If you're like most businesses, you know that innovation is key to success. To create new products and services, you need a system to manage the innovation process. That's where an innovation management system comes in. By using this system, you can ensure that you consider all aspects of developing new products, as well as track and assess their progress. By fostering a culture of innovation within your company, your chances of success for new products are increased.

Here are five reasons why your business needs an innovation management system:

An innovation management system can help you:

• Develop new products and services
• Streamline the innovation process
• Increase your chances of success with new products
• Foster a culture of innovation within your company
• Save time and money on product development.

If you want to stay ahead of the competition, it's time to invest in an innovation management system. It will help you develop new products and services faster and more efficiently, while also saving you time and money.

What is an innovation management system?

An innovation management system (IMS) is a tool that helps businesses manage the process of developing new products and services. These systems help businesses to streamline the innovation process, increase their chances of success with new products, and foster a culture of innovation within the company.

There are many different types of innovation management systems available on the market, but they all share some common features. These features include:

A database of ideas:  This is where businesses can store all the ideas that employees have for new products and services.

A way to track progress: IMSs help businesses to track the progress of each idea, from initial concept through to final launch. This helps businesses to identify which ideas are worth pursuing, and which ones need more work.

A system for assessment: IMSs typically include a way to assess each idea, to determine its feasibility and potential success.

Why is innovation so important for businesses?

Innovation is vital for businesses because it allows them to create new products and services that can improve their bottom line. By constantly innovating, businesses can stay ahead of the competition and maintain a leadership position in their industry.

Innovation can also help businesses to reduce costs and improve efficiency. By streamlining the innovation process, businesses can save time and money on product development.

How can an innovation management system help your business succeed?

An innovation management system can help your business succeed by increasing your chances of success with new products. By using an IMS, you can ensure that all aspects of product development are considered, and that progress is tracked and assessed. This information can help you to make informed decisions about which products to pursue, and how to best develop them.

In addition, an innovation management system can help you foster a culture of innovation within your company. By encouraging employees to submit ideas for new products and services, you can create an environment where innovation is valued and encouraged.

What are the benefits of using an innovation management system?

There are many benefits of using an innovation management system, including:

Improved chances of success with new products: An IMS can help you to increase your chances of success with new products by ensuring that all aspects of product development are considered.

Streamlined innovation process: An IMS can help you to streamline the innovation process by tracking progress and assessing ideas. This can save you time and money on product development.

Fostered culture of innovation: An IMS can help you to foster a culture of innovation within your company by encouraging employees to submit ideas for new products and services.

If you want to stay ahead of the competition an innovation management system can help you develop new products and services faster and more efficiently. Such systems can also save you time and money on product development, and help you foster a culture of innovation within your company.

How to get started with an innovation management system?

If you're interested in using an innovation management system, there are a few things you need to do to get started.

First, you need to understand the Innovation Value Pyramid.  The Innovation Value Pyramid is a maturity model that helps businesses to understand the different types of value that can be created through innovation.

There are four levels of value in the Innovation Value Pyramid:

Owner-driven businesses:  

These businesses typically have a small number of employees and are focused on a single product or service. Innovations are conceived and driven by the owner, and the business is typically reliant on a small number of customers. Due to the parochial nature of these innovations, the shareholder value of the company is typically low.

People-driven businesses:  

These businesses have a larger number of employees and are focused on multiple products or services. Innovations are conceived and driven by the employees, and the business is typically reliant on a larger number of customers. Due to the social nature of these innovations, the shareholder value of the company is typically medium.

The actions you will need to take to position your company as a people-driven business are:

• Encourage employees to submit ideas for new products and services.
• Make sure that progress is tracked and assessed.
• Make decisions about which products to pursue, and how to best develop them.

System-driven businesses:  

These businesses are focused on multiple revenue streams and profit drivers. Innovations are conceived and driven by the company's innovation management system, and the business is typically reliant on a large number of customers. Due to the systematic nature of these innovations, the shareholder value of the company is typically high.

The further actions you will need to take to position your company as a system-driven business are:

• Hire an innovation accountability partner.
• Install an innovation management system.
• Develop an innovation strategy and roadmap.

Culture-driven businesses:

These businesses typically have a large number of employees and are often purpose-driven organisations. Innovations are conceived almost autonomously by the company's employees and customers, and the business is typically reliant on a large number of stakeholders. Due to the cultural nature of these innovations,  the shareholder value of the company is typically very high.

The final actions you will need to take to position your company as a culture-driven business are:

• Hire an innovation scout.
• Encourage employees to become intrapreneurs.
• Develop a corporate innovation ecosystem.

Wrap Up

Innovation is essential for businesses if they want to stay ahead of the competition. An innovation management system can help you develop new products and services faster and more efficiently. Such systems can also save you time and money on product development, and help you foster a culture of innovation within your company.

We recommend an analogue system as you start this journey, progressing to a purpose-built software solution as you become more comfortable and confident with innovation management.