More than 80% of CEOs think that innovation and ideas are essential to the success of their company. That's a large number of executives by any measure. The most innovative organisations know that ideas are just the beginning of turning them into innovations.
What is Idea Management?
The amount of information coming to you at every touch point from various news outlets, management, direct reports, cross-functional teams, and customers is greater today than ever before. This input includes new initiative suggestions, employee recommendations, client comments, and project requests. With the development of remote working, communication applications, and analytics tools, all these inputs are increasing, creating an endless backlog of potential tasks.
Regardless of employment function, idea management is a way for everyone to integrate that information into a cohesive picture so that you can view the forest for the trees and make wise, reliable decisions about which inputs should be prioritised and maximised. The focus should be on generating impact for all stakeholders.
The Benefits of Idea Management
In today's fast-paced, always-on corporate environment, idea management is crucial. Innovation is now essential to survival and keeping competitive, not just good to have. However, creative ideas need a defined procedure to be captured, evaluated, and prioritised if they are to have a chance of becoming commercially viable. Here are some of the benefits of using an idea management tool.
1. Capture More Ideas
Finding ideas that have potential is partially a numbers game, and the best concepts might originate from anywhere. As there are possibilities and difficulties that can only be known from the viewpoint of a particular function, flattening the hierarchy of idea production is essential to revealing new chances.
In order to objectively assess each concept's worth, idea management software can gather ideas from all throughout your company. Additionally, it helps motivate your staff to solve issues within their departments, roles, and business processes proactively rather than just reacting to them.
2. Reduced Costs
You read that right!
While idea management software is an investment, it’s well worth it. These platforms are built to help you be more productive with your time by streamlining and automating your processes.
3. Improved and Informed Decision-Making
Idea management software can assist you in tracking, analyzing, and prioritizing new tactics so that you can determine an idea's viability more quickly. You'll get a clear concept of how your team will develop prospective ideas and what resources you'll need to achieve it from features to generate product roadmaps, user personas, mockups, and tasks.
Korrect is the Best Way to Collect and Manage Ideas.
The best idea management software is simple and easy to use, yet flexible enough to work for even the largest organizations. With Korrect, you get the best of both: ease-of-use and free services(some are paid with competitive pricing) combined with enterprise-grade flexibility and reliability.
How Korrect Works
As we know ideas come from different places like employee recommendations, client comments, and project requests. It becomes quite hectic to manage all these things. So Korrect manage all these things with the help of their tools-
- Collect Ideas: The more ideas you collect from different groups of individuals, the better prepared you are to progress toward the right ones. Korrect made it incredibly simple for you to collect ideas so that you never have to miss one again. For example, ideas are categorised and the right people will automatically be notified.
- Develop: Ideas are only the beginning, as we all know. Korrect assists you in your quest to transform such ideas into innovations.
- Prioritize: Since 70% of overall costs are determined at this stage, idea selection is regarded as the innovation process's most crucial step. You need the necessary tools and a reliable method to do it correctly. With the help of Korrect, you can achieve it easily. Evaluations are automatically done by Korrect for every idea, which can be used to help prioritize the ideas.
- Analyze: The best innovators are always striving to improve. Korrect gives you tools to analyze and enhance your process. Every process has bottlenecks. Korrect helps you identify the ones in your innovation process so that you can address them.