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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 reengineering business processes, workflow management, market trends and even new markets where unaddressed 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 managementsoftware: * New competitive products and services * Process improvements * Improved collaboration and decision making across teams * Competitive advantage * Identify hidden talent and new areas of growth * Enhanced Brand Value and Brand Loyalty 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
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