Decision-making is one of the most important management functions because it plays a crucial role in the growth, development, and success of an organization. Whether it is for short-term, day-to-day operational issues or for more long term, strategic solutions, effective decision-making is needed to put into action policies, programs, and strategies.
Traditional structured decision-making models, however, no longer work during these modern times. Aside from being more time-consuming and costly, they also lack the ability to collect as much relevant information and do not foster collaboration and innovation. Innovation management solutions, on the other hand, have an ability to transform enterprise decision-making. Here’s how.
- Crowdsourcing and Collaboration. Idea generation and problem solving will no longer be a solely internal initiative. Innovation management programs encourage involvement not just among employees but also among external stakeholders, such as customers. This improves both the quantity and quality of information needed by management to make sound decisions. Plus, everything can be accomplished online in real time.
- Employee Engagement. Creating a workplace environment wherein employees are encouraged to participate makes them feel that they have the power to influence the outcome of their work. This improves employee motivation and satisfaction, which leads to increased better decision-making. Planbox, for instance, offers an online pitch contest called Shark Tank, designed to be an internal competition that helps organizations solve business challenges in a collaborative team setting. Its platform allows contestants to sell their big idea to investors, giving them an opportunity to share their creativity, insight, competitive spirit and decision-making skills. More importantly, it provides businesses an effective way to identify winning and potentially transformative ideas.
- Organized Process. The business decision-making process in innovation management programs breaks down hierarchical barriers. These programs can store all ideas in one centralized location and enable stakeholders to collaborate over them, filter and prioritize them systematically.
- Big Data and Analysis. Idea generation, discussions, collaborations, votes, and decisions all take place and are tracked in one system instead of through email or chat. All this valuable data gives management an ability to review key topics, share challenges, obtain feedback and generate reports necessary for making decisions.
- Cost Reduction. Research and development can be costly, especially for those managing many different teams from around the globe. The ability to collaborate online and in real time enables the company to reduce unnecessary expenses, such as travel costs. Gathering and disseminating relevant and reliable information can likewise be done quickly while reducing the need for meeting times and increasing the likelihood of successful outcomes.
- Enhances Innovation. Innovation is what drives businesses these days. Customers are tougher to please and innovation is the only way to ensure their satisfaction and loyalty. By putting more creative minds together and creating a landscape for collaboration, innovation management solutions offer companies a more streamlined and efficient way to generate new ideas for the improvement of their products and services.
There are many innovation management solutions now available in the market. However, not all of them are created equal. Businesses must, therefore, understand them first and learn how to choose the most appropriate one that will enable them to stay ahead of the competition.
Author bio: Rana Tarakji is an entrepreneur and a contributing writer at Stylerail as well as Theflightacademycali.com who lives in Beirut, Lebanon. Rana Tarakji is passionate about digital marketing, startups, helping entrepreneurs grow, and empowering them to live their dreams. She has worked as a digital marketer, a technology co-founder and business developer, and a writer.