Idea Management is something that does not just help brand to come up with new ideas but also survive the competitive marketplace with constant innovation and process involvement.Most forward thinking companies today resort to integrated idea management services and open innovation events to garner mileage, create better brand awareness and strengthen the audience connect.
General Mills, United States is one of the well known brand names in the food industry .Since the year 2007 ,when the brand had launched the General Mills worldwide innovation network (G-Win) it had got associated with several external partners to set up, develop and launch new goods. This approach has assisted the company to enhance its profitability and expand the market share of its already existing 2 billion conveniences and food service business. In addition to that majority of the innovation products aimed at its convenience store channel are the outcome of joining hands with other partners. The company launched two products in January 2014 by using open innovation and idea management tactics ,namely the Chex Chips and Nature Valley Nut Clusters.
Therefore, we see that most companies have opted for integrated idea management services as the way of functioning. It helps them to stay updated with the latest market trends and come up with new products which meet the demand.
Working on similar lines, Sberbank Russia has been making use of crowdsourcing techniques since 2009 to bring about innovation in the services and products and gain better visibility and consumer insight. The company has adopted a permanent crowdsourcing platform and the Market of Ideas which is an internal innovation method. In order to boost the participation in these forums, the bank provides incentives for instance ,prize money ,the offer to work with sberbank and the scope to win a breakfast with the company’s CEO and Chairman. The company in 2012 had launched a competition for developing applications for Sochi 2014 -the XXII Winter Olympics that held in Black Sea Coastal city of Sochi. More than 370 proposal from 10 countries in six categories were received and people at large casted their vote for the best apps on projects website. Finally a panel of judges assessed and selected the winners.
Idea management and open innovation is about leveraging the ideas and collective wisdom that comes from consumers ,employees influencers, and other company staffs. The objective is to make the most of the productive ideas, develop something new or bring about a change in society at large.