MIT Sloan Management Review produced research in December 2017 titled “Are innovative companies more profitable?”. They studied 5 years’ worth of data from 154 companies and examined the relationship between ideation rate and publicly reported financial metrics. The answer to the question was YES – companies that have the most ideas are more profitable.
Therefore, to be successful and hence profitable, a business needs to have products and solutions that add value. It would also be good to have a partner that assists with gathering, developing and implementing new ideas.
Enter Idea Storm…
Idea Storm offers the full range of Idea Development services. The end-to-end Idea Development process below has been created by a company called Sopheon and I believe it identifies the three main areas that Idea Storm offers.
Sopheon - https://www.sopheon.com/idea-concept-development/
It is vital that a good Idea Management solution is used so that ideas can be gathered and evaluated.
Idea Storm has partnered with Crowdicity and is the value-added partner for South Africa. Crowdicity is one of the leading tools for:
Employee engagement: Targeting challenges to everyone, or a specific group, to capture ideas for new products, new services or facilitate continuous improvement.
Co-creation: Collaboration with suppliers, partners and key customers to refine products, define new service models and deliver efficiencies.
Open innovation and crowdsourcing: An open community for a specific group of people, for example, citizens of a certain town or supporters of a political party, to contribute ideas.
Innovation competitions and hackathons: Capturing of ideas, refinement validation and selection of the best ideas, leading towards awards of money, investment and adoption.
Crowdicity can be used by you and your company to source and evaluate ideas feeding into the Design Thinking process.
2.Complete Design Thinking
Idea Storm Design Thinking Playbook
Once the idea(s) has been selected as an output of the Idea Management process described above or a challenge or opportunity has been identified then Design Thinking can be used to work through it until a new product or service is ready to be built or implemented.
Idea Storm uses a merged approach that combines the 4 W’s that Jeanne Liedtka (Darden Business School) originated and the five stages of the Design Thinking process developed by Stanford University/IDEO.
Each step of the process is divided into actionable steps that can be done as part of an end-to-end process or individually. For example, Journey Mapping can be done as an exercise in itself to identify areas of opportunity or issue, or Journey Mapping can be used to determine the current process with the What Now?/Empathy stage.
Idea Storm can be engaged with in part or throughout the entire Design Thinking process.
3.What is needed to make your idea a reality?
Idea Storm Ideation to execution process.
Once the idea has been well crafted using Design Thinking, the new idea/concept/product or service will need to be implemented.
For digital and technological concepts Idea Storm can assist you in identifying the technical capabilities needed and place them into a design pattern – from data through to applications and channels. This is done by running a digital architecture workshop. Doing this a minimum viable technology footprint will be defined that will be needed to make your idea a reality.
Once the high-level architecture has been identified then the requirements will be mapped against your current existing IT architecture and gaps identified. These recommendations will be presented and handed over to be executed by your IT department or your selected technology partner.
Idea Storm is the complete end-to-end idea development partner...
Idea Management: Using our software partner Crowdicity.
Design Thinking: Using our end-to-end Design Thinking process.
Execution: Our digital capability and architecture realization workshops.
Idea Storm would love to assist in any of these three areas and look forward to engaging with you. If you have any comments relating to any of these areas, we would also be very happy to receive them.