Innovation management refers to the decisions, activities and practices that an organization employs to drive raw ideas all the way to value generating innovations. This process must be able to handle a multitude of projects simultaneously: the innovations managed range from products and services to business processes and organizational innovation. Effective innovation management helps the organization to creatively react to changing internal or external factors in order to sustain its business, stay competitive and grow. To extract the highest value out of ideas, companies should have a good innovation management strategy.
Finding the right way to capture ideas that have potential to become innovations is not easy, especially when the sources of valuable initiatives are present everywhere. Often companies do not think enough how they should approach innovation stemming from outside the company or from less conventional sources.
Furthermore, it is challenging for companies to define a precise innovation management process that is flexible enough to accommodate a portfolio of different innovation projects. Many things – such as profitability, customer value and alignment with the strategy – need to be considered when funneling ideas down to the profitable ones. Yet, in practice the volume of initiatives advanced needs to be high to generate at least a part of the anticipated value.
To succeed in uncovering and executing the best value creating innovations, companies should carefully plan their approach to innovation management. With the right tools both internal and external audiences can be reached and even a large set of potential ideas can be progressed. Consequently, the chances to thrive in a dynamic market increase.
Many companies are managing their innovation process with Viima. Our innovation management software helps organizations keep track of the whole innovation portfolio in a coordinated manner. First, it initiates creative discussion with different stakeholders, then invites the participants to collaboratively develop the ideas and finally follows their progression up to implemented innovations. In short, Viima makes innovation management easy and effective.
format_quoteWith Viima, we have been able to create a shared and transparent ideation and innovation process. The tool’s joyful and playful visual appearance and ease of use make it effortless for people to participate and engage.
With Viima we can recognize the themes that are on the top of our staff's mind at any given moment as well as highlight the topical and essential development areas.
Provides a place to collaborative-ly uncover the next big thing
Guides development and follows progress of the ideas
Allows managing multiple innovation projects in the same place
Helps building long lasting competitive advantage
Improves employee engagement in innovation process
Increases your chances to make profitable innovations