2023 Outlook: The Rising Growth of Idea Management for Innovation

For any successful business, leveraging and managing ideas is very crucial. And communities are one of the best ways to generate and manage user ideas.

And if you prefer using the Ideas component in the Salesforce Experience Cloud to manage your ideas, you’re all equipped to gather ideas from employees, members, and partners to drive innovation.

It helps to create value out of your ideas and analyze, refine, and manage them effectively. Therefore, idea management is not only a ‘nice to have’, but it has become a necessary function for every organization to stay ahead of their competitors.

Using a Salesforce-native application that provides high-end flexibility and enhances the capabilities of the Salesforce Ideas component ensures substantial business growth.

To make the most out of ideas in your Salesforce-powered community, you can use IdeasPro, a Salesforce-native and LEX-ready application that enables users to post, share, and vote for ideas in an online community hosted on Salesforce Experience Cloud.

In this blog post, we’ll talk about the state of the idea management market, the latest trends in the innovation management space, and how IdeasPro can enhance idea management in Salesforce-powered communities.

An Overview of the Global Idea Management Software Market – Facts & Figures

The idea management software market is constantly evolving and we can see how businesses are leveraging new software and technology to manage and leverage ideas. Here are a few findings from a search conducted by Verified Market Research.

The idea Management software market was valued at USD 776.03 Million in 2019 and is expected to reach USD 1.99 Billion by 2027, growing at a CAGR of 12.53% from 2020 to 2027^[i].

The primary factor driving the idea management software market comprises the growing demand for crowdsourcing innovation across verticals and changing work culture in organizations. The skyrocketing demand for creative ideas is considered crucial for the growth of the IT sector.

Moreover, with the increasing level of competition, businesses are gaining competitive advantages through idea management. Companies are differentiating their product from their competitors and trying to tap into a new customer segment by leveraging innovative ideas.

The need for change in business strategy and tactics from current operations to future opportunities in the majority of the industry is changing the focus toward idea management. These factors have positively anticipated propelling the growth of the global idea management market.

Top Players in the Idea Management Software Market

The idea management software industry is constantly evolving and we can see new brands emerging to capture a slice of the market. One key reason for their massive growth is constant innovation. So, let’s take a look at the key players in the idea management software industry.

• Ezassi
• Spigit
• Brightidea
• SAP
• InnolyticsGmbH
• Exago
• Salesforce Idea Management
• Vanilla Forum
• Khoros

Emerging Innovation Management Trends to Look Out for in 2023

As we step into 2023, idea management will continue to accelerate for a wide range of purposes. Here are the newest and upcoming innovation management trends that will play a key role in the business world.

• Adoption of innovation management software will increase.
• Consumer-centric innovation approach will gain momentum.
• Decentralized innovation (opening up the innovation processes to all the parties like employees from other departments, stakeholders, and consumers, and including them in every step of your plan) will be a key practice.
• Startup and innovation programs to leverage ideas will be a top priority.

Fast-Track Your Idea Management Endeavors – The IdeasPro Way

As we know, the default idea management component in Salesforce is, unfortunately, not scalable and is only available in the Classic version. Also, filters and search options aren’t available with the standard idea functionality. This holds you back from making the most out of ideas in your Salesforce-powered community.

To go beyond this and access advanced idea management features, IdeasPro can be your best bet. It is an advanced version of the standard Ideas component in Salesforce Experience Cloud that redefines idea management and is supported in both Classic and Lightning Experience. It is highly customizable and packed with out-of-box features that offer the most advanced and comprehensive ideation solution to fuel business growth. IdeasPro helps you in:

• Idea account mapping as soon as a community user creates/ likes or comments on an idea.
• Profanity prevention as users can define abusive words so that they can be blocked.
• Merging of duplicate/similar ideas under a parent idea. It obviates duplication or clusters of ideas, thus ensuring the systematic arrangement of ideas.
• Enabling auto-conversion of incoming emails (on ideas email) into ideas and logging them into the Salesforce instance.
• Dynamically update status based on Vote/Comment count using vote threshold.
• Assigning colors to various statuses to better highlight them to the users in LEX as well as community pages using status color mapping.

The Bottom Line

Driving innovation is the key to making your business successful. And ideas are the heart and soul of organizational growth. In 2023 and the years ahead, innovation management software will strengthen the foundation of idea management and help businesses provide customer satisfaction, allow organizations to respond to external or internal opportunities, and overcome all their modern-day challenges.

Ready to Manage Ideas Effectively on Salesforce-Powered Communities? Talk to Us!

Statistic References

^[i] Verified Market Research