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Company introduces research-based Program Benchmarks to track innovation program success for industry leaders
San Francisco, CA– February 14, 2018– Spigit, the world’s leading provider of idea management software, today announced a significant new product release that includes first-in-the-industry capabilities as well as numerous enhancements to the platform to help organizations manage the entire lifecycle of an idea – from idea to impact. This powerful platform upgrade comes as the company caps off another year of record new business growth, growing 42 percent year-over-year.
With this release, Spigit goes beyond helping clients get to the best idea and now provides capabilities to allow them to manage a portfolio of ideas, track their progress, measure their value, and deliver higher impact.
Designed for full lifecycle idea management
Important new capabilities with this release support the back-end innovation process as companies decide which innovations to fund. The Spigit platform now gives visibility into the portfolio of ideas for implementation. The full lifecycle idea management capabilities facilitate everything from surfacing new ideas, through vetting and development, to implementation and impact. As ideas progress, the platform tracks key business case elements such as strategic impact, estimated revenue, cost, and risk. As concepts are further developed competitive assumptions, required resources, success criteria, and more can be tracked. This ultimately feeds into prototyping and implementation.
Spigit Program Benchmarks: An industry first
Spigit introduces new Program Benchmarks, a first-of-its-kind capability to enable organizations to understand how their innovation program stands up against both peers and industry leaders. Spigit clients gain actionable insights into the exact levers they need to pull to improve their programs.
These benchmarks were developed based on a groundbreaking study with an economist from Northwestern University’s Kellogg School of Management. This study analyzed millions of anonymized data points over the last five years on the Spigit platform — the most comprehensive qualitative study of corporate innovation ever. Given the widespread platform adoption of 6 million people across 170 countries Spigit was uniquely qualified to develop these research-based Program Benchmarks to help clients track the performance of their crowdsourced innovation programs through providing an essential point of comparison.
Accurate and relevant Program Benchmarks expand the view of programs in terms of performance and encourage proactive monitoring and reporting. By providing these industry benchmarks, Spigit demonstrates that it’s engineered to both accelerate innovation and help organizations make more informed decisions every step of the way.
Increased engagement through enhanced API
The release also expands the Spigit API to enable organizations to engage participants outside of the Spigit platform. Using the API, organizations can now not only broadcast challenges and ideas and enable teams to engage from anywhere that good ideas start, whether it is the plant floor, store aisle, or in a social collaboration tool. Users can also use the API to access comments and replies related to ideas, tapping into relevant collaborations because this is a key factor in the development and vetting of ideas.
Engineered for the future
Like its clients, Spigit takes privacy and security extremely seriously. The company continues to demonstrate leadership with this release by becoming the first idea management platform to support compliance with the new General Data Protection Regulation (GDPR) standards. As companies globally grapple with how they will adhere to the new European regulation– changing policies, altering product lines, and in some cases removing products from the market altogether– Spigit has already tackled compliance, well in advance of GDPR’s May 25 deadline.
“Innovation is about evolving for the future, satisfying requirements and overcoming obstacles through the generation and development of great ideas,” said Scott Raskin, President and CEO of Spigit. “This platform release enables organizations to take advantage of the wealth of ideas in their own backyard and from this develop a portfolio of those for implementation. In an era in which competition is remarkably fierce, ideas matter. Companies need any amount of leverage they can get, and Spigit empowers them to succeed.”
To learn more about how Spigit can initiate an ideation lifecycle at your organization, please visit www.spigit.com.
About Spigit Inc.
Spigit is the largest provider of idea management software to some of the world’s foremost companies, including AT&T, Citibank, Duke Energy, MetLife, Pfizer, UnitedHealth Group and more. Spigit has powered innovation for large enterprises across major industries of financial services, manufacturing, healthcare, and energy. For a demo, click here.
Spigit global HQ is in San Francisco, European HQ in London, and our Asia-Pacific HQ is in Sydney.
Learn more at www.spigit.com.© 2018 Spigit Corp. All rights reserved. Spigit, the Spigit logo, Kindling, the Kindling logo are trademarks or registered trademarks of Spigit Corporation and/or its in the U.S. and elsewhere. All other trademarks mentioned herein are the property of their respective owners.