Idea management is an excellent approach to crowdsourcing fresh, new, and executable ideas from the employees of an organization, associates, customers, and any other internal or external person who can contribute towards business enhancement. There are various innovation software available in the market lately for organizations to streamline the idea management process. If done right, no doubt that idea management can be a very powerful tool to stimulate and streamline innovation.
However, in many cases, companies do fail to achieve the desired results through such collaborative innovation. The major reason behind it is not having an insight about the potential mistakes one may make while trying to administer innovation management. To help entrepreneurs beat these odds, here we will discuss some of the major mistakes business administrators tend to make in idea management processes, which you must avoid.
- Taking it all alone
One major mistake occurs while an innovation team initiates their program is that they do it without an appropriate buy-in. without proper endorsement by the senior executives to set appropriate guidelines for corporate innovation. With this, the entire effort may lose focus and irrespective of random ideas coming in, none of them can gain real momentum as actionable plans. Once on finding their ideas not gaining momentum, the employees also won’t value it as a part of their primary responsibility and participation will also be poor overtime.
Solutions : As a mid-level manager trying to implement innovation management, you may require solid executive sponsorship and business sponsorship to create and maintain an everlasting excitement around the idea management program.
- Simply focus on the front end
Many of the enterprises are so enthusiastic about the “idea gathering” part of innovation management, but fail to keep on rolling and complete the process. They may create a strong marketing for the employees to submit their ideas, which they surely do, and only end up with a pile ideas with no one to evaluate or execute.
Solution : Innovation management should be treated as an end-to-end process, which also must be assisted with the use of a good innovation software. Initial engagement is just a start and then it has to be taken through a very systematic process to guide the efforts on the targeted topics, streamline the ideas to choose the best ones, and implementation of the matured ideas in ROI initiatives. Innovation doesn’t existing without implementation
- Not measuring the results
It is true that innovation teams at enterprises usually have only limited time to demonstrate any tangible results out of their program. Innovation teams without any tangible data in hand or any visible evidence of the success of implemented ideas to assess its actual value may not sustain successfully overtime.
Solution: It is essential to objectively track and measuring the tangible results from the major objectives of an idea management process. Success is simply a story unless there is hard-core data to back it up. A good innovation software will surely help the executors with excellent analytical reports to assess the effectiveness / ineffectiveness of an innovation program.
No doubt that effective idea management is the key to success in collaborative business innovation. So, without a proper system in place to assist the manual efforts, it cannot be executed successfully. Here comes the role of an ideal innovation software, which can act as the backbone of any innovation management campaign by taking care of the end-to-end aspects of it effectively.