8 Key Factors to Successful Idea Management

Successful Idea Management

Is your organization effectively tapping into the collective knowledge and creative potential of it's entire workforce for idea generation and innovation?

Idea management (IM) is the collection, development, and selection of business ideas that support corporate objectives, it describes a process for generating, building and formalizing business ideas from employees, partners and even customers.

Implementing a successful idea management strategy can be difficult if you're company has never done it, so we thought we'd make it easy for you.

8 keys to implementing a successful idea management strategy:

1. Get Stakeholders Buy-in: These guys have a lot of business issues keeping them up at night and will support the cause if it proves to resolve issues.

2. Target Specific Issues: Targeted discussion are more likely to generate engagement. People with specific expertise in certain areas are more easily motivated to participate when talking about their specialty subject.

3. Set Deadlines: Open-ended conversations without deadlines will fail because participants will become disengaged. Plan new projects with strict deadlines!

4. Involve Diverse Audiences: Tap into your company’s entire knowledgebase, and invite large audiences to ensure a steady flow of contributions, since only a small percentage of participants will submit ideas. Invite a diverse audience to get input from a variety of perspectives.

5. Engage Your Audience: Idea management can be greatly improved by engaging and interacting with participants. Get participants to discuss their ideas. Assigning a moderator is a great way to do this.

6. Structured Review Process: Reviewing ideas effectively and efficiently is as important as coming up with them. Having a structured peer review process where people now what is expected of them will drive better ideas management.

7. Communication & Access: Engage participants by communicating regularly with updates. Also making sure that they can easily participate in ideas management will make the process, so much more efficient. Whether it’s through a company intranet or enterprise 2.0 software, make sure that it is accessible and easy to use.

8. Recognize Contributors: Recognizing the contribution of participants is crucial. Recognition of great contributions is really important to celebrate success and encourage further participation. If no feedback is provided, then people will stop contributing.

Those are the eight core keys to get right if you want to implement a successful idea management strategy for your business

Want to learn more about idea management?, visit our website or contact us for more information.