Innovate now. Innovate faster. Innovate or “die”. Disruptive innovation. You’ll see these phrases splashed all over business articles on a daily basis. It’s made to seem like innovation is some sort of vaccination you need to get or else you won’t survive. It can all be very overwhelming no matter what industry you’re in. So how do you start uncovering innovation without hiring expensive consultants or outside teams? Easy, you turn to the people who already know your business best...your employees.
While crowdsourcing is mainly used to find solutions through people without the traditional knowledge or experience of the problem area, it is also being used internally at companies to obtain new ideas for growth.
A recent example of this on the HeroX platform is insurance company Ameritas’ Innovation Challenge. They hosted a competition only open to their employees for ideas on how to either increase sales or find new areas of growth. The challenge had 3 phases; the first phase required participants to submit a few sentences on their idea, the second phase took the top ideas from the first and had the submitters create executive overviews out of them, and the final phase selected the top 8 from the previous phase and had them create pitch decks to present in front of an innovation team at Ameritas. Needless to say, they were able to discover some great ideas through the competition. They are currently moving forward with developing them into strategies they can take action on.
Issuing a crowdsourcing competition not only benefits the organization as a whole, but all of the employees as well. Whether they participate or not, your employees will feel like their ideas are valued and heard, and they can be recognized for their contributions in new ways. Now that’s an innovation win for everyone!
Want to see how HeroX can host your internal crowdsourcing challenge? We have a variety of features to manage and engage your employees throughout the competition. Contact us here to set up a time to speak with our Possibilities team. Or, register to hear Ameritas speak further about their challenge during our webinar on May 30th.