Meaning and Importance
In less than a decade, innovation management got recognized as one of the most powerful strategies an organization can use to streamline internal processes and boost their business productivity.
Forrester also claims that 53% of global services decision-makers are investing in emerging innovation and idea management technologies to drive innovation.
What is innovation management?
According to Gartner, innovation management is a structured process of generating, capturing, discussing and improving, organizing, evaluating, and prioritizing valuable insight or alternative thinking that would otherwise not have emerged through normal processes.
Capturing innovative ideas from employees at various levels, building an active and collaborative workforce, recognizing employees’ effort, and communicating. Effectively with all stakeholders are the vital building blocks of innovation management.
According to a recent study by Accenture, over 90% of executives think innovation is key to their business success.
Organizations are often driven by committee-vet ideas developed from a holistic perspective. This gives only a one-dimensional lookout for a specific business challenge. However, crowdsourcing innovation from employees can harness your organization’s creative ability besides your business growth. So why not ignite the culture of ideation among employees?
Importance of innovation management
Crowdsourcing innovation is slowly making its debut in the digital workplace and that too with high expectations. This practice encourages the active participation of employees pooling up ideas within the organization. It acts as a channel to obtain an appropriate and effective solution to complex business challenges.
Building a culture of innovation that drives productive and sustainable innovation practices can spark more ideas from within your workforce helping organizations remain competitive & stay ahead in the long haul. With incorporating innovation management, decentralization is another added advantage. C-level executives might not recognize the precise pain points of specific markets when compared to mid-level managers. This knowledge facilitates them to produce a stronger innovation strategy than a high-level executive.
Pooling innovation can span over new products or services, enhancement of the organization’s performance, cost-reducing techniques, process improvements. Or innovative business models and methods.
A recent study by Accenture revealed that more than 90 percent of executives believe that the long-term success of their organization’s strategy depends on their ability to develop new ideas.
Failing to recognize the significance of innovation management may result in an organization with outdated offerings. At times the organization may come to a compromise by failing to deliver top-notch. Innovative offerings that contribute to staying ahead of the competition.
A Gartner’s CIO Survey revealed that innovation management and crowdsourcing are two of the five most effective digital innovation practices that deliver the highest improvement in digital performance. Interestingly, CIOs also express that these practices employed the least.
Finally, Integrating an innovation management platform can help your organization to capture ideas and serve as a discussion platform generating solutions to business challenges or new product launches. Encourage your employees to ideate more by rewarding the best of their innovative spirits by carving a sustainable innovation pool. Supporting your business initiatives.