The clock is ticking. Most managers (86%, to be precise) believe transformation in their companies is imperative to guarantee unrelenting success, according to the Oracle and Forbes report, Making the Change: Planning, Executing and Measuring a Successful Business Transformation. However, one in five companies has failed in its innovation attempts, and three in five have not yet made any effort in this area.

Developing sustainable innovation capabilities is the only way for companies to stay in the race. Indeed, idea management software – functioning as an idea market – has proven to be highly effective at unleashing your people’s hidden innovation potential. Nevertheless, technology doesn’t work alone.

You thus have to develop an innovation programme that engages each person, promoting his or her participation over time. Your programme needs to collect everyone’s insights and experience efficiently, promoting a collaborative environment – where ideas are discussed and enriched – and focusing on generating answers in the form of actionable ideas and projects.

To sum up, you have to gear your efforts to generate three key success factors – developing a process that is highly engaging, highly efficient and sustainable over time. The creation of an inclusive culture capable of continuously transforming your best ideas into real value is, at the end of the day, the ultimate reward for any innovation manager.

FROM THE START:
Can you master the 3 key success factors of innovation management?

Pedro do Carmo Costa, Exago’s director and co-founder
pcc@exago.com