If your innovation team is working at full capacity and your company is embracing healthy change, it is likely that you have run into problems like having trouble deciding which ideas to implement or losing track of how each plan was executed. It is also possible that your technology has undergone a digital transformation. With an increasingly growing list of innovations and changing technology, it is important that your innovation team is able to effectively search through these items and continue pushing innovation forward. There are tools to help your team evaluate technologies, move ideas forward, and then identify trends and patterns within your innovation network. However, in order to make the most out of these tools you need to understand the importance of a system of record for innovation. In this article we will discuss what a System of Record for Innovation is, as well as why and how you should use it.
What is a System of Record for Innovation?
Gartner, a global research and advisory firm, defines a system of record as “established packaged applications or legacy homegrown systems that support core transaction processing and manage the organization’s critical master data.” This can be thought of as a base for all of your systems and functions. Innovation systems are new applications that address new business requirements or opportunities. These cycles of projects are ongoing and fast-moving. The record gathers and manages your overall data to be analyzed for further insights. It is a software solution that can benefit your innovation team. Overall, a system of record for innovation helps manage all of your innovation activities from ideation to execution.
Why Use a System of Record for Innovation?
The system of record holds important data, almost like a track record for innovation. When this data is analyzed, trends and patterns may appear that provide a solid direction for future innovative efforts. It also reveals the bigger picture of where you started and where you may be going. System of records often act as a foundation for future innovation and processes. Without a stable base, you cannot successfully build and improve. Continuous improvement software can help you identify where your business needs improvement, but the data from a system of record for innovation can show you what kinds of projects have continuously resulted in success for your business. Keeping a record also provides accountability. Once a great idea had been made known and agreed upon, it is important that the idea does not get lost along the way and does reach its full potential. In this way, it is also important to use your collected data wisely and not let it sit unused. Valuable insights and potential improvements are most likely hidden within your system of record.
How to Use a System of Record for Innovation
In our previous blog Top 4 Reasons to Use an Innovation Management Tool, we discuss how the right technology can drive innovative efforts and create a culture of innovation within your organization. The software behind a system of record for innovation is an important part of continuing this process beyond the initial steps of innovation. Two important aspects of innovation are making the most of what you have and reviewing it. In order to make the most of your previous efforts, all of your records must be easily accessible so that a review of how things went, how things can go better, and how things can move forward is possible. It is important to think of your records as information assets, and keeping a system of record for innovation is no different. Successful innovation teams should be empowered within the workplace to develop freely and work independently with all of the resources they need available.
Innovation management tools are a growing resource that all businesses should explore. Helping and guiding your innovation team is vital for the overall health of the organization. If you would like to learn more about Planbox’s Enterprise Innovation Management Software, click here. Or, if you are interested in viewing a demo of the Planbox innovation management software, click here.