When developing your innovation initiatives, you too often run the risk of getting trapped inside processes rather than creating value. Technicalities and bureaucracies enslave you, absorbing your energies and leaving little time to make things happen. We’ve seen than your people’s engagement is critical, but so is process efficiency.
We’ve learned that the wisdom of your crowd is invaluable to make your efforts effective. In his book, The Wisdom of Crowds: Why the Many Are Smarter Than the Few, James Surowiecki explains that, ‘under the right circumstances, groups are remarkably intelligent and are often smarter than the smartest people in them.’ This means that your organisation can find the answers to many of its current challenges by harnessing your people’s ideas and experience.
Your people need to trust the process and get constant feedback. The procedures have to be clear, from idea generation through to content validation and idea evaluation, selection, crowdsourcing, implementation and acceleration – based on task bidding to identify the most appropriate resources. Only then can you have true peer collaboration. Exago makes sure this runs smoothly.
Different evaluation mechanisms, such as voting, multidimensional rating and prediction markets allow for a more proficient process, as well. We have adopted a sophisticated model of prediction markets that generates, screens and selects ideas. Processing high volumes of information, these prediction markets are the most efficient and transparent way to select the best contributions out of the vast array submitted by participants in idea management platforms.
The US Patent Office has officially patented our ‘System and method for adjusting asset value and availability in data records, for mitigating speculative trading in a prediction market’. This model encourages relevant participation and promotes the best process output in idea management initiatives.
But there’s a third key success factor of innovation management. We’ll see that next.