Open innovation funnel- Everything you need to know about it

1. Open innovation funnel- Everything you need to know about it When you want to improve your business operations, increase its overall productivity and deliver excellent results, the best way to do so is via gathering ideas both from outside and inside sources. For example, when your customers give their feedback along with suggestions, you can have an idea about how to solve the issues and improve your product or services. Similarly, if 70% of your employees present an idea for bringing innovative changes in the business, it will become easier to improve, grow, and meet the market standards. This is what we know as the enterprise open innovation. Just like any other innovation funnel, you can plan the innovative ideas using a funnel system. It’s a form of guide that will explain the levels of introducing an open innovation, the tasks pertaining to each step and what are the expected results. In this forthcoming discussion, we will talk about the funnel system and how it works for your better clarification. What is open innovation funnel? An open innovation funnel is basically a structure that will consistently stream new and creative ideas so that you can screen them and examine their viability. This funnel system will help in idea management along with understanding different mindsets. Using this, you can generate a lot of ideas for introducing improvement and productive business solutions. It’s almost like a hub where all these new ideas are collected, screened, and then merged to develop an excellent plan. Structure of the open innovation funnel The innovation funnel is segregated into four sections, each defining the process flow. At the start, you need to gather as many innovative ideas as possible and it ends with conversion of the idea into a realistic project and launching it in an outside environment. Below we have described these four stages of the funnel management system so that you can understand each and every step with ease. 1.Ideation: This is the beginning of the innovation process where you can gather the ideas and thoughts from both inside and outside sources. In order to do so, you can either arrange for knowledge transfer programs or set up an employee campaign using the Microsoft Teams Ideas app. 2.Criteria: Now it’s time to narrow down the funnel as compared to the beginning. At the time of ideation, you have collected a lot of ideas on a common topic. However, you cannot proceed with all of them together. So, at the second stage, you need to filter them based on your criteria. 3.Fine tuning: This is the third step where you can study the thoughts and tips shared via the Microsoft Teams Ideas It is the most critical part of open innovation because you need to evaluate the benefits and risks of every idea and then decide their viability and feasibility.

2. 4.Development and implementation: In the last stage, you need to develop the product or service based on the fine-tuned ideas. It will be followed by an implementation process where the resultant solution will be released in the external environment for your clients/customers. Bring new and innovative changes in your business without delay At Get Wide Ideas, you will get help for designing the best open innovation funnel using different software platforms. Our experts mainly focus on Microsoft Teams idea management because it is the best manner to collect the ideas for different sources and then screen them.