What are the Tools of Innovation Management?
What would the world be without tools to help us along the way? If you are trying to create something, you most likely have a set of tools to help you get it done. Van Gogh had his paintbrushes, Beethoven had his piano, speaking of which, I heard Van Gogh wanted to be a musician like Beethoven, but he didn't have the ear for it. Ba dum tss. Just like them, an innovation manager also needs innovation management tools for each stage of the innovation process.
But what exactly are the tools of innovation management? It can be challenging to find a straightforward answer to this question, considering the stark differences that may exist between one innovation program and another. Today we'll explore the most commonly utilized innovation management tools.
What Is an Innovation Management Tool?
Innovation management tools support the efforts of an innovation program or the people in charge of coordinating that innovation program. That means communication applications like Slack and collaborative programs like those in the G Suite could be considered innovation management tools. However, several tools exist that were designed exclusively for innovation management—those will be our primary focus.
Common Innovation Management Tools
The innovation management tools that will be most useful to you may depend on the internal resources already at your disposal. Some companies choose to allot existing resources to their innovation program, filling in the blanks with supportive technology. For example, a company with motivated, engaged employees may not need culture coaching. However, they likely need an innovation platform to keep their projects on track. The following three sections will outline the most commonly sought innovation management tools.
1. Idea Management Technology
Idea management software provides innovation managers with the platform to source and manage ideas and facilitate collaboration. Such tools enable idea submission and can help prioritize ideas so that the best ones can move forward in the innovation pipeline.
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rready’s intuitive idea management software makes innovation accesible to every employee across your entire organization by providing the platform for internal innovators to submit their ideas. It provides the ideal solution for the beginning of the funnel to capture, organize and refine ideas. |
2. Idea Validation and Execution Technology
Once promising ideas have been identified these need to be further assessed and validated. Here, idea validation and execution solutions are helpful to de-risk ideas in a structured way, ensuring that each idea is approached systematically to evaluate it along appropriate dimensions including contextuality, feasibility, viability and desirability.
Following the successful validation of the solution, execution technology then assists the innovator in making their idea a reality.
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KICKBOX Intrapreneurship enables innovators to validate their ideas through the proven Kickbox methodology. Using data-driven insights, expert support and a physical innovation toolkit, ideas can be transformed in to actionable solutions to achieve real-world impact. |
3. Coaching and Consultations
Many enterprise-level companies turn to innovation consulting and coaching services for strategic guidance. Innovation consultants help their clients identify new revenue opportunities. They may also provide specialized insight regarding business structure and organization. Conversely, innovation coaching focuses on a company’s innovation program.
Coaching services provide the methodology you need to keep your innovation program on track and reduce bottlenecks like inefficient business processes or lack of employee engagement. It helps to visualize consulting services as an aid for big-picture company strategy. In contrast, coaching provides a more hands-on approach for the innovation program itself.
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As part of rready's KICKBOX Intrapreneurship program, the intrapreneurs receive access to strategic support through individual coaching from both internal and external coaches. This helps to keep the innovator motivated and accountable along the innovation journey and provides additional know-how to make the innovation journey less daunting. |
4. Culture and Community Building Tools
Building an innovation culture is a non-skippable step towards the success of your innovation initiatives. Not only does it encourage innovative thinking, but it strengthens the bonds employees have with their organization. Employees that feel valued are more likely to go above and beyond their roles to participate in an innovation program. Valued employees are also less likely to leave the organization, resulting in less turnover and more conservation of hiring resources.
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rready's range of innovation management solutions create a collaborative environment and encourage innovators to take ownership of their ideas. By enabling constant feedback loops, facilitating active input from all stakeholders, and making failure a part of the learning process, it creates the ideal conditions for cultivating and growing an innovation culture. |
All-in-one Solution for Innovation Management
Choosing the innovation management tool that is right for your organization is no small feat. Wouldn’t it be great if there was a tool that could incorporate all the above technologies in one? We thought so too, so we created rready's end-to-end innovation suite for managing your entire innovation portfolio. rready unites all innovators in one place where they can share ideas, collaborate on partnership projects, and contribute to the distribution of knowledge.
Finding an innovation management solution that focuses on all stages of the innovation process can ensure that all your needs are covered. At rready, our tools do just that by focusing not only on idea management but also on idea implementation, which is often a struggle when it comes to corporate innovation. rready to learn more about which innovation management tools will be best for your organization? Contact us or schedule a demo below. We’re here to help, no strings attached!
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