The largest companies in the world all have a couple of things in common. Not only do they have great ideas, they are masters at managing corporate ideas. You see, they know that it’s these ideas that allow their businesses to thrive, and like every other aspect, these ideas need proper management.
Corporate idea management is essentially the use of software as a tool that helps to gather ideas from employees, consumers and other members. From there, the software helps to evaluate and deploy the ideas that have been gathered through the process. Through this process, companies create a decentralized culture of innovation within their organization, streamlining the growth of their corporation.
Coming up with an idea from a corporate perspective is a process that is rapidly changing, and it’s all thanks to technology. After all, technology is evolving greatly. Due to our technological advancements over the last decade, how we commute, communicate, become entertained and more are all changing. The truth is that technology is making a difference in the world of corporate ideas.
The truth of the matter is that some of the best ideas coming out of the Fortune 500 companies of today aren’t coming from management teams, consultants or other professionals. No, these ideas are coming from employees, customers, and others who are interested in contributing to the improvement of products and services.
This is a process known as crowdsourcing. The truth is that crowdsourcing is a relatively simple idea. The idea is that instead of tasking management teams and other professionals with coming up with the next innovative move, the task is being taken care of by the crowd.
It all starts with giving employees, customers and others with ideas an intuitive way to communicate those ideas with corporations. This crowdsourcing process is taken care of through new technology known as idea management software.
The best of these softwares not only provides the target audience with a way to share their ideas, it will ask members of this audience questions in a strategic way. Essentially, the goal is to get a precise view of the exact ideas that these members of the community have.
Once the data is mined, powerful software combs through thousands of bits of data to find similarities among the requests of the crowd. After all, if many members of a target audience are asking for the same thing, it’s time to start working on giving them what they’re asking for.
The best idea management software will provide a detailed analysis of the data that was mined throughout the crowdsourcing process and provide management teams with an intuitive view of the next steps their customers and employees want to see them take. From there, management works to deploy the new ideas that they have sourced through the crowd.
Ultimately, idea management software provides corporations with several competitive advantages. These include, but are not limited to:
- Cost Savings – Traditional ways of coming up with ideas are incredibly expensive. In many cases, companies will spend tens or even hundreds of thousands of dollars hiring experts and consultants to help them curate the next big idea. However, the crowd is often willing to provide their views for free. While there will be costs associated with idea management software, this cost is minimal when compared to the expenses associated with traditional idea management.
- Better Sales – With this form of idea management, corporations are going right to the source. They are essentially asking customers, “What do you want to spend your money on?” So, once they have that answer and the product is created, these customers are highly likely to purchase it.
- Better Customer Relations – As human beings, we enjoy being able to give our opinions. Even more so, we enjoy knowing that someone cares about the ideas that we provide. So, when a company looks to its customers to ask for their opinions, it creates a better relationship between corporation and customer.
- A Streamlined Process – The truth of the matter is that there is no way for a human being to comb through the amount of data that a software can. There’s no one person that can come up with more ideas than a massive crowd. The bottom line is that coming up with an idea and taking that idea from concept to fruition is a lengthy process. However, idea management software greatly reduces the investment, both in time and money required to bring a new product through this process.
It has been interesting to watch the evolution of technology and the corporate evolution that this technological evolution has started. Idea management is more than a simple survey, it’s becoming the go-to way for the large companies to decide what to change, when and how. At the same time, it is greatly reducing cost and increasing the probability of success among newly launched products. So, if you’re part of a management team, or running a small company and you’re interested in seeing what you could do to improve your business, now may be the time to look into idea management software options.