Best Innovation Management Software

Innovation management tools are designed to help organizations effectively manage the entire lifecycle of ideas, from initial concept generation to final value realization or commercial exploitation. These solutions support various methods to generate ideas, both internally and externally, prioritize and select promising ideas, act on selected ideas, observe and measure innovation activity and impact, and operate innovation programs at scale.

Key features include:

1. Idea Generation and Crowdsourcing
2. Idea Evaluation and Prioritization
3. Idea Execution and Portfolio Management
4. Innovation Program Management and Tracking

Product capabilities may include trendspotting, crowdsourcing, brainstorming or hackathon facilitation, stage-gate automation for idea evaluation and selection, as well as tools to manage a portfolio of active ideas, including idea execution through project or product management functionalities.

To qualify for the Innovation Management Tools category, a product must:

• Provide capabilities to generate ideas through various methods, such as crowdsourcing, brainstorming, or hackathons.
• Offer tools for evaluating, prioritizing, and selecting promising ideas based on defined criteria.
• Support the execution and realization of selected ideas through project or product management functionalities.
• Enable the management and tracking of innovation programs, including monitoring activity, measuring impact, and operating at scale.
• Facilitate the end-to-end management of the innovation lifecycle, from concept generation to value realization or commercial exploitation.

The core value proposition of innovation management tools is to streamline and optimize the innovation process within organizations, fostering idea generation, enabling effective evaluation and prioritization, supporting idea execution, and facilitating the management and scaling of innovation programs, ultimately driving value creation and competitive advantage.