How Innovation Mangement Software Can be Used in Today''s Market
In these days, often companies are battling each other to draw attention from their potential clients and customers. They often win a battle by empowering the concept of innovation management.
Innovation management is vital in today's businesses. Many new services and products were being brought into the market each day and hence creating a huge demand products or services becomes tougher and tougher. However, with an effective idea management system, lots of new advancements will be created leading you to have a brand new profitable unique idea.
Let us take a look to case studies and examples from Fortune 500 companies and international brands:
BT or British telecom. In 2005, BT brought in an idea management software and in these five years, there are 10,000 new ideas and $100,000 in revenues were successfully created.
Another sucessful case studies will be GE or General Electric, one of the fortune's 500 company. in 2010, GE decided to launch a contest called "Ecomagination Challenge", which GE seeked an innovative ideas to build a new generation power grid with the focused of "renewable energy" in mind. Their chairman and CEO decided to use an idea management software suite and invited the public to participate to this contest. Also GE awarded the top five winners with US$100,000 and a potential partnership with GE and partners. The results for this contest was in 10 weeks time, the site garnered over 70,000 users from over 150 countries contributing 3,844 ideas and 80,000 comments and casting over 120,000 votes. As the final results of the contest, GE chose 12 winning projects, gave away a total of $55 million and also entrusted $10 million to academic institutions each yaer.
Another real world example will be from one of the Internet giants, Cisco. The largest internet devices provider, was again empowering innovation and idea management with their business plans and models gathering projects called I-Prize, which the winners enjoyed a prize money and prizes with a grand total of $250,000. At the end of the contest, Cisco was able to gather 1200 ideas, 4100 comments, 6600 votes and almost 2400 unique users were logged and active.
These success stories of large corpoartion are typically using the power of idea management and open innovation which they brought a large group of people in the public and gave them new idea. I believe with a proper system, you can do the same with your businesses.
About the Author
Again idea management is very important in today businesses. With BrightIdea's cutting edge technology of innovation management software, certainly you can achieve the results like the big guys did in the past. So visit http://www.brightidea.com/ for demo and more information.
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