Today, we are at a stage where we are receiving innumerable ideas, from the entire ecosystem of the organization, which was not the case earlier. Years ago, handful of ideas generated within the minds of certain individuals. Today, ideas being germinated anywhere and everywhere!! But, there is no structured way to filter the ideas and identify & reward the right ones. Startling statistics from American Management Association indicates that (out of 1356 managers who were interviewed):
– 48% “don’t have a standard policy for evaluating ideas.”
– 17% use an “independent review and evaluation process.”
– 15% said “ideas were evaluated by the unit manager where the idea was proposed.”
Improper evaluation mechanisms will also lead to lack of enthusiasm and trust within the participants.
To address such issues, the Idea Management methods should have good filter & review processes and techniques.
I noticed that organizations are using any of the below approaches being used to filter and identify the right ideas:
Formal Evaluation methods:
a. Empirical techniques through usage of tools: Algorithms built into Idea Management tools to identify the value of an idea based on set of pre-defined parameters. The tool should be intelligent enough to identify the right ideas.
b. Evaluation by Review Committee: Review committee is empowered to select the ideas based on a defined criterion. It becomes subjective and politics may come into play.
Informal Evaluation methods:
c. Social Rating: Voting to the idea by Community is one of the trends being used by majority of the idea management tools.
Each of these approaches have their own pros & cons. However, I strongly feel that the effective way to identify the “Killer Idea” is by employing a right blend of all the above approaches.
The idea to be screened and approved by the community before it is eligible to get screened through empirical techniques and subsequently by the Evaluation Committee.
The Idea Management solution being used by the organizations should be matured to be flexible and powerful enough to define the criteria for both “Informal“ and “Formal” evaluations, to fully realize the benefits from it.