Idea management is the structured process by which organizations generate, store, evaluate, test, and implement new ideas.
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What is idea management?
Why is idea management important?
What is the idea management process?
Tools for idea management
Frequently asked questions about idea management
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It's well known that everyone has one. What isn't canada phone directory said enough is that for reviews to be useful, you need to collect and analyze them in an organized and transparent way.
McKinsey, a consulting firm, reports that 84% of CEOs believe innovation is critical to growth . Meanwhile, Harvard Business School professor Clayton Christensen claims that 95% of business innovations fail .
One conclusion that can be drawn from these two statistics is that innovation is an area worth investing in, but it should be done with caution.
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This is where idea management comes in. When used effectively, idea management transforms opinions about what your company could or should do into an actionable path toward innovation.
What is idea management?
Idea management is a structured process by which companies generate, store, evaluate, test and implement new ideas. Decision makers are probably familiar with the multitude of opinions that exist throughout the company about how it works: some are valuable; others less so.
A good idea management system collects information about the company, from employees, customers, and even from conversations on social media. Idea management provides guidelines for evaluating and implementing ideas, as well as reporting on their relative success.
Everyone feels a little more comfortable knowing that solutions are not just being recorded, but being considered and sometimes enshrined as policies or product features.
Idea management vs. innovation management
The term “idea management” is often used in conjunction with innovation management, but they are distinct concepts.
Innovation management is an umbrella term that encompasses how all innovations come to life in the organization; it is guided by an innovation strategy that closely aligns with the overall business strategy.
Idea management is a specific practice within the field of innovation management, which guides the processes and tools by which new ideas are collected, stored, evaluated and implemented.
Why is idea management important?
Focused problem solving
Resilience to change
Greater customer satisfaction
Employee retention
Most innovative culture
Strategic alignment
Idea management is more than just an organizational exercise. A proper idea management process can lead to:
Focused problem solving
Effective idea management processes enable focused ideation on an individual problem, allowing teams to work quickly to address new challenges.
Resilience to change
When ideas are consistently evaluated and implemented across the business, the company is better positioned to adapt to changing market conditions.
Greater customer satisfaction
Ideas can and should be collected from customers, whether through support tickets, sales calls, or one-on-one interactions with key customers. Idea management processes help tag and track recurring concerns, speeding up their resolution (or at least their evaluation).