Boston Consulting Group calculated that leading innovators generate 430 basis points more in shareholder return than do average companies. While the strategic value of innovation excellence is clear, companies’ approach to it is not. Ad hoc, isolated efforts cause the good ideas to fall through the cracks, people with relevant knowledge to miss others’ ideas and difficulty in maintaining a healthy innovation pace. What’s needed is a common digital suggestion box that taps emergent contributions internally and externally.
The need of the hour is an innovation management platform that helps the companies to create, engage and grow innovation communities. Employees, customers and partners want a voice in companies’ innovation, and they are significant sources of ideas and perspective. So the innovation management software should also provide a dynamic, real-time environment for community interactions around ideas, surfacing the best ones through a powerful analytics engine. So choose good innovation software that would enable employee participation and customer participation.
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