Compete_grand challenges

How Innovation Management Avoids Risk

wazoku Blog

Last week, we linked to several articles that talked about how businesses were interested in innovation, but were often lax to take the risks it takes towards cultivating new ideas. One of the benefits of innovation management is that it should help you minimise your risk and bring out the best ideas in your network. In order to address some of the concerns risk-adverse companies have, we’ve explained four reasons why innovation management can reduce risk.

Compete_grand challenges

Democratic – Innovation management systems create democratic environments for ideas. Without these systems, employees have to rely on doing something to catch the bosses’ attention or trying to find the time to explain the idea in the middle of a manager’s busy schedule. And those who are the most persistent to interrupt your schedule may not necessarily have the best ideas. With an open idea management platform, anyone can submit their idea. All ideas get the same amount of time, consideration, and the same approval process as anyone else’s. With a democratic idea process, administrators get the chance to see everyone’s ideas equally.

Efficient – Asking for feedback on an idea without a system for voting, commenting, or discussion is an arduous task. Meetings about ideas can drag on, wasting the valuable time of everyone. A good system for innovation management will give employees and managers multiple methods of responding to ideas depending on their level of availability. They should be able to show their approval of an idea with a simple click, or get involved in the discussion if they’d like. This allows administrators to get a good picture of the idea’s popularity without it requiring everyone to get involved in a discussion.

Analytical – One of the most important and beneficial aspects that averts risk in innovation management software is the analytics. Any software solution for ideas should come with the analytical capability to show you the strongest ideas and your key innovators. This is what makes an idea management system better than a forum, email group, or any other form if online communication. Analytics make the life of administrators and management far easier. Instead of having to follow and monitor every single thread, they can get a quick glimpse at what ideas their employees are generating, discussing, and developing.

Cost-Effective – Not every company has the ability to establish a person or an entire branch of their organisation towards innovation. Organisations get stuck in a loop where they don’t have the time or money to invest in innovation management and also don’t have the innovations they need to get to a place where they do have those resources. An affordable idea management system helps tackle those obstacles. It lets you implement a system without having to have an entire wing of your business devoted towards new ideas. Instead, it transforms your entire organisation into an innovation powerhouse.

And these are just four big reasons an innovation management system can help you invest in innovation in a less risky way.