Better looking and more clever than ever, this is our Fox Edition

Exago’s 3.6 idea management software release is a major leap forward from the previous versions. With a brand new homepage look and feel, it offers additional idea review gates and a more comprehensive evaluation process, as well as more effective communication mechanisms.

YOU’LL FIND A FRESH HOMEPAGE DESIGN
Fox’s homepage follows the most up-to-date web design trends to give users an attractive and easy-to-navigate environment. You can expect: new layout of widgets and new navigation mechanisms; more graphical and appealing design configurations; expanded and more appealing highlights’ widget for more effective communication.

NEW IDEA WORKFLOW GATES AND FUNNEL
We know that flexibility is key to our current and future customers, as their idea management processes evolve. So we keep looking for better and more effective ways to manage the idea workflow, which now also includes:

  • New idea evaluation gates (review rating) in custom statuses: ideas can now be attributed to different groups for evaluation, and consideration of different evaluation dimensions (per status), which is particularly useful when specific expertise and knowledge are needed for a more comprehensive idea assessment. In addition, evaluations can be made public or private, according to the initiative’s requirements, providing greater flexibility in the process.
  • New visibility permissions for submitted ideas: to ensure that ideas are aligned and relevant to the challenges, they can now first pass through a validation gate before being published and visible to all.

MORE THOROUGH EVALUATION PROCESS
To enable more complete and comprehensive evaluation, Exago’s Fox edition offers:

  • Sharing of private comments between evaluators: this new feature allows evaluators to share among each other views and insights on ideas under assessment.
  • New, more complete reports and dashboard: with new evaluation gates come updated reports. They now include additional content and new evaluation dimensions that bring greater detail and flexibility to platform data analysis. The dashboard now also refers to custom statuses and managers can follow the number of ideas distributed, allowing for a more complete view of the cycles’ progress.

EXTENDED COMMUNICATION OPTIONS
FOX’s release opens new communication bridges with active and potential participants, namely with:

  • Fresh news page: a brand new news page, with a sleek design and great feel, now keeps all users informed and updated with relevant information related to the shared challenges and the initiative itself.
  • New guest mode function for unregistered users: in response to the needs of open innovation initiatives, we have developed a more intuitive and revealing Guest Mode. Unregistered users can now experience the benefits of being part of these communities and are invited to join in.
  • On-demand custom notifications: in addition to Fox’s default notification engine, you can now send custom notifications to all users or to specific groups.

To see our new idea management software edition live reach us here
You can also get our Fox edition brochure here.

Performance evaluation in Idea Market

Organizations using Exago’s Idea Market platform can take advantage of participation metrics at the user level. This allows administrators to identify which employees are actively engaging with the software and those who are not, determining participants’ interest in innovation before acting accordingly.

Figures such as the number of submitted ideas, comments, investments, and visits can easily be translated into more advanced metrics like the proportion of market-approved and implemented ideas. Other useful statistics include the ratio of investments in approved and implemented ideas vs. non-adopted, and the rate of rejected ideas in relation to the total number of investments.

This activity data can then be sourced to geographic, social, or demographic information about the user base, allowing companies to fully analyze engagement and motivation across different groups.

Exago’s Idea Market helps harness the collective intelligence of an organization, intensifying the voice of employees and giving them the power to contribute their knowledge to company progress.

Idea Market – rejecting ideas through market devaluation

Not every idea submitted in Idea Market is worth implementing. Some ideas need improvement because they lack feasibility while others simply don’t have the potential or scope to succeed. Accordingly some ideas should be appraised negatively so that their true value is reflected.

In Idea Market participants can do exactly this. Should an idea unfit for implementation be submitted users may invest in the opposite direction. This extremely important feature enhances market efficiency through uncovering hidden knowledge while reducing hierarchical analysis costs by filtering out ideas that are low quality or need improvement.

This concept is not unlike short-selling in financial markets. If an investor believes that a specific asset is overvalued he may short it at the present market price, buying it at a lower price in the future and therefore making money – winning credits in Idea Market – when the price decreases.

It’s worth noting that there is a degree of risk when investing in ideas on the Exago platform. This was specifically implemented so that participants assess carefully and only invest in the best ideas. By constraining their money supply the participant is discouraged to invest randomly as doing so would generate continually upward-moving ideas and therefore risk-free profits by buying up every new idea on the market.

Idea Market – validating ideas

Individuals who use Idea Market contribute with ideas that are then channeled through a predictive market system driven by the collective intelligence of individuals. Participants are motivated to create innovative solutions for their companies and are driven by recognition and material incentives. By interacting with each other and selecting the ideas that are viable and have the most impact, innovation initiatives are driven forward.

The cornerstone of success in this process is the hierarchical validation stage which immediately follows crowd assessment. Managers with decision making power are able to select the best ideas and fast track them to implementation. This process – which may otherwise be extremely complex – is simplified by the efficient filter of collective intelligence.

While similar, there are critical differences between predictive and financial markets. Keynes (1936) metaphorically referred to financial markets as a “beauty contest” where investors trade on the basis of what one thinks others think. In financial markets there is no a posteriori validation of the quality of an asset, therefore some investors go with the flow and try to react rapidly to changes in expectations (short-term market timers are included in this group). Conversely buy-and-hold investors can be an example of people waiting for an implicit “second-stage validation” with good rates of return and dividends. This is where predictive markets and financial markets meet.

With Idea Market, the goal is for a participant to invest in the best ideas (according to his own personal belief) and hold his investment (unless he thinks that at a certain time the idea is overvalued and a correction is needed) until the implementation decision.

It should be ensured that incentives for the subsequent implementation of ideas have more weight than in-market incentives. Keeping to this rule will ensure that participants meet the primary objective of Idea Market: to create value. As per the above discussion we see this is a stark difference from the standard beauty contest of picking the most popular ideas.

Software updates: Idea Market regulation

Exago’s drive for constant improvement ensures that platform updates are continually rolled out. Recently, Idea Market has had some updates aimed to prevent opportunistic and manipulative behavior.

This update limits the way participants invest in their own ideas. They may do so, but only up to a certain percentage of the total investments. This prevents individuals with more credits from biasing results in an unfair manner. While Exago strives for diversity of opinion – the cornerstone of crowdsourcing – an idea is only approved if a certain number of participants have discussed or invested in it. Naturally it is essential that a variety of people participate, not just an individual with large amounts of currency.

Note that in Idea Market each idea is created anonymously. While this provides freedom from social influences it can allow a certain amount of manipulation to occur, hence the new constraint on the percentage of credits that may be invested. Regarding anonymous idea creation, since some participants have access to more information (such as board members) they may be able to communicate more effectively. If anonymity is ensured this flow of information into the market may be positive, otherwise it may be the Exago Idea Market equivalent of insider trading. As such participants are held as equal individuals with no distinction between ranks. Everyone is pursuing a common goal – innovative solutions that bring value to the company.