The 13 top advantages of innovation management software
Innovation management software is a relatively recent development made possible by technologies such as cloud computing and social sharing platforms. In this article, you can read about the benefits of innovation software and how it can assist your company in developing and implementing innovations.
1. Creating an innovation culture
Companies with a strong hierarchy often prevent employees from exchanging ideas or questioning the status quo. Innovation management software removes this barrier and creates a culture of innovation in which ideas are welcomed and appreciated. With the appropriate software, every employee can become an innovator and contribute good ideas. Besides, the tool can help in the evaluation and processing of trends as well as directly in innovation projects.
2. Involvement without time and place restrictions
The markets are becoming increasingly global. Innovation management software offers people from all over the world a central place to participate in the submission and evaluation process of ideas and trends at any time and place as well as to work together on innovation projects.
- Companies can collaborate with both internal employees and external experts.
- An online idea competition that goes on for several weeks allows the company to reach a much larger audience than, for example, within a workshop. Participants can engage online and develop new ideas step by step.
- Location- and time-independence offers companies the opportunity to approach a variety of experts and resources to drive innovation. Also, suppliers, partners, customers, experts, etc. can submit their ideas.
Innovation management software, therefore, helps to recruit talent and resources from around the world, create a central source of ideas and trends, and drive the innovation process within the organization.
3. Increase employee engagement
Dedicated employees have a significant impact on business development and customer satisfaction. By inviting employees to become part of a company's innovation initiatives, they feel more valued and connected to the company's success. As a result, overall job satisfaction increases, and a collaborative environment is established.
The possibility of simply logging in to a central platform and quickly submitting an idea increases employee engagement. Idea competitions and the gamification of innovations are additional incentives for participation. For example, employees receive points for submitting, evaluating, and commenting ideas, or for implementing innovation projects and working in search fields. Depending on the number of points, the employee then receives a status that can be associated with certain privileges.
5. Increase employee engagement
In some workshops or meetings, there are often participants who do not want to be a part of an active discussion. Introverted people often stay back in group situations and are afraid to contribute their ideas. In an online process, social pressure and the barrier to participation are usually lower as there is space and much time to get involved. This might lead to unusual situations when, for example, an assistant questions expert's opinion or creative ideas come from employees who are not "responsible" for them.
6. Transparency against resistance
The entire innovation process can be documented via an innovation management platform and can be viewed by everyone at any time. Transparent discussions and feedback for all participants are essential to overcome the innovation resistance. What some see as an excellent opportunity for some change may be perceived as a "threat" by others. Open innovation management systems help fight resistance and tensions from the beginning, and they also work very efficiently and constructively online.
7. Optimization of the innovation process
With automated innovation software features, organizations can streamline a variety of processes - from evaluating and sorting submissions to tracking project progress and efficiently implementing innovation projects across a defined workflow. For example, automated idea management tools provide a quick and easy way to sort large amounts of information. Those tools prevent valuable ideas from going lost. Other softwares, on the other hand, manage the prioritization of ideas and develop them further according to the schedule.
8. Avoid errors in selection processes
A particular advantage of the computer-assisted innovation process is the avoidance of double developments and the resulting expensive repetition of selection processes. The rationalization of the innovation process prevents duplication and paves the way for the realization of the best ideas.
9. Better decision-making through transparency
The transparency provided by innovation software enables moderators to make clear decisions and makes the decision-making process much easier and also more traceable. This saves time and money.
10. Analysis of the degree of innovation
In an IT-supported innovation process, you can measure the degree of innovation of your company very well. The indicators, such as the intensity of participation and the diversity of different perspectives, show how comprehensive innovation might be. With the help of various tools, you can see whether employees of your company prefer working in very networked groups or only in their teams. However, the analysis of network structures not only promotes the development of innovations, but it also provides information on which conditions promote innovation processes.
11. Improving the customer experience
By focusing on sales growth and competitiveness, companies often lose track of the customer experience. This can be a severe mistake in times of increasing demands on user experience and individualization. Innovation management software can prevent this by making the online platform accessible to customers.
Users can provide valuable feedback and suggest solutions based on user experience that can easily be overlooked by internal departments. Innovations that enhance customer experience can create loyal customers who act as brand ambassadors and help build a positive brand image and reputation. A better understanding of the customer and the ability to respond to customer needs creates a competitive advantage.
12. Acceleration of the innovation time
By improving communication, collaboration, and streamlining project management along the development pipeline, the innovation software significantly shortens development time and brings more innovative products and services to the market faster than before. Innovation management software is, therefore, the ideal way to build internal and external networks for collaboration, efficiently implement innovation projects, and increase innovation output.
13. Identification of new markets and business models
Innovation software is more than just generating new ideas; it can be used to identify new markets and develop disruptive business models that have not yet been considered. In this way, innovation software becomes an invaluable tool for completely reinventing existing markets.
Conclusion: Advantages of innovation management software
Automated tools enable organizations to leverage multiple resources to drive innovation. Internal and external ideas can be reliably captured, prioritized, and developed by using structured processes. The software keeps trends up to date and allows a regular check. Companies can collaborate with both internal employees and external experts. In increasingly global markets, innovation management software offers companies the advantage of bringing products to market faster and thus securing a competitive advantage.
Born in Lower Austria. At LEAD Innovation she works as Head of Innovation and focuses on agile innovation management via SCRUM.