5 Challenges with Implementing Corporate Innovation Programs

Whether starting from scratch or just looking to improve your current innovation program, these are the pieces you need to build a program that improves your culture and bottom-line.

If you’ve launched an Idea Management program in your company, you’re on the cusp of using a powerful business tool to dramatically increase innovation within your firm. An Idea Management program is the ideal way to tap into the power of your most valuable asset, your employees.   However, if employees aren’t engaging with your Idea Management program, you likely won’t maximize your potential returns.

Idea management programs should be focused around three goals: increasing employee engagement, gaining revenues and cutting costs.

There are a lot of factors primary decision-makers need to consider when it comes to implementing idea management software: buy it, build it or don’t even bother with it (hint: that’s a bad idea.)

We often hear decision makers at mid-sized companies say that their company is too small to see the benefits of implementing an idea management platform.  

The return on investment (ROI) of idea management software is an important facet for buyers to consider during their decision-making process. ROI is a performance measure that indicates whether money and time spent is ultimately worth the return value.

Idea management is a critical component for companies to secure their market position and meet the needs of their stakeholders.  

The implementation of innovation management software is an exciting – and increasingly important – step for any company to take. It can open the door to a seemingly endless stream of innovative ideas from employees, shareholders and consumers.

Today, innovation is a top buzzword in almost every industry. Companies of every scope are looking for ways to grow revenue, cut costs and increase engagement, and the legal sector is no exception.

A portion of the legal sector appears to have missed the memo that firms desperately need to innovate. According to the “Closing the Innovation Gap” survey conducted by Thomson Hine, 96% of respondents reported seeing little to no innovation at their company over the past three years.