The BFSI industry is highly competitive, and the key players focus on innovating their existing services and processes. The industry faces huge challenges to cater to the changing requirements of customers in a highly competitive and regulated market place. Crowdicity Ltd. (U.K.), Qmarkets (Israel), HYPE Innovation, Inc. (Germany), and Brightidea, Inc. (U.S.), among others, are the key players providing idea management software to organizations to connect them with their employees and customers. Thus, the use of idea management software enables various organizations to develop new processes and products, increase their efficiency and profitability, and break down organizational barriers hindering their growth.

Financial services require an interdisciplinary approach that provides expert opinion to organizations in innovation, management, marketing, economics, business, finance, technology, and legislation. As such, organizations require an open innovation approach in financial services. The BFSI vertical is growing at a rapid pace, due to the increasing usage of social media for financial services. Social media, such as Twitter, Myspace, Facebook, and YouTube are used to offer new financial services to organizations, which help them in increasing their interaction with the customers, thereby enabling them to collect new ideas from sources, other than financial institutions. These social media allow organizations to collect feedbacks and ideas from people in real-time that can be used to initiate innovation processes of different organizations.

Innovation Management Software in BFSI Quadrant

Comparing 32 vendors in Innovation Management Software across 174 criteria.

Find the best Innovation Management Software solution for your business, using ratings and reviews from buyers, analysts, vendors and industry experts

EVALUATION CRITERIA

Below criteria are most commonly used for comparing Innovation Management Software tools.
  • Breadth and Depth of Product Offerings
    • licenses
    • Products/Solutions Offered
    • Services
      • Product Research & Development
      • Marketing, Design & Idea platforms
      • Collective Intelligence & Prediction platforms
      • HR & Freelancers platforms
      • Training & Education services
      • Consulting services
      • Software
      • System design & integration services
      • Other
  • Product Pipeline
    • Industry Vertical
      • BFSI
  • Product Features and Functionality
    • R&D Spend
    • Product Innovation
    • Product Enhacements
      • Product Upgradation
      • New Product Launches
  • Delivery
    • Level of Support
    • services
      • Technical Support
      • Sales Support
      • Customer Support
      • Other Support Services
    • Deployment Model
      • Cloud
      • On -Premise/ Dedicated hosting

TOP VENDORS

    • Enterprise
    • Founded: 2017
    • 501 to 1,000
  • #

    Brightidea Incorporated provides the Brightidea innovation platform that acts as a central hub to connect and manage different innovative initiatives, crowdsource them, and collaborate with them. The Brightidea platform is designed to run any innovative initiative with the help of innovative apps, including Brightidea Discuss, Brightidea Solve, Brightidea Hack, Brightidea Incubate, Brightidea Pitch, Brightidea Monitor, Brightidea Understand, and Brightidea Suggest.

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    • Enterprise
    • 501 to 1,000
  • #

    CogniStreamer pursues optimized innovation programs for different types of innovations and offers program templates for designing and engineering, innovation exploration, and innovation market validation. The company provides various solutions, namely, ideation and idea enrichment, crowdsourcing of new products or services, knowledge management, and ideation and early patent research.

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    • Enterprise
    • Kortrijk, West Flanders, Belgium
    • Founded: 2000
    • 51 to 100
  • #

    Crowdicity Ltd. offers idea storms, inspiring ideas, and innovation state manager, which is a full package of features designed to help organizations innovate, communicate, manage, and improve different ideas. Idea storms help organizations in dealing with specific challenges and launching open challenges, thereby inviting opinions from people about those ideas.

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    • Enterprise
    • 501 to 1,000
  • #

    Exago assists organizations in making enriched strategic and tactical decisions. The innovation management software offered by the company allows enterprises to effectively tap the collective intelligence for achieving improved and long-lasting results, and it can easily be deployed by organizations with the help of system integration services. The open innovation software offered by the company allows access to new sources of innovations to deliver improved and quick results and strengthen brand image of the organizations.

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    • Startup
    • Connecticut, US
    • Founded: 2006
    • Below $10 MN
    • 51 to 100
  • #

    HYPE Innovation, Inc. provides software and services that enable companies to manage innovations. The HYPE platform offered by the company for innovation management provides three major products - HYPE GO!, HYPE Enterprise, and HYPE Improve. HYPE GO! helps different organizations in launching ideation campaigns, thereby initiating the idea gathering process. HYPE Enterprise manages the innovation process from start to finish. HYPE Improve is designed specifically for ensuring cost-effectiveness and efficiency of innovative management programs initiated by different companies. The company offers HYPE Trends in partnership with TRENDONE to deliver complete innovation management solutions to clients.

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    • Startup
    • Bonn, Germany
    • Founded: 2001
    • $11MN to $50MN
    • 501 to 1,000
    • Enterprise
    • Founded: 2017
    • 501 to 1,000
    • Enterprise
    • Founded: 2017
    • 501 to 1,000
  • #

    IdeaScale offers an innovation management platform for small businesses, governments, financial enterprises, healthcare organizations, and technology companies, which enables them to connect with their employees and customers to gather ideas to improve their decision-making, enhance their productivity, and identify new business strategies for their clients. The company also offers the IdeaBuzz platform to address challenges faced by its customers with the help of a curated group of innovators.

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    • Startup
    • Berkeley, California, US
    • Founded: 2009
    • Below $10 MN
    • 501 to 1,000
  • #

    Imaginatik plc provides a full-service innovation offering, which caters to the requirements of three main sectors of the innovation industry - innovation advisory consulting, innovation capability building, and innovation software platforms. The company provides a mix of innovation capabilities through its advisories, software, and analytics expertise. It offers Innovation Central, a platform that helps in collecting ideas, incubating concepts, and allocating resources for different innovation projects.

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    • Enterprise
    • 501 to 1,000
  • #

    Inno360, Inc. is a rapidly growing vendor of innovation management technologies with ample opportunities to extend its horizons, in terms of new and innovative services. The company’s award-winning inno360 platform is designed to help enterprises in achieving their business goals by developing creative solutions. The key tools of inno360 SaaS platform are find, analyze, share, and connect. The find tool of this platform allows enterprises to search networks in real-time, thereby providing quick search results.

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    • Enterprise
    • 501 to 1,000
  • #

    InnoCentive offers the premium challenge program, custom challenge program, and InnoCentive@Work solution for its innovation management customers. The premium challenge program provides the most innovative and cost-effective solutions to customers for their pressing business, scientific, and technical problems through a network of problem solvers. The custom challenge program enables customers to develop challenge programs and participate in innovation competitions to solve various business-related problems through breakthrough innovations.

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    • Enterprise
    • 501 to 1,000
  • #

    Innosabi GmbH is one of the leading providers of digital infrastructure for innovations, and offers innosabi Crowd innovation software for its innovation management customers. innosabi Crowd innovation software is a SaaS platform that enables collaborations between employees, partners, and customers to create large innovation networks. It uses intelligent software to connect authorized people, detect innovative ideas, and identify valuable capabilities of its customers.

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    • Enterprise
    • 501 to 1,000
  • #

    InnovationCast has a strong portfolio pertaining to innovation management software and services, and its main focus is on implementing superior technology solutions to enable customers to gain quick and easy insights from their everyday businesses. The innovation management software suite comprises various products, such as challenges and idea management, innovation radar, engagement and recognition, innovation analytics, innovation opportunities, and innovation projects. The challenges and idea management product offers new ideas for enterprise management to solve pressing issues and explore emerging business opportunities. The innovation radar detects and makes sense of weak signals, and also maps growth avenues of various organizations.

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    • Enterprise
    • 501 to 1,000
    • Enterprise
    • Founded: 2017
    • 501 to 1,000
  • #

    The innovation management model offered by KPMG boosts business processes and procedures of the client companies. The steps of the innovation procedure include innovation diagnosis, innovation strategies, and implementation of innovation management. Innovation diagnosis focuses on review and analysis of innovation sourcing models.

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    • Enterprise
    • 501 to 1,000
  • #

    The company aims to help customers in developing and implementing processes and tools for innovation and idea management. It offers innovation management platform to enterprise business clients. It is a social platform with real-time analytics for creating and sharing ideas and intuitive and simple workflows. It enables enterprises to effectively manage thousands of ideas and people.

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    • Enterprise
    • Gurnee, Illinois, US
    • Founded: 1932
    • 501 to 1,000
  • #

    Planbox, Inc. is one of the prominent players in the innovation management market, and primarily aims to provide its customers with new technologies that cater to their specific needs. The cloud-based innovation management software platform offered by the company helps various organizations to seek ideas from their employees, customers, suppliers, and partners, and has a wide range of tools, such as content and event management, engagement, collaboration, platform, and analytics.

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    • Enterprise
    • 501 to 1,000
  • #

    Salesforce.com has a comprehensive CRM product portfolio and offers a robust innovation management platform, which allows industries to automate collaborations with their employees, partners, and consumers for idea generation and insight gathering.

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    • Enterprise
    • California, US
    • Founded: 1999
    • $5BN to $10BN
    • 30,001 to 35,000
  • #

    SAP SE provides SAP innovation management, which is an enterprise-grade ideation platform powered by SAP HANA that enables organizations to turn ideas into innovations. SAP innovation management can be deployed on SAP HANA, either in the cloud or on-premise as stand-alone (without ERP). It effectively carries out innovation processes in the organizations, thereby enabling them to overcome organizational problems and identify solutions for problems quickly.

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    • Enterprise
    • Walldorf, Germany
    • Founded: 1972
    • More than $100 BN
    • 501 to 1,000
  • #

    Spigit, Inc. has a comprehensive product portfolio for enterprises and offers high-quality innovation management technologies to its customers. The company provides the Spigit innovation management platform, which is an easy to manage and configure solution that supports the growth of various programs and ensures their scalability at the enterprise level. This platform does not require additional team resourcing and develops solutions based on different ideas with the greatest business values through defined stages of organizations.

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    • Startup
    • San Francisco, California, US
    • Founded: 1998
    • $11MN to $50MN
    • 51 to 100

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