Wikipedia defines innovation as “the development of new
customer value through solutions that meet new needs, inarticulate needs
or old customer and market needs in new ways. This is accomplished
through different or more effective products, processes, services,
technologies, or ideas that are readily available to markets,
governments, and society.”
This holds true in the case of product companies
where innovation is not just about creating new products but
reinventing, restructuring and re-engineering business processes,
workflow management, market trends and even new markets where
un-addressed and unfulfilled needs exist. With untapped markets, ideas
and customers always present, what is required is to find the right idea
and introduce it at the right time in the right market.
For
product companies, innovative ideas are a necessity to ensure the growth
of the top line revenue, to make the bottom line efficient, to
differentiate from their competitors, and to stay relevant and on their
toes. For example, take the case of Dell, one of the largest
technological corporations in the world. It firmly believed that its
customers have the power to make a real and enormous difference to the
company’s profits. Hence, it came up with the innovative idea of a
community to reach out to millions of its customers. Named as IdeaStorm,
this community interacts with millions of its customers in more than
100 countries and asks them to share ideas and collaborate with one
another to tell Dell what new products or services to develop. The
result being that in two years, Dell has gathered more than 11,000
innovative products ideas.
This interesting piece of information
highlights the fact that innovative ideas can change the destiny of a
company. Though innovative thinking is important, idea management is
equally important to roll in the profits. Hence, what is required is an
idea management system to channelize, prioritize, manage and implement
viable ideas. Here is a look at some of the benefits of deploying idea
management software:
Thus with idea management software, product companies can look to
promote employee inclusivity ensuring more ownership of tasks from
current employees thereby enabling them to keep both themselves and the
company updated and aligned with the changing market.
Read More About: idea management solutions, innovation products, capture ideas