Now that you understand the concept of what idea management software is and what it’s used for, you may be wondering how an idea is developed and harnessed through an idea management system and how that could work specifically for your business.
One of the first things companies ask about idea management software is whether they are too small for an idea management system. This operates on the assumption that the smaller the company is, the easier it should be to manage all of the aspects about a company.
But in reality, the practice is far from the idea. Instead of smaller companies having more time to process and handle ideas, what we find is that quite frequently few employees in most small companies are stretched thin across multiple tasks. When you have only ten to twenty employees in your business, very few of you may actually devote time towards just one focus, whether it be sales, marketing, or any other aspect of the business. Small business owners frequently become Renaissance workers, spending a lot of their day just spinning all of the plates they have to to keep the company going.
Whereas, larger companies have the issue of ideas and contacts being too spread out. Administrators who spend a lot of time either managing employees or clients rarely have the time to devote towards just ideas. Unless a large company has made a significant investment towards innovating their company either by employing a person who specifically manages ideas or, as we’re suggesting, utilising idea management software to capture these ideas, it’s more likely than not that all of the innovation that passes through their doors slips straight through their fingers.
So whether you’re a small company or a large company, idea management software could take off the administrative stress and pressure, as well as giving you the ability to have a space to work through these ideas, test them, take them seriously, and not lose them – in a space that’s not already taken up with tasks, like your board meetings. Depending on your sector, you may be missing valuable opportunity to create new or improve upon products and services as well as providing a culture for your employees that sees themselves as part of your company because their input is valued.
Simon Hill is CEO and co-founder of Wazoku, an idea software company, an Associate Director with the Venture Capital Firm Find Invest Grow and an active member of the London technology and entrepreneurial community. Simon is an alumni of PWC, Deloitte and Cap Gemini.