Innovation Management Software
The Best Innovation management software is a systematic process of promoting innovation strategies in the organization. Idea management software is like a traditional office suggestion box that organizes and manages various ideas, suggestions, experience, and knowledge sharing from employees, customers, stakeholders, clients, workers’ staff, faculty, multiple groups, citizens, and among others. The organization can make use of crowdsourcing techniques to find and carry out advancements in the business process. Best Innovation management solution gathers information on products and organizing those ideas for successful implementation and development of business strategies.
Top 10 Innovation Management Software in 2021
These are Best Innovation Management Software:
- Planview Spigit
- HYPE Innovation
- SAP Innovation Management
Planview Spigit is a crowd-sourced innovation management software. Planview Spigit innovation tool helps your organization to create a culture of innovation, drive employee and customer engagement and provide analytics-driven insights. Spigit powers innovation programs from small teams to large enterprises across all major verticals including financial services, manufacturing, healthcare, consumer products, and energy.
Brightidea innovation management platform engages the employees at scale and promote a culture of innovation within the company. The platform helps you to get reach at the next level of your innovation journey. It operates as a central hub to connect and manage all your innovations, collaborate ideas and measure success at every stage of its journey.
Qmarkets is an enterprise-grade innovation management platform allows to engage your employees, partners, and customers, internal and external stakeholders. The tool transforms these ideas into quantifiable results using an evaluation tool. Each of its systems are configured as per customers' specific requirements and needs.
HYPE Innovation is a full-life cycle innovation management solution that allows to engage thousands of employees in idea generation and collaborative problem-solving solution method. HYPE Innovation handles idea scoring, collaboration, feedback management, project tracking and engagement monitoring. The platform brings employees, customers, and business partners together.
Imaginatik idea management platform provides a collaborative innovation and enterprise crowdsourcing solutions. Its full range of award-winning Innovation Central platform and Innovation as a Service platform engages your employees, customers, and outside experts to drive growth and innovation at every level of your business.
KPMG standardized innovation management model focused on optimization of innovation through supporting the strategic goals of the businesses. The platform is based on current operating model of enterprise. The innovation project covers establishment, development and implementation of ideas for achieving common goals of the organization.
Salesforce.com offers a robust innovation management platform that allows companies to automate collaborations with their employees, consumers, and partners for idea generation and data gathering.
SAP Innovation Management
It is a cloud-based innovation management solution that manage ideas, promote innovation and rapidly convert it into industry-leading and value-generating results. The platform enable businesses to close the gap between data preparation and analysis so you can make more informed decisions.
IdeaScale innovation management solution assist companies to connect to the ideas coming from internal sources and begin co-creating the future for better results. IdeaScale solution supports innovation for problem solving, resource planning and implementation of future projects. The tool gathers ideas, communicate in real time, and transform it to build a better future.
Crowdicity Idea Management software is the most intuitive and results driven platform that helps the organization crowdsource ideas quickly and increase employee engagement. It is a cloud-based enterprise social idea management platform that harness the idea and creativity of their employees to discover new opportunities.
The global Innovation management software market is expected to reach USD 1,663 million by 2025, at a CAGR of 12.6%. The applications of Best Innovation management software in the Healthcare, Pharmaceuticals and Government sector is expected to grow at a CAGR of more than 12%. The main factors include the growing demand for crowdsourcing invention across industries and changing work culture and behavior in the enterprise. There is also a growing focus of enterprises on the improvement of new, innovative, and personalized products.
The global innovation management software market by region covers North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America region dominates the innovation management software market. The companies’ inclination towards technological advancements and widespread adoption of new innovative technology makes the North American region a moneymaking market for innovation management platforms. The Cloud-based deployment of innovation management system is expected to grow at a faster rate due to less initial investment.
Ideas are collected from all areas and people in an organization including product management, R&D, administration, supply chain, distribution, sales, and marketing. The continuous ideation process enables companies of all sizes to innovate and grow with full transparency. Idea management software can easily integrate with Enterprise Feedback Management software in order to manage both internal and external recommendations. The feedbacks can request via email, web-based applications, forms, or online collaboration channels.
Using Idea management strategy within an organization, helps to shape the business structure and promote a culture of productivity and efficiency, workplace innovation, and continuous improvement. The process not only results in creating value addition to organizations but also brings a sense of engagement and responsibility among employees and customers of organizations. Idea Management system collects solicited ideas and feedbacks onto a central database and collaborate collected feedback to select and reject ideas.
Best Innovation Management Software market drivers in North America
Increasing research and development activities in US
Organizations are concentrating on the research and development part in their business process. With new innovation they aim to gain competitive advantage. Since these activities are increasing, it has become crucial to manage all the ideas shared by the employees. Idea management software takes care of these ideas, collate them, and helps management in implementing the right idea. Hence, implementation of Best Innovation management software is growing in these regions.
Growing requirement for product uniqueness
There is high level of competition between the companies for getting more profit in their business with the unique and advanced features of the product. By using best idea management software, organizations can gather ideas and innovate their product base for targeting fresh consumer segment. With growing requirement for innovative ideas, companies need to conduct numerous discussions and generate high number of ideas. For this requirement, common platform is needed which further drives market for idea management software.
Innovation Management Software Features
Here is the list of trending features of Best Innovation management software for transforming the business:
Crowdsourcing is the feature that enables employees to work collaboratively by encouraging their participation in sharing ideas for getting innovative resolutions on issues company is facing. With this technique, workflow process is optimized and also increases overall productivity. The best idea management software lets users to comment, like, and even vote on ideas shared by other employees.
The best innovation management software without proper implementation cannot be used at its fullest. Idea management software needs to be easy to use and user friendly so that employees can adapt it well and make best out of it. With the intuitive interface, employees can find the required process easily, can submit their ideas or even save them in drafts. Idea management software in which ideas are displayed well in easy format like listing of ideas, tiles pattern for ideas, tree diagram of ideas makes system more interactive and easier.
Robust workflow process
The best Innovation management systems with methodical workflow process engages staffs for generating more ideas. Explaining the workflow process to them that in what ways ideas will be captured, identified, built, redefined, and selected with increase the belongingness in them.
The best idea management software should come with inbuilt analytical features that will help users to gain in-depth insights and will eventually help to make quick decisions. The dashboard is flexible and comes with reporting feature that helps users in recognizing the top ideas and vet them. With these analytics, users can trace the ideas and generate reports wherever needed.
Rewards and recognition
If the employees are recognized and rewarded, they feel more encouraged for submitting the ideas and stay engaged. Employees takes initiatives for submitting their ideas and it boosts their belongingness towards the organization.
Customizable idea submission
The best innovation management tool comes with the flexible idea submission form based on the projects or topics. There are multiple factors in campaign on which innovative ideas are required like cost containment, business outcome, product strategy and development, and many more. With the customizable form, management team can filter the ideas for required aspect and vet them further for pilot and implementation.
The best idea management software should come with feature of unlimited idea campaigns for the business. With the targeted campaigns companies can set up required campaign for finding solution for challenge company is facing. With such targeted campaigns companies can receive huge volume of excellent ideas.
Gamified collaboration includes the users who are encouraged and interested in innovating and contributing towards organization’s success. The gamified collaboration provides participants with ideation points, badge, success levels, dashboard with the improvement bar and multiple such metrices that can be measured, recognized, and rewarded in the later stage.
Best Innovation Management Software Trends in North America
Working on customer experience
Organizations in North America are focusing on the customer experience part for determining the strategic way of enhancing the customer experience. Example, mobile applications and website data adds value to the customer experience. They take feedback and work on the areas of improvement for satisfying customer requirements.
Making note of ideas and suggestions from customers is always the great way to start the innovation process. If the ideas that come from the customers are not logged, then companies may miss out on some good suggestions. Hence, it is important to have platform like best innovation management software or best idea management software for collecting these ideas and further converting them for transforming the business outcome.
Innovation management combines a range of diverse approaches
Companies also make use of external ideations by entering into cooperation with startups, organizing competitions for best ideas, and by many other means. These techniques are not conflicting. Apart from traditional innovation method, organizations also focus on exploring new opportunities in the market and implementing them at the higher rate.
Building innovation culture in the organization
Companies are focusing on building the innovation culture in the organization. The innovation culture can be implemented in companies by taking ideation competitions and then rewarding the employees. With this culture, the employees remain motivated and takes part in innovation audits and competitions.
Digitization of innovation management
In todays era, every system is going on cloud. The best innovation management solution is implemented on cloud by making the innovation process digital. With the digital on-cloud process, employees can share their ideas as per their convenience and without restricting themselves in particular time or place.
The competitive leadership mapping showcased provides information for best Innovation Management Software. Vendor evaluations are based on two categories - product offerings and business strategy. The vendors have been evaluated based on various criteria that each category carries. The evaluation criteria studied under product offerings include the breadth of offering, product delivery (on the basis of industries that vendors provide, deployment models and subscriptions), features and functionality, product quality and reliability, and product differentiation. The evaluation criteria considered under business strategy include geographic reach (on the basis of geographic presence), industry coverage (on the basis of end users that the vendors cater to), and effectiveness of growth (based on partnerships, collaborations, and acquisitions).
The leading players operating in the Best Innovation management software market include Brightidea, Inc., HYPE Innovation Inc., Imaginatik plc, Planbox, Inc., Qmarkets, and Spigit, Inc. These leading players have been recognized as visionary leaders.
Salesforce.com, Inc., innosabi GmbH, KPMG, and SAP SE have been recognized as dynamic players in the innovation management market.
CogniStreamer, Crowdicity Ltd., E-Zassi LLC, IdeaScale, and InnovationCast have been considered as innovators in the innovation management market. These companies have an innovative portfolio of idea management software and services.
The emerging players in the innovation management market include Exago, Inno360, Inc., InnoCentive, Inc., and Nosco.