Improvement, cultivating this culture of innovation keeps your brand moving forward and ahead of the competition. This tool provides structure for gathering insights on your products from all areas and people in the company, and it organizes and manages all of those insights for the purpose of improvement. Using this software, companies can request feedback through various digital channels to collect and store suggested ideas much like a traditional office suggestion box. All of this important feedback can then be used to develop future products or product releases, which is further facilitated by the innovation software. So, why should you adopt innovation management tools in your organization? Here are the top four reasons to use an innovation management tool.

Employee Validation

One employee complaint that can be heard across all industries is that they do not feel like their opinions matter or their voices are heard. Employees that are upset or feel like they do not matter in the workplace are less productive and less likely to be invested in the company. Given that they often work most closely with the processes of their department, they are a great source for innovative ideas. The innovation management tool allows employees to voice concerns or pitch ideas in an open and organized way where they can also be recognized for their work and commitment. Prioritizing both internal and external communication is vital for a healthy workplace where ideas will flow freely, and in the process, you can identify new and beneficial products and services. The more employees are validated for their dedication and creativity, the more productive they will be.

Accountability

Even when employees are being listened to and given a voice, ideas can be stolen. It is upsetting when someone else in your workplace comes up with an idea that just seems too similar to your own. So, it is important to provide a safe space to share ideas where there is accountability. The innovation management tool tracks the source of an idea and follows the idea from creation to implementation. This ensures that everyone’s work is credited and protected. It also fosters transparency in your company, which will encourage innovation amongst employees. Your goal should be to make sharing ideas and encouraging development as easy and as welcoming as possible.

Providing Structure

We have all been in a situation where we lose track of a conversation because ideas are being shared by people talking over one another. Brainstorming new ideas in a room full of people can be a very messy and very frustrating process. Innovation management tools provide structure for brainstorming sessions to ensure that ideas are properly recorded and addressed without being lost in the noise. It also helps reduce duplicates of already-suggested ideas. Structuring the conversation can also help people stay on topic and keep everyone on the same page by outlining the big picture. Many innovation software solutions implement a ranking system that allows users to vote on the ideas that they like best. This ensures a level of democracy is present, and it also helps the most popular ideas rise to the spotlight for consideration.

Driving Change

Innovation management tools make it easier to achieve effective change management in your organization. This includes a successful digital transformation within your company, which we have discussed in a previous blog on the 7 Tips for a Successful Digital Transformation. By collecting ideas from the workforce and providing an outlet to recommend improvements, you are already on your way to building a culture of innovation within your company. Being able to track the progress of implemented ideas into their final form helps everyone stay on task, focus on development, and ensure that powerful ideas make it to the end goal. This tool is helpful for achieving strategic goals and keeping the company on a path to get there. You can also reduce costs by finding ways to eliminate waste or improve existing processes through the innovation management tool. Collecting both internal and external feedback gives the company a competitive advantage, and it could lead to discovering new markets for existing products.

The good news is that innovation management software can be implemented in any type or size of business. All companies across all industries can greatly benefit from having an organized way for employees to make recommendations. Both employees and customers have unique perspectives on the business’ products and services, so it is wise to utilize their input. From there, it is important to structure development to ensure that the company is fully maximizing its innovation potential. Keep your employees dedicated to improvement and make sure you are capitalizing on great ideas for success in your organization. If you would like to request additional information regarding innovation management tools, or if you are interested in integrating such tools within your own organization, get in touch with us here

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