Idea Management Solutions -Streamline Innovative Ideas
Technology and the advent of the internet has made it easier for enterprises to achieve business growth and success in terms of product development, higher profit, increased revenues, better marketing techniques and globalization. However, with success comes in the competitors and the efforts on part of the enterprise to withstand the fiercely competitive environment. Most enterprises turn towards innovation as a method of survival.
The Wall Street journal article reports a 75% increase in revenues for industries using crowdsourcing as part of the business process. By tapping into the collective intelligence of the crowds, this can provide enterprises with ideas to solve day-to-day business issues and bring out innovation products to beat the business challenges. Creating a crowdsourcing platform will further facilitate enterprises to harness the collective intelligence of their employees, customers and partners. Such a flexible platform can be optimized to help enterprises with improved customer insights and simplified idea management solutions.
The ideas that are crowd-sourced need to be recognized for its business value. Idea management defined as the ability to gather, qualify and manage ideas can help enterprises accelerate the innovation process. However, for innovation to come into the main-fold business process requires a strong leader, deployment strategy and resources. With the probability of success and failure in the competitive business environment depending on a single idea, idea management solutions will help enterprises streamline the innovation process.
With technological enhancements, enterprises today make use of social networking sites, blogs, wikis and video sharing sites to crowd source ideas for innovation. The process of idea management has thus moved beyond the walls of a conference room with the stakeholders and consumers contributing to the creation of innovative products. Nevertheless, ideation can be either solutions, evolutionary modifications to an existing product, or symbiotic with multiple ideas and not necessarily be only new product development.
Ultimax, the collaborative platform of wikis, personalized sites and blogs from TCS not only brought the employees together but also helped to generate 50 crore ideas for the benefit of the enterprise. This idea management system enabled the IT giant to integrate all the internal process and support a staff strength of over 10,000. Dell’s 'Ideastorm' lets one submit ideas, comment or vote for ideas generated. Through effective idea management solutions, Dell could implement 507 ideas out of the 17,000 ideas submitted. Dell’s 'Social Innovation Challenge' helps develop innovative projects to help solve social issues, By crowdsourcing ideas from the college students on an annual basis through a global contest, Dell receives thousands of transformable ideas for solving the global issues.
Though a large number of ideas are crowd sourced, enterprises need to make use of efficient idea management solutions to convert these to innovations. The efficiency of the idea management solutions however is dependent on its breadth of functionality, its ability for idea capture, sharing, organizing and collaboration besides affordability and ease of customization for the client enterprises.
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