Investor, analyst and entrepreneur Gary Veynerchuk is one of the loudest voices in business when it comes to innovation, ‘innovate or die’ being his bold warning to businesses who are not investing in innovation. The reason behind this is quite clear, and you only need to look at a company like Blockbuster to see this. Blockbuster was once the industry leader in entertainment rentals, occupying over 70% of the market and operating in over 100 countries worldwide. Blockbuster however, failed to jump on to the internet when it came about and companies like Netflix, who believed in innovation, have decimated the once-great company, to the point where it is no longer operational.

If something like this can happen to a giant like Blockbuster, there is no reason why the same thing cannot happen to your business. In order to avoid this you must be looking forward to innovation and using idea management and crowdsource software for generating innovation. If you take this step, here are the benefits which you can reap.

Garnering Ideas

When you set up a crowdsourcing lab within your team, the number one benefit which you and the business will achieve is that you can unlock the potential of your workforce and generate a huge array of new ideas and solutions to existing problems. This is a great way of ensuring that your company always looks forward, and tries to stay one step ahead of the game. Generating ideas is not always rocket science, it is about giving your team the tools and the environment whereby they can put forward any innovative thoughts which they have.

Higher Productivity

Some businesses spend thousands of dollars on trying to increase productivity within the business and you can do exactly that through the use of this software. Not only will you be able to boost productivity with the ideas which come out from your team, but you can also boost productivity thanks to the confidence which your team will feel, and the fact that they feel valued. Remember that a valued workforce is a productive workforce.

Creating an Environment

In stetting up software such as this, you can begin to create an environment around your business of innovation, where people can come forward with ideas with confidence that they will be looked at and used if they are good. This kind of environment is not only good for the business right now, but also in the future as you will be able to attract creative and forward thinking staff in the future.

Easier Management

Another benefit which you can count on when you implement this software is that for you as manager, the idea development process is incredibly easy for you to manage. No longer will you need to attend countless meetings or take numbers phone calls, you can simply manage the direction of the idea through the software itself.