Ideas are the backdrop of every inventions, product innovation and services. As the products and services takes form and generates expected results, these are transformed into business for the benefit of both consumer and the provider. The increase in product awareness has led to increase in consumer demands for more innovative products, services and techniques which required new and innovative ideas.
Organizations can look for innovation from various sources. This includes the internal workforce, clients, vendors, partners and end-users. However, the advent of the internet and the World Wide Web has facilitated enterprises with a wider reach to capture ideas from a diversified group.
Use of an idea management system depends on growth as a service concept. It facilitates enterprises to manage, monitor and implement innovation in a structured way. Being structured, it provides discipline, clear milestones and metrics as against a qualitative and unstructured process.
The Idea Management System that has been defined as a structured and disciplined approach to manage innovation facilitate enterprises to manage idea generation, capture, collaboration, assessment, implementation and monitoring of ideal outcomes. Made up of five components, this includes:
- A Front-End system that helps to capture and develop ideas
- A Back-End system will help to implement the idea funnel.
- An organizational architecture that will facilitate idea generation and capturing process
- IT systems to support the workflow Metrics for idea pipeline management and determining the business value and monitoring implementation process of the ideas generated.