Just as an exceptional idea remains solely an idea if no efforts is placed into its development, innovation does not occur without proper intent and the right innovation management tools to facilitate the process and remain on the idea development track.

Although many believe that innovation costs millions in software investments and requires a team of over one thousand specialists working continuously, sometimes all it takes is a simple well formatted Excel spreadsheet.

The spreadsheets platform helps to collect, organize, track and manage innovation ideas and their progress. The millions of rows and columns that make up a spreadsheet can be used as one of the innovation management tools.

There is an excess number of free softwares available online worth looking at if you are interested in an innovation management software. Softwares such as the Innovation Cloud, IdeaScale, Wridea are all similar softwares that aim to eliminate the time you spend record-keeping. In addition, they automate the process of tracking your ideas and organizing the development of those ideas.

However, larger companies that would like to take innovation to the next level in a broader scale can use software-as-a-service (SaaS) platform.

The benefits of SaaS includes trimming innovation-related costs across the enterprise, and mitigating risks and improving talent management with the company. Little effort is required for the execution and organization of ideas while using SaaS versus other options.

Innovation management tools such as Planbox Innovate aids in the collaboration and development of great ideas with easy-to-use online contest and event management tools. The goal through these contests and events is to inspire a culture of innovation within the company. This will in stimulate employees to offer ideas.

There are varying tools that can be used in order to facilitate innovation, however, it all depends on the dedication of the company in question.

For more information on innovation management tools that work for any business, click here.