Development of products and services depend largely on the ideas and suggestions that are gathered by companies which commensurate with its business goals. The process is usually termed as idea management and it is a complex process that can be compared with implementation of projects. To support the activities of the process, technological assistance is greatly required and this is available in the form of software that provides a platform for idea management in a more effective manner.  This software is deemed as an idea management tool that has now become indispensible for companies that are aggressively seeking the benefits of converting ideas and innovations at a rapid pace.

The Powers Of Idea Management Tool

A Tool is Needed

There is always a gap between expectation and reality that can be effectively bridged by technology. The need for better ideas is understood well by the companies but it is not easy to gather and manage ideas that have to be assimilated, sorted, evaluated and implemented with considerable speed and accuracy.  The ideas that are chosen should have the ability to generate exceptional solutions that can place companies on the pedestal of market leaders by beating all competition. Capturing ideas, categorizing them and then prioritizing it for implementation needs orchestrated efforts that only idea management tool can provide by integrating the activities included in the process.

Weeding Out Duplicates

It is common that ideas that are collected will have some duplicates that need to be identified so that a streamlined list of non-duplicated ideas can be generated.  Identification of similar ideas and merging them is possible by using the idea management tool which helps to create a list of unique ideas that has the nuance and details of each request. Merging of ideas creates a master idea and all future ideas of that category are merged under the master idea.

Evaluating Ideas

Using the tool, it is possible to evaluate ideas by assigning scores to it. This is particularly useful when some ideas are not very clear in its worth or value and there is ambiguity about its outcome. The scores help to prioritize the ideas that can be linked to the benefits that business and customers can derive from it.  There are some other ideas which are very prominent it its features and it is easy to identify its potential in generating value. These ideas can be kept outside the purview of scoring as it can be chosen right away.

Communicate with Contributors

The innovation software opens a channel of communication with the contributors thereby lending more credence to the initiative. Contributors are able to see the fate of the ideas that they have been submitted and mangers are well placed to give them feedback. The scope of interaction provided by the software increases the confidence of the contributors to whom the entire process of acceptance or rejection is visible and provides enough reason to repose their faith in the system.

 Innovation has now become the key driver of business and idea management is holding the center stage.