For the well being of any business, starting and running an idea management system is very important. What i mean here is that innovation is the most vital element for success in this hyper-competitive business world. The companies that manage this system efficiently would always lead in their target markets.
As i discussed in my previous post, innovation is not limited to product or service category only, it should be explored in your whole business processes, customer experiences or customer management system and in your business models. In order to survive and take most profit out of your target markets, you need to build an internal idea management system.
- Source of ideas: Where will ideas come from? The main sources of ideas include your own employees as they know your organization and product well, your customers as they are the users of your product and service, feedback platforms, email after sale, calling customers and your partners such as suppliers, vendors etc
- Scope of ideas: Where can we use our ideas and where they have the room to enter and nourish? Examples are your product, your process, your customer relations or experience and business models.
- Number of stages: How many stages we need to filter an idea? how many levels will an idea has to pass through before it will be implemented, general overview about idea. Screening stage comparison with performance standards, results depicted
- Technology: How should we search, gather, store and present our ideas? Those days are gone away when organizations used to have physical suggestion boxes, where people used to submit their ideas. Nowadays we have efficient tools for searching, gathering, storing and presenting ideas such as internet facility, computer applications etc
- Selection of ideas: How should we pick and select ideas for further development? Do we need to set up a committee, or we need an open voting system?
- Implementation of ideas: Once ideas are generated, filtered and selected, then you should go ahead with implementation phase.
- Impact of ideas: How are our selective ideas performing in their respective systems? How much improvement they have brought in? How much costs have been saved? How much revenues we were able to generate. This is the last step in our idea management system which should be always there to monitor and measure the impact of ideas.