What are the Tools of Innovation Management?

But what exactly are the tools of innovation management? It can be challenging to find a straightforward answer to this question, considering the stark differences that may exist between one innovation program and another. Today rready will explore the most commonly utilized innovation management tools.

What Is an Innovation Management Tool?

Generally speaking, innovation management tools can be defined as anything that supports the efforts of an innovation program or the people in charge of coordinating that innovation program. That means communication applications like Slack and collaborative programs like those in the G Suite could be considered innovation management tools. However, several tools exist that were designed exclusively for innovation management—those will be our primary focus.

Common Innovation Management Tools

The innovation management tools that will be most useful to you may depend on the internal resources already at your disposal. Some companies choose to allot existing resources to their innovation program, filling in the blanks with supportive technology. For example, a company with motivated, engaged employees may not need culture coaching. However, they likely need an innovation platform to keep their projects on track. The following three sections will outline the most commonly sought innovation management tools.

Idea Management and Execution Technology

Idea management and execution technology provide innovation managers with the platform to collect feedback, facilitate collaboration, and track project progress. Innovation software varies significantly from one provider to another. There are two primary types of innovation management technology:

1. Most innovation management technology includes communication tools and a project management platform. This type of technology is often referred to as idea management software.
2. Some innovation management technology includes execution tools in addition to each of the features mentioned above. Idea execution tools come into play once ideas have traveled through the innovation pipeline. They can help coordinate the prototyping process and connect intrapreneurs to shareholders and potential sponsors. This type of innovation platform is called idea management and execution software. 

Coaching and Consultations

Many enterprise-level companies turn to innovation consulting and coaching services for strategic guidance. Innovation consultants help their clients identify new revenue opportunities. They may also provide specialized insight regarding business structure and organization. Conversely, innovation coaching focuses on a company’s innovation program. 

Coaching services provide the methodology you need to keep your innovation program on track and reduce bottlenecks like inefficient business processes or lack of employee engagement. It helps to visualize consulting services as an aid for big-picture company strategy. In contrast, coaching provides a more hands-on approach for the innovation program itself. 

Culture and Community Building Tools

Building an innovation culture is a non-skippable step towards the success of your innovation initiatives. Not only does it encourage innovative thinking, but it strengthens the bonds employees have with their organization. Employees that feel valued are more likely to go above and beyond their roles to participate in an innovation program. Valued employees are also less likely to leave the organization, resulting in less turnover and more conservation of hiring resources. 

Your Innovation Management Tools With rready

Establishing an innovation culture is no small feat. Wouldn’t it be great if your business belonged to a community of like-minded organizations and innovation experts? We thought so too, so we created the Innovation ecosystem. rready unites all of our *KICKBOX users in one place where they can share ideas, collaborate on partnership projects, and contribute to the distribution of knowledge.