Innovation management software is used to develop both products, ideas, and organization innovation. It includes tools that allow employees to collaborate on ideas. The focus is to allow the organization to respond to external or internal ideas and opportunity.
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Innovation management software (also known as idea management software) supplies an organized, secure collaboration space for idea generation and progress toward innovation. Innovation management software is similar to project management software but with security features to protect corporate innovations or other kinds of intellectual property (IP). Innovation management software also focuses more on idea-generating while project management concerns itself with strategically planning a project from initiation to completion.
Vendors offer different options for deployments of innovation management, including SaaS cloud-based and mobile apps for iPhone, to support the development of products, ideas, and innovations of various kinds. A platform may include tools that allow employees to collaborate on ideas. Another may provide means of engaging and surveying customers for their input. The focus is to allow the organization to respond to external or internal ideas and opportunities as the case may require.
Users that benefit from innovation management tools include both internal and external constituencies of all sizes, including small firms to large enterprise companies. Externally, they are capable of engaging customers, stockbrokers, and employees through web-based applications. This allows for full transparency of the company as well as the opportunity to give recommendations and feedback. Internally, users can collaborate and share insights with one another allowing for innovation and growth during the idea-creation process.
Innovation management software products are equipped with a variety of features that can be useful to potential customers. A cross-section reveals the following general capabilities:
Some important things to consider before choosing an innovation management software include:
Versatility: A perk about innovation management software is that many of these products can handle multiple tasks. Ensure you’re getting your money’s worth by selecting a product with several features, such as analytics, customer feedback, and staff collaboration. Be sure your vendor will offer flexibility and options for your business.
Affordability: If you’re looking for a product that is affordable and simple, you may miss out on some other advanced features such as drag and drop options, custom filters, and ROI analytics. For some users, these features aren’t as necessary and therefore the free versions are more than suitable. Be sure to look for a product that hits the right balance of cost vs features
Idea vs. Project Management: Though similar to project management software, innovation management software is used for collecting ideas within one platform and allowing them to evolve. If your needs are focused on managing processes throughout the project after initial creation, look into project management tools that may have features better fitted for your business.
Similar to project management software, limited deployments of idea management software are available free to individuals or small groups. Free trials of more substantial offerings are also available.
Relatively low-cost PPM-like deployments are available on a subscription basis (monthly or annual) from some vendors, usually going for under $15 a month with a limited amount of users.
Higher tier plans that far exceed project management or PPM-like capabilities are available. Though these pricing plans are customized, expect to pay anywhere from $800 to $3000 per month with many or unlimited users. These are relatively high costs but supply advanced features such as prototyping, research and testing tools, and frameworks for progressing complex engineering or software projects.
