If you’re managing your company’s innovation initiative, the Beaver is for you

Opening the way for your 2018 challenges, Exago – Beaver Release enables innovation platform managers and administrators to become master builders and determine the flow of each stage of your company’s innovation endeavour.

With simplified processes and configurations, you focus time and skills on what matters: putting together an innovation programme for effective collaboration.

5 new key features for a stronger idea management process

1. Back-office use gets more efficient
Your back-office use is simplified with:
• Easy pick and broad colour palette for customisable appearance;
• Possibility to configure multiple applications in the general back-office;
• Tag management page to facilitate configurations by object type (ideas, users, etc).

2. Customisable fields in each idea form
Sometimes a general idea description in the idea form is the best option, while in other cases, the expected impact or specific metrics may also be relevant. Exago – Beaver Release lets you choose the fields in each challenge and phase of your workflow, with an idea form that is targeted and adaptable.

3. To have or not to have prizes
Though incentives bring more engagement, you may prefer other recognition mechanisms. Our new release allows you to adjust this according to programme needs, with the option to set up internal or open initiatives without offering prizes. If you do give away prizes, you can choose to always have them visible, reminding users of what they can win for taking part in your company’s challenge.

4. Switch insights on and off
Sharing insights on each topic and challenge may not make sense for your innovation initiative in a specific moment. Platform managers and administrators can now activate and deactivate this feature whenever they see fit.

5. Extra workflow flexibility
Innovation initiatives are never the same, so workflow flexibility is a must for managers. Taking it one step further, you can now adjust your workflow and add additional states for idea analysis, voting and filtering – to easily find ideas that can be implemented with lower cost and higher impact.

Do you want to have a sneak peek of the Exago – Beaver Release? Let us know what time suits you best for your freedemo@exago.com.

Exago partners with Microsoft for optimal innovation software performance

Exago announces a technological and business partnership with Microsoft, to strengthen its product scalability and performance and to accelerate growth in sales. Now hosted by the Microsoft Azure cloud computing platform, Exago’s collaborative innovation SaaS solution is fully set to grow alongside corporate innovation programmes, supporting unlimited users’ increase in multiple geographical locations. The software is already available in eight different language options.

Exago’s CEO, Diana Neves de Carvalho, explains that this technological partnership “answers clients’ increasing security concerns worldwide. Exago’s infrastructure, hosted by Microsoft Azure, can now guarantee total network and perimeter security, as well as compliance with all major industry standards”. Based on the most frequently used web technologies, Microsoft software ensures fast and controlled upgrades, as well as business continuity.

Exago and Microsoft will be working together to open new business channels and explore strategic markets. Recognising the needs of start-ups and small- and medium-sized companies that develop technology solutions, Microsoft also wants to accelerate existing and new solutions and applications to the market. “Exago’s Idea Market software allows companies to efficiently manage their innovation challenges and continuously find new solutions and growth paths. We therefore believe we are investing in the future,” says Diogo Pinto de Sousa, Partners Director at Microsoft.

Founded in 1975, Microsoft (Nasdaq MSFT) is the worldwide leader in software, services, devices and solutions that help people and businesses realise their full potential.

Say ‘inovaţie’: Exago’s innovation software now available in a seventh language

Since this September, Romanians have been able to use Exago’s innovation software platform in their mother tongue. Available also in English, Spanish, Italian, Russian, Portuguese and Brazilian Portuguese versions, this idea management software is enabling thousands of people – across 10 sectors, four continents and a variety of cultures – to contribute to their organisations’ innovation and business evolution goals.

The new translation eased the adoption of Exago’s US patented model by a new client operating in Romania. This multinational client is seeking to align and engage its entire staff in key innovation efforts.

Each employee can now share expertise and opinions, by submitting ideas and insights and collaboratively evaluating everyone’s contributions. Exago’s platform market mechanism activates and gathers the client company’s collective intelligence, to find the ideas ‘the crowd’ considers of most value to the organisation and its business.

10 best practices for cross-border innovation. Number 8 has to be properly geared

Photo: markusspiske@pixabay.com

Online platforms are powerful innovation enablers – the building blocks to produce outcomes. But they won’t stand on their own. If you want to create a true innovation culture, you need to have as many people as possible participating in the process. You need to manage those tools efficiently.

The typical suggestion box mechanism in which participants’ activity gets restricted to submitting ideas is certainly not up to the challenge. The forum model – where people can submit and comment on other people’s ideas – also has its limitations.

Your participants need to get involved in the evaluation and selection processes, as well. This is the only way to boost the scope of your target and to convince people their contributions are valued.

Idea management software, functioning as an ‘idea market’, has proven to be highly effective at unleashing your people’s and communities hidden innovation potential, crossing all boundaries. Geared to reaching goals, this gets each person to engage and participate more over time, whether you’re seeking to improve performance, find new products and methods or develop a widespread, collaborative culture of innovation.

These platforms can collect everyone’s ideas and insights, regardless of individuals’ geographical dispersion, when carefully designed to:

  • Be flexible and customisable to several languages and different look-and-feel;
  • Be inclusive, motivating different types of people;
  • Be transparent, so that participants understand the rules and constraints;
  • Provide (immediate) feedback for people to remain engaged and understand how they can improve their participation;
  • Provide social interaction, since sharing, competition and collaboration are decisive stimuli motivating people to contribute;
  • Have clear incentives and recognition mechanisms;
  • Be entertaining – using gamification mechanics, that make the process more attractive and sustainable.

Following these guidelines, we base our solutions on expert services and a software platform that mimics a stock market – all can submit, comment and next invest in the ideas they believe in, and be recognised and awarded for creating value. Using gamification, this model keeps adoption levels high over time.

Additionally, we use and recommend the adoption of prediction markets mechanisms. They allow dealing visibly with high volumes of information, typical in multinational organisations, and make decision-making more efficient, harnessing your community’s collective intelligence.

# Make participation inclusive
# Make work fun – gamify
# Use prediction markets’ powerful evaluation engine

Pedro do Carmo Costa, Exago’s director and co-founder
pcc@exago.com

READ MORE:
Number 9 makes this a shared journey

FROM THE START:
Innovation programme across borders: 10 best practices to make it work

Exago patents method for fairer operations in prediction markets

Exago was awarded, on 21 October, a patent by the US Patent Office for a model that reduces purely speculative trading in prediction markets, such as the ones used in idea market platforms. This model encourages relevant participation and promotes the best process output in idea management initiatives.

Processing high volumes of information, prediction markets are the most efficient way to select the best contributions out of the vast array submitted by participants in idea management platforms. Exago’s system and model lessens the effects of any deliberate attempt to interfere with the free and fair operation of these markets.

At its core, Exago’s method increases the risk of purely speculative or manipulative trading strategies, diminishing their expected payoffs. Thus, participants have fewer incentives to engage in such undesirable strategies, greatly reducing their impact and frequency of use.

Exago’s ‘System and method for adjusting asset value and availability in data records for mitigating speculative trading in a prediction market’ has now been officially recognised as a way to address this problem (patent number 8,868,459 B2).

How does it work?
The transaction control software introduces several methods to mitigate speculative manipulation, working together or independently. Among others, they enclose minimum holding times for operations, profit/loss adjustments selective delays and dynamic user risk profiling that adapts the mitigation mechanism to user behaviour patterns.

Exago´s software platform includes a prediction market mechanism to evaluate large numbers of ideas and insights. Successfully implemented by companies worldwide, the platform harnesses each organisation’s collective intelligence, to find the best solutions and tackle specific business challenges.

Find out more about this patented method here.