Creativity and innovation can have a powerful impact on any business.  Identifying innovations is a critical step in expanding and accelerating a business. Innovative ideas can help your business reduce expenses, increase revenue, create a competitive edge in the marketplace and and foster a “team environment”.

Innovation in business is implemented by following a system that includes identifying, tracking and evaluating innovations.  Here are a few things to consider when setting up an innovation program in your business.

Innovation Disclosures. To be sure all innovations are identified in your company, implement an innovation disclosure program that allows all personnel to easily submit descriptions of their creative ideas. Each description should include the name of the individuals who developed the idea, products or services that might benefit from the innovation and what steps have been taken to implement the idea.

Create A Simple System. Create a form or submission system that is fast and easy to use. The innovation disclosure form should capture the key information necessary to determine the value of the innovation to the company. If a decision is made to leverage the innovation, additional information can be obtained at that time. A simple submission system will not be viewed as a burden by company personnel, and will likely result in documentation of many valuable innovations.

Tracking Innovations. Once submitted, use a tracking system to monitor the status of every innovation disclosure submitted. This tracking system should identify deadlines, upcoming public disclosures and products or services that might benefit from the innovation.

Evaluate Innovations. Create a review committee to regularly evaluate innovation disclosures and determine whether the innovation can be leveraged to advance the company’s business objectives. This review committee should include personnel from different groups within the company, such as research and development, marketing and manufacturing. These groups provide diverse views of how to best leverage innovations in the company in a manner that is consistent with the company’s goals.

Encourage all personnel to submit their innovations for evaluation – and reward those activities. Every person in your company is a potential innovator. Start capturing and leveraging those creative thoughts today to expand your business and position the company as an innovator in the marketplace.