Gartner is one of the world’s leading research and consulting companies. Its market insights, published annually through its Market Guide and Magic Quadrants, help companies choose the right vendor for their specific use case. More recently, Gartner has added a new area of analysis to its market insights: Innovation Management. In its latest Market Guide for Innovation Management Tools, Gartner lists market-leading tools to support organizations better manage their innovation projects and move toward a more modern, digital business. In today’s article, we’ll present the main trends pointed out by the consulting company for innovative solutions in the coming years!
What is Gartner’s Market Guide for Innovation Management Tools?
Gartner’s Market Guide for Innovation Management Tools report points out which innovation tools the consulting firm claims are top in the market in this segment this year. Although Gartner does not endorse any provider, its report provides crucial information about the players currently active in the industry. The Market Guide for Innovation Management Tools lists vendors that specialize in helping companies spot trends, generate ideas, evaluate and select projects to be executed, and monitor business risk and value. The listed participants are those who have achieved the highest degree of visibility and traction within these areas. In 2021, the dominant conversation in the innovation market was how to use prioritization criteria that allow companies to choose the projects with the greatest potential. Given the growing demand for innovation, driven by the changes caused by the pandemic, companies of all sizes are looking for user-friendly solutions that allow them not only to decide which initiatives to invest in, but also to accelerate their execution. Thus, the Gartner guide allows managers to gain a broad view of the best solutions on the market and have an initial insight into how those solutions can help them achieve their business goals.
The Importance of Innovation Management in Companies
The dissemination of Gartner’s innovation tools guide is aligned with a global trend of placing digital transformation as one of the pillars of a business, regardless of its area of expertise. In its report, Gartner recommends that technology innovation leaders should, “Use this class of tools and functionality to engage stakeholders with a visual representation of the state of change in relation to plans, efforts on existing activities and assets, given objective data strategic goals, missions and/or goals of the company”.
There is no doubt, therefore, that the demand for innovative tools is growing every day. With technology evolving at exponential speed, all markets are likely to experience disruptions caused by a new technological agent, as happened in urban transport with the introduction of Uber. Furthermore, the coronavirus pandemic has shown businesses in diverse markets how exposed they are to external factors that cannot be controlled or predicted — and it is only innovation that will allow them to mitigate negative impacts and turn crises into opportunities.
All of this accelerated business interest in investing in innovation. However, what makes a really innovative idea and how is it possible to see the benefits of investing in a new project so that only those that actually offer good returns are executed? These are the questions that innovation tools allow us to answer. Access to user-friendly solutions that encourage the generation of ideas and selecting them properly is a determining factor in the success of a company’s innovation projects.
Trends in Innovation Management Pointed Out by Gartner
Gartner, in its guide, confirms this fundamental role of innovation management for companies and also points out which trends will dictate the market and the tools in the future. Find out below what they are:
1. AI is Reinventing the Way We Innovate
Artificial Intelligence (AI) is changing the way we manage projects and ideas in companies, making analytics smarter and reducing the need for human intervention to present ideas and define selection criteria.
2. Machines are Getting Creative
Advances in AI have made machines even smarter. Deep Learning, a technology that allows machines to learn on their own by imitating the human neural network, allows them not only to act to optimize existing solutions but also to identify pain points and create new designs.
3. Innovation is Becoming Micro
Before, innovation projects took place only at a macro level, requiring large amounts of financial and human resources. Today, however, innovation migrates to a smaller spectrum. Micro-innovation is gaining traction in order to withstand lesser challenges and meet the needs of businesses and their employees everywhere.
4. Efforts to Remove Bias from Funding Decisions
There is growing recognition that the current system of funding new ideas can be biased. In response, new decision-making methods are being explored so innovation funding can be fairer, more efficient, and support bolder ideas. Funders are starting to use these tools to overcome their prejudices and explore fairer ways to support innovation.
5. Distributed and Adaptable Innovation Teams
Just as micro-innovation has gained strength, so has the use of smaller, multidisciplinary teams. These teams are grouped around a shared mission and are empowered to deal with complex problems and design possible solutions. You can consult Garner’s Market Guide for Innovation Management Tools by clicking here (subscribers only). If you want to know how Teams Ideas, Prosperi’s innovation management solution, was the only Brazilian solution mentioned in the list, get in touch and talk to us!