Idea management and VoC

As we have discussed previously, the impact of new products is the single largest contributor to the future revenue growth of an organization. While market intelligence, product development processes, strategic planning, and technology and resource management all have an impact on the sales of new products, the number one attribute responsible for new revenue growth is idea management.

While many would agree this is true, a major benchmarking study found that only 19% of businesses have an ideation system proficient enough to feed the development process. Furthermore, only 31% of firms have an effective method to select which ideas to actually invest in, and the best performing companies are four times more likely to have an effective ideation process than the poorest performing companies.

The research shows us that the best companies take the time and make the investments to generate the best ideas. But what are the best ways to generate these ideas, and where do they...