5 Factors to Choose the Right Idea Management Software
| TL;DR – Not all idea management software is created equal. If you want to turn ideas into patents that actually drive revenue, you need a tool that’s simple, engaging, and built for collaboration. In this post, we break down 5 key factors—ease of use, engagement, real-time updates, full lifecycle management, and continuous evolution—that separate game-changing software from makeshift tools. Get these right, and you’ll avoid wasted patent spend and build IP that fuels real growth. |
A study by Accenture suggests that a year-over-year increase of at least 6% in innovation spending is necessary to be “reinvention ready” and effectively launch new products and services.
But logically speaking here, any investment is worth only if it reaps great returns.
In the context of maximizing returns from innovation, it’s crucial to explore the role of comprehensive innovation management software in aligning IP with business objectives.
Investing in technologies that lead to higher rates of innovation shall be beneficial only if the intellectual property created based on the innovation aligns with:
a) company’s business goals/product line.
b) has a market demand.
c) has the potential to be monetized either by licensing or selling.
d) enhances customer experience.
e) generates revenue growth.
After all, filing a single patent costs a minimum of USD 10,000.
Not sure about the cost of getting IP protection for your product or company? Here is everything you need to know about costs related to your IP in the USA.
Avoid IP Pitfalls: 5 Must-Have Factors Before You Bet on Idea Management Software
Now, the question is, where is the scope of failure in creating IP wealth for the company?
1. Patent creation was not thought of from different angles like feasibility, demand, investment, etc.
2. Collaborators from the various segments did not participate in the journey from idea to patent.
3. Redundancy in the novelty of a patent gets caught at a later stage.
All this happens because the companies lack the right tool/software that can assure strategic collaboration and tracking.
So, as a patent portfolio manager of your company, an innovation tracking software tailored to your needs shall be an asset.
In fact, the right software can address each stage of the journey of an idea to patent, as shown below:
Given the common pitfalls, here are the 5 factors you should consider while you evaluate an idea management software:
1. Is the software easy to use?
2. Is the software engaging to attract collaborators?
3. Does the software provide real-time updates?
4. Does the software manage the process throughout the life-cycle (Idea to Patent)?
5. Does the software keep evolving and getting more sophisticated?
Moreover, an important aspect in this process is devising tailored patent strategies for SMEs and large companies, which can be greatly aided by a robust idea management software.
Is the Idea Management Software Easy to Use?
There is a good possibility that you might have used one of the following ways to manage ideas at your company:
1. Spreadsheets
2. CRM Software
3. Home grown tools comprising forms and tabular data
4. Collaboration tools
5. Expensive Docketing Software
Ensuring engagement in idea management is akin to understanding the benefits of specialized idea management software, which can significantly increase participation and idea quality.
The biggest shortcoming of these solutions is the complexity to use.
Nobody likes to fill out long forms. Don’t you agree?
As the number of ideas, collaborators increase, tracking the updates on ideas/innovations becomes tricky and painful.The above mentioned methods are just makeshift arrangements, and not specifically designed keeping user experience in mind.
As a result, these tools lack intuitiveness and broad adoption across the enterprise. A user does not feel motivated to use the software unless really needed. It’s the same as using a handkerchief in place of a specifically designed mask.
A handkerchief is just a make-do arrangement, however, a mask is designed keeping in mind filtration, breath-ability, comfort, ergonomics, etc.
On the contrary, if the software is easy and simple to use, the collaborators will be encouraged to use the tool. Thus, speeding the process and achieving better results.
Is the Idea Management Software You are exploring Engaging?
No innovation program is going to be successful unless you make it engaging. If the tool is not engaging, a user won’t be excited or motivated enough to share his/her ideas.
Encouragement to share the ideas is the very basis of such a program. For example, an intuitive idea capture form for inventors can go a long way to minimise friction for inventors to submit invention disclosures. It’s pretty much the same as sharing posts on social media like Facebook or Linkedin.
In the same way, engagement on posts through reactions, comments, impressions, views encourage the users to share even more. Not just more sharing, in fact, it gives users an idea of what type of posts score better in terms of response.
Below are just 10 ways out of many that make an idea & innovations management software engaging:
1. Minimizing the friction to share ideas/feedback/updates or anything related to the software.
2. A notification of idea submission to the collaborators for review.
3. A notification of feedback reception to innovator/inventor.
4. Patent Analytics driven Artificial Intelligence (AI) based review/rating on an idea from the software.
5. Redundancy indication from IP Counsel.
6. Inputs on making the claims stronger for a Patent from IP Counsel.
7. Update on an innovation from a business angle to all the collaborators.
8. Budget sanction notification for a successful innovation to be patented.
9. Patent draft available for review notification for all the stakeholders.
10. Inviting ideas to solve certain business challenges through innovation.
Does the Software share Real-Time Updates?
A lot of stuff out there is very static. For example, if you wish to know the status of the company’s IP, you shall place a request for IP report generation to your patent attorney. The report shall most probably be in a form of a table/spreadsheet. Such a report makes it cumbersome to draw valuable insights on the IP front.
Worse still, the report quickly goes out of date. Hence what’s needed is a provision to track what’s happening with your innovations in real-time.
Here is how real-time updates are really beneficial:
1) People get busy developing the product, they forget about what’s happening with their innovation.
2) A system that monitors what’s going on shall help in making sure things are adhering to the process.
3) Timely updates help is avoiding last moment rush:
- Realizing that you haven’t filed a patent yet and you are closer to the product release.
- And then you are scrambling through to find out what’s happening and reaching out to IP counsel to get an update.
4) A one-shot way to update all the stakeholders allows for the transparency of the IP management.
Does the Software Manage the Process throughout the Lifecycle (Idea to Patent)?
The most common and important question that arises in this whole process is: do we file a patent or not?
The earlier the decision about patenting followed by a patentability assessment made, the better it is, as it results in saving time, money, and effort.
Right provisions like below in the idea management software can help in taking this important decision in the early stages or at least before regretting the investment made in patenting:
1) Visibility into a knowledge repository of ideas helps to avoid redundancy. There is a possibility that a similar idea got patented earlier. Even before the inventor of innovation in question got hired.
2) Vetting by Subject Matter Experts early on helps in shaping the idea and decide which ones to be pursued
3) Ability to view the patent draft as well as final patent application on the same platform.
Does the Innovation Management Software Continue to Evolve and Become Sophisticated?
A pleasant surprise always makes you feel happy. Isn’t it? And only happy users can ensure the success of such a software.
Innovations do not happen on a daily basis. But, whenever a user comes to the software, new pleasing features shall engage him better. So such an innovation tracking software needs to continuously evolve and keep getting more sophisticated.
Here are a few ways to achieve sophistication in an idea and innovation management software:
1) Improved Analytics
2) Enhanced Idea Nurturing
3) Dashboard driven by Great User Experience
4) Customization based on organizational needs
“With the right software and a great team create strategic IP wealth and not dead investments.”
For a company that files 40-60 patents per year, a software that is specifically designed for idea capturing and vetting is sheer bliss.
Therefore, it is important to make the best use of the budget allocated towards creating IP.
We hope that this article could give you pointers to make the right choice for an idea management software.
TIP ToolTM is one such software that Triangle IP is actively developing along the lines mentioned above. It promises smooth ideas capturing, vetting and lot more.
FAQs
1. What’s the #1 Sign Your Current Idea Management System isn’t Working?
If your team still relies on spreadsheets, emails, or ad-hoc tools to track ideas, that’s a red flag. It usually means ideas are getting lost, updates are hard to follow, and collaboration is minimal. A dedicated tool should simplify—not complicate—the process.
2. How Can We Tell If Idea Management Software is Actually Delivering ROI?
Look beyond vanity metrics like “ideas captured.” The real ROI shows up when more of those ideas turn into filed patents, licensing deals, or new products that generate revenue. If patents aren’t moving the business needle, the software isn’t paying for itself.
4. How Do We Make Sure People Actually Use the Software?
Adoption comes down to friction. If it feels like filling out a tax form, people will avoid it. Choose software that makes submitting an idea as simple as posting on LinkedIn. Pair it with recognition—shoutouts, rewards, or even a leaderboard—to keep engagement high.
5. Can Idea Management Software Integrate Into Daily Workflows?
The best ones do. Look for tools that plug into Slack, Teams, Jira, or your CRM. If the software sits in isolation, your team won’t touch it. Seamless integration is what turns idea management into a habit, not a chore.
