Innovation Management and Idea Management have been around in the industry for some time now. Which one is better? What are the benefits of innovation management and idea management?
Innovation Management is the process of managing a company’s innovation procedure, all the way from the initial stage of formation of ideas to the final stage of implementation. It comprises of activities, decisions, and practices of coming up with and carrying out an innovation strategy. The different types of innovation that enhance business results, can also change the business model of the company. Finding and investing in them repeatedly and nurturing them is the key objective of innovation management.
Social innovation, disruptive innovation, and technological innovation are the most direct methods of business innovation.
Idea Management is the ability to get feedback from external and internal stakeholders, for the intention of adding the obtained feedback into product releases and future products. Practicing ideation which is the creative method of generating, developing, and curating new ideas, is the optimal solution. It ensures that the information is complete and ideas are prioritized.
Innovation Management Benefits:
For a business to be sustainable, innovation management is pivotal. Why is it that significant?
- A continual gain in returns for shareholders
- Employees commitment and ambition is increased
- Customer satisfaction is enhanced
- Competitive edge is augmented and lasts longer
- The timing of introducing products in the market is improved
- Market share rises
- Business margins can be maintained or improved
- New markets and customers can be reached
Idea Management Benefits:
- Without managing and implementing good ideas, any business will go downhill. Take a look at the benefits to understand why that can happen.
- Costs get reduced by the improvement of existing processes
- Strategic goals can be reached
- Revenue increases because of new products and services
- Existing products can find new markets
- Employee engagement is improved. Employees morale increases significantly
- Faster response to customers
- Employees enhance their work process proactively
- Waste gets phased out
It’s hard to say which type of management is better. Innovation management and idea management add value to the organization in both different and similar ways. In fact, both types of management tend to go hand in hand. Think about it. You can’t innovate without ideas and vice-versa. Ideas are the foundation of innovation. With idea management, the organization gathers ideas from everyone, structures it and selects the best. With innovation management, generation of newer models of business, products, technologies, and services becomes streamlined.