Idea Management Defined – The What, Why and How

Innovation and idea management are crucial concepts for the long-term success of any organization. Idea management can be defined as systematically managing the process of collecting and developing ideas and insights to get the most out of them. It is formed of four distinct but overlapping areas: strategy, processes, tools & methods, and culture. Idea management needs a strategy too and is an extension of the organization's innovation strategy. Organizations have to prioritize ideas by taking into account their strategic goals, the time horizons of different kinds of ideas, as well as their risk profiles. Measuring idea management activities is important, and organizations should focus on measuring their ideation portfolio and idea management process.