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Why innovation management software market is growing at a 16% CAGR?

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The core concept behind adopting innovation management software is to optimize an idea’s “lab to market” time and effort.

When we look at the complete journey of idea innovation, the steps and phases seem overwhelming.

And since every idea–no matter how valuable or inventive–has a lifespan, you need a kickstart for brainstorming, generating, developing, implementing, and disclosing innovative ideas.

As they say, the beginning is always the hardest part. The best innovation management software streamlines generating and capturing business innovative ideas and taking them to the next level.

the-journey-of-innovation

And this is just a high-level view of the entire journey of innovation from the lab to the market. But it includes various nodes and subnodes that make it all possible.

Let’s back up a bit!

 

What is Innovation Management?

 

Cutting down the fluff: Innovation often springs from recognizing unmet needs and involves the generation and implementation of novel ideas to create value in various aspects of life, business, and society.

This is where innovation management fits in. Companies use systematic processes, strategies, and activities to nurture and drive innovation within their structures. It involves the structured handling of new ideas, products, services, or processes, from conception through to implementation and integration into the organization.

 

Examples of effective innovation management are everywhere. Here’s a short snippet for you:

Like any other bakery, a small bakery in the bustling town of Sedona faced a challenge: how to make its delicious treats accessible to everyone.

The idea came from an unexpected source–a young baker with a passion for inclusivity. Inspired, they introduced a range of gluten-free, vegan, and nut-free options.

The innovative twist not only delighted customers with dietary restrictions but also attracted a broader clientele.

The bakery’s willingness to break from tradition and embrace diversity in its offerings became a beacon of innovation, turning a simple bakery into a community hub where everyone could find a sweet delight.

But it was only possible because they managed their employee’s idea well, even though he was new at the job.

 

How to manage innovation in an organization?

 

“The global Enterprise Innovation Management Software market size was valued at USD 743.77 million in 2022 and is expected to expand at a CAGR of 15.34 Percent during the forecast period, reaching USD 1751.16 million by 2028.” reads the research by Absolute Reports.

The numbers show that organizations now have an inkling that a digitized world now demands a digital and automated innovation management system to inspire ideas and manage innovation in business.

The reason why innovation management software works is because innovation initiatives and idea management are no longer just a method to engage employees. It helps in:

  • Retaining the top talent
  • Defining and realizing innovation goals
  • Gain a competitive edge
  • Become a part of the digital economy and market, not an outsider
  • Make innovation a part of the organization’s DNA
  • Generate, develop, brainstorm, evaluate, and implement ideas
  • Disclose inventions
  • Start the patent filing process
  • Build a coherence between building and delivering innovation

Here’s a visual representation of how an innovation management platform manages organization-wide innovation.

innovation-management-software-process-flow

 

Let’s learn this by looking at a scenario.

Say your company aims to enhance its product portfolio by introducing cutting-edge solutions in the rapidly evolving tech industry. The goal is to improve customer satisfaction and gain a competitive edge.

Step 1: You select IP Assist by InspireIP, a comprehensive innovation management software with features for idea submission, collaboration, implementation, disclosure, and knowledge management.

Step 2: As an innovation leader, you customize the Innovation management program to align with your company’s legal policies, branding, form requirements, and terminology.

Step 3: Onboard your team and communicate about the go-to platform for submitting innovative ideas, collaborating with cross-functional teams, and being proactive.

Related Read: Benefits of Intrapreneurship Culture

Step 4: You use the centralized platform to kickstart the innovation pipeline and framework with an innovation challenge and give it an engaging agenda, such as Project Idea Incubation or Project Acceleration.

Step 5: Employees submit ideas for new products, solutions, features, and process improvements and submit their in-office or growth requirements. Employees whose ideas turn into inventions use the software to fill out and submit the disclosure form.

Step 6: Teams or inventors collaborate with co-inventors from multiple business units by using innovation management software. Features like Chats, Discussions, and Spotlight enable them to refine and evaluate ideas collaboratively.

Step 7: The software automates the workflow, guiding ideas through predefined stages like Evaluation, Feasibility Analysis, Review Committees, and more. Automated notifications keep teams informed of activities on their ideas and disclosures.

Step 8: Innovation leaders use the Analytics features to monitor key performance indicators (KPIs). The platform provides insights into project timelines, budget adherence, and the overall impact of innovation efforts.

Step 9: This step is all about celebrating success and providing innovators and inventors their due recognition, acknowledgment, and reward.

Step 10: IP Assist serves as a knowledge repository, storing insights, lessons learned, and best practices from completed projects. This knowledge informs future innovation initiatives and is accessible to all employees.

Agile innovation management is only possible through professional software that is capable of catering to your diverse market and employee base, your company’s scalability, existing technology stack, custom requirements, innovation challenges, invention disclosure procedures, and so on.

Traditional methods might have been able to do the trick before, but technology advancements demand you to increase your level.

 

Innovation Management Software Benefits

 

We learnt about what is the importance of innovation management and how innovation software ensures it. But why does innovation management software work best? Couldn’t sharing ideas over emails, spreadsheets, or meetings do a decent job too?

Innovation in the workplace is tricky:

  • There cannot be idea flow without instilling an innovation culture and mindset.
  • Every employee has a different personality, perspective, and process.
  • Designations and organizational structures work as silos.
  • Change is expected yet rejected at the same time.
  • Invention disclosure seems lengthy and complex.

Fundamentally, employees are inventors waiting to be inspired to innovate freely. Without fear of judgment and barriers of rudimentary roles. Software innovation solution becomes one of the guiding principles of creativity and innovation.

 

A centralized platform that listens

 

When your people aren’t heard, they find it easier to go back to their safety net–silence. They find it difficult to reach out to leaders and share their ideas. The fear of embarrassment and rejection is too real. Sometimes, they don’t even know which person in what business unit is the go-to person.

But an integrated tool fixes all the concerns right away! Individuals can go to the app and add their ideas at any time, from anywhere.

Related Read: How can you get more invention disclosures?

 

A North Star

 

Often, it’s sheer frustration that prompts an individual to innovate. History is proof that the best solutions are usually unexpected and come out of existing challenges. So, when inventors get a guiding star that helps them cross to the next step, it enables them to take on new challenges.

Related Read: Brainstorming Questions to Find Your IP (30+ Actionable Prompts for Innovators)

 

A Collaboration Center

 

Co-inventors, co-innovators, leaders, evaluators, analysts, internal and external attorneys, drafting attorneys, counsels, and every other stakeholder communicate and collaborate on an idea and invention on the platform. The key phrases that show how it promotes collaboration:

  • There are no geographical barriers.
  • There is program accessibility for the entire organization.
  • Cross-functional collaboration and diverse expertise.
  • Real-time communication to share insights and provide feedback as ideas progress.
  • Collaboration on project documentation (files and media), research findings, and design materials.
  • Virtual brainstorming.

 

A Secure Way to Share

 

One of the most asked questions on inventors and social forums: Do you lose any rights to your inventions if you disclose them to your advisor?

Be it universities, startups, or large corporations, idea theft is a concern for every innovator. And InspireIP takes pride in providing a safe and secure platform to your every innovation stage.

Related Read: People WILL Steal Ideas Until Your Organization Starts Doing This

 

In Conclusion

 

Innovation management tools serve as a dynamic catalyst for organizations aspiring to thrive in a rapidly evolving landscape. By providing a centralized platform for idea generation, collaboration, systematic implementation, and invention disclosure, this software transforms creative concepts into tangible solutions.

The benefits extend beyond streamlined processes, encompassing enhanced collaboration, efficient resource allocation, and a culture that values continuous improvement. You must implement it successfully into your organization to operate innovation programs at scale.

Innovation management software empowers organizations to navigate the complexities of the modern business environment, fostering a culture that values and drives continuous innovation for sustained growth and success.

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