Did you know that highly innovative companies that allocate more than 25% of their research and development budget to idea management software report faster growth compared to their competitors? Every business is now using idea management systems at some level.
No wonder why the market for such software is growing rapidly.
Think about it: Collecting ideas and innovative insights can be difficult if you rely on email threads, monthly meetings, or discussion boxes.
This is where idea management software comes into play. It centralizes and streamlines your complete innovation pipeline from ideation to implementation.
What is idea management software?
When we covered over 65 employee innovation stories– we found how groundbreaking ideas can come from anywhere, anyone, and at any time. What is important is that those ideas are captured and acted on before they vanish. In today’s business world, the need for productivity cannot be overemphasized, and organizations go to great lengths to boost productivity.
Idea management software makes this process as easy as pie.
They are designed to capture, manage, evaluate, track, and implement large amounts of ideas. Idea-innovation management software consists of a systematic approach to boost problem-solving within your company. By using these tools, you can increase employees’ inclusion and involvement in company activities.
These tools can be easily integrated into your preferred systems of communication to ensure easy onboarding.
See Integrations supported by InspireIP
Now, why use an idea management tool?
In the past, when suggestion boxes were common, ideas were cast in the darkness and never given any significance. But, the mindset toward innovation has changed over the years. According to Forbes, 80% of organizations believe innovation is a top priority.
Organizations are catching wind of the significance of innovation as there are plenty of business benefits of using idea management tools.
An idea management tool empowers businesses to harness the collective intelligence of their workforce, foster collaboration, and leverage diverse perspectives to drive innovation. By capturing and nurturing ideas, organizations can continuously adapt, innovate, and maintain a competitive advantage in their respective industries.
#1 Improved generation and organization of ideas:
To thrive in this competitive world, organizations need an ocean of brilliant ideas. However, with so many set processes and responsibilities, it becomes difficult to set up a constant flow of ideas and manage them efficiently.
Using a single platform for collecting ideas from all employees, stakeholders, partners, etc. makes the submission process straightforward and accessible.
And to give a good push to generate ideas, you can launch goal-focused idea challenges. Such challenges let you capture plenty of ideas in a short amount of time. Managing even a huge stream of ideas is incredibly easy with an idea management system like InspireIP.
#2 Reduction of mental clutter and stress:
Idea management software streamlines the complete innovation process from ideation to implementation. They let you capture ideas and organize them systematically. The structured approach makes it easy to turn ideas into actionable steps.
You can capture ideas, add reviewers, prioritize ideas, and make decisions on their implementation without shifting to a different app. With such centralized management, your mental clutter is reduced.
#3 Employee Engagement & Collaboration
When all of your employees are involved in the innovation process, your innovation potential becomes stronger. A platform where all employees can submit their ideas lets you tap into the creativity of all your employees effortlessly.
Idea management software promotes employee engagement and collaboration by involving them in the process of innovation. This creates an avenue for collaborative idea capture leading to more creative and impactful innovations.
#4 More Business Opportunities:
To keep improving your current products and services, or launching new products and services- you need ideas. Involving partners, stakeholders, employees, customers, etc in innovation, a large number of new opportunities come forth. With the constant flow of ideas in dedicated software- you can explore new opportunities as soon as they come.
This gives your company a competitive edge and makes you adaptive to the market needs.
Read more: 7 Benefits of Using Idea Management Software in Business
Final thoughts
Using idea management software in business is very crucial in today’s rapidly evolving market. The difference between where you are now and where you want to be in terms of innovation is adopting a tool that has a proven track record for encouraging, collecting, and implementing innovative ideas.
When we developed InspireIP our goal was to stand out from the crowd and we developed a tool that is so easy to use whilst having the right resources to have you covered from start to finish.
InspireIP ticks all the boxes for the functionalities explained in this article.
An added advantage is how quickly your organization can get on board. Sign up and get started in under 3 minutes!
Recommended read: A complete guide to an idea management software: Idea assist
