{"id":14390,"date":"2017-06-08T00:00:00","date_gmt":"2017-06-08T00:00:00","guid":{"rendered":"https:\/\/blog.planview.com\/tei-report\/"},"modified":"2022-04-05T15:44:40","modified_gmt":"2022-04-05T20:44:40","slug":"tei-report","status":"publish","type":"post","link":"https:\/\/blog.planview.com\/tei-report\/","title":{"rendered":"The Total Economic Impact of an Innovation Program Driven by Planview IdeaPlace"},"content":{"rendered":"<div class=\"feature-image\"><img decoding=\"async\" class=\"aligncenter size-full\" src=\"https:\/\/media.planview.com\/spigit-blog-media\/wp-content\/uploads\/2017\/06\/tei-report-for-spigit.png\" alt=\"\" \/><\/div>\n<style>\/* Add your custom CSS below *\/<br \/>\n  .teiform #mktoForm_2281{font-family:\"proxima-nova\",sans-serif!important;border:1px solid #ccc;background-color:#f8f8f8;box-shadow:0 1px 5px rgba(0,0,0,0.2);-webkit-box-shadow:0 1px 5px rgba(0,0,0,0.2);-moz-box-shadow:0 1px 5px rgba(0,0,0,0.2);position:relative;width:431px!important}.teiform .mktoButtonWrap{display:block!important;width:100%;margin:0 auto!important}.teiform #mktoForm_2281 .mktoButtonWrap.mktoBlueBox button.mktoButton{display:block!important;margin:0 auto;background-color:#05cce9!important;border-color:#05cce9!important;border-radius:0!important;-webkit-border-radius:0!important;-moz-border-radius:0!important;font-size:20px;text-shadow:none}.teiform #mktoForm_2281 input[type=\"text\"],#mktoForm_2281 input[type=\"url\"],#mktoForm_2281 input[type=\"email\"],#mktoForm_2281 input[type=\"tel\"],#mktoForm_2281 input[type=\"number\"],#mktoForm_2281 input[type=\"date\"],#mktoForm_2281 textarea.mktoField,#mktoForm_2281 select.mktoField{background:#fff none repeat scroll 0 0;border:1px solid #fff;font-size:14px!important;height:27px!important;margin-bottom:18px!important;max-width:360px!important;padding:2px 5px!important;width:100%!important;color:#333!important}.teiform #mktoForm_2281 input[type=\"select\"]{color:#a9a9a9!important}.teiform #mktoForm_2281 textarea.mktoField{height:auto!important}.teiform .mktoAsterix,.mktoOffset,.mktoGutter{display:none!important}.teiform .mktoFormRow{padding:0 35px!important}.teiform .mktoButtonRow,.mktoHtmlText{width:430px!important}.teiform .mktoButtonWrap{margin-left:0!important;display:block!important;width:100%!important}.teiform #mktoForm_2281 .mktoButtonWrap .mktoButton{font-weight:600;text-transform:uppercase;background-color:#05cce9!important;background-image:none!important;font-size:20px!important;line-height:24px!important;color:#fff!important;padding:15px!important;width:100%!important;border:none!important;margin-top:10px;font-family:\"proxima-nova\",sans-serif!important}.teiform #mktoForm_2281 .mktoButtonWrap .mktoButton:hover{border:none!important;background-color:#04A6BE!important}.teiform .mktoFormCol,.mktoFieldWrap{float:none;margin-bottom:0!important;width:430px!important}.teiform .section3 .mktoGen.mktoImg{width:100%;text-align:center}.teiform #mktoForm_2281 a.mktoNotYou{padding:0!important}.teiform .mktoTemplateBox{padding:15px!important}@media (max-width: 850px){.teiform #mktoForm_2281{background:#cdcfd0 none repeat scroll 0 0;float:left;font-family:\"proxima-nova\",sans-serif!important;max-width:300px;width:100%!important})<br \/>\n@media (max-width: 767px){.teiform#mktoform_2281background:#cdcfd0 none repeat scroll 0 0;float:none;margin:0 auto;max-width:300px;width:100%;padding:0!important}}@media (max-width: 450px){.teiform .mktoFormRow{padding:0 25px!important}}<\/style>\n<p>When establishing an innovation program, business leaders often struggle with forecasting the potential economic impact. To address this, Planview IdeaPlace commissioned Forrester Consulting\u00a0to conduct an independent study examining the value customers receive from implementing an innovation program that leverages Planview IdeaPlace\u2019s <a href=\"https:\/\/www.planview.com\/products-solutions\/products\/spigit\/\">enterprise innovation management software<\/a>.<\/p>\n<p>To quantify the complete value of innovation program that leverages Planview IdeaPlace\u2019s<br \/>\nideation\u00a0management software, Forrester analysts conducted in-depth interviews with business leaders from five long-time customers in order to measure the total economic impact over four years. They then used the characteristics and experiences of those interviewed companies to develop a composite organization and associated financial model. This was used as the foundation of the Total Economic Impact (TEI) model.<\/p>\n<p>In <em>The Total Economic Impact\u2122 Of An Innovation Program Driven By Planview IdeaPlace<\/em>, which is a May 2017 commissioned study conducted by Forrester Consulting on behalf of Planview IdeaPlace, Forrester reveals their findings. Here are some\u00a0highlights.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-10463 size-full\" src=\"https:\/\/media.planview.com\/spigit-blog-media\/wp-content\/uploads\/2017\/06\/TEI_Spigit_Infographic.png\" alt=\"TEI Planview IdeaPlace Infographic\" width=\"900\" height=\"1165\" \/><\/p>\n<p style=\"text-align: center;\"><a href=\"#report\">Download full\u00a0study<\/a><\/p>\n<p><span class=\"header2\">Monetary benefits of building an innovation program that leverages Planview IdeaPlace<\/span><\/p>\n<p>How does an innovation program driven by Planview IdeaPlace impact a company\u2019s bottom and top line? Based on Forrester\u2019s financial model, due diligence, and customer interviews they found the following:<\/p>\n<p><strong>$105 million (factors in the cost to develop ideas once they\u2019re selected) in incremental revenue from new products<br \/>\n<\/strong><br \/>\nFrom a manufacturer accelerating and bringing an idea for a <a href=\"https:\/\/www.planview.com\/products-solutions\/products\/spigit\/\">three-wheeled motorcycle<\/a> to market to <a href=\"https:\/\/www.planview.com\/products-solutions\/products\/spigit\/\">a major telecommunications company<\/a> turning an idea from a Call Center employee into a viral campaign, Planview IdeaPlace has been instrumental in enabling customers to identify new products to take to market.<\/p>\n<p><strong>$19 million in process improvement cost savings<\/strong><\/p>\n<p>Identifying opportunities to make processes more efficient and cut costs is also an important goal for our customers. By leveraging the collective intelligence of their employees, customers, and partners, customers they put themselves in a position to uncover areas where costs can be cut significantly.<\/p>\n<p><strong>83% ROI from using Planview IdeaPlace<\/strong><\/p>\n<p>Customers use Planview IdeaPlace for a variety of use cases \u2013 78% of customers use Planview IdeaPlace to <a href=\"https:\/\/www.planview.com\/products-solutions\/products\/spigit\/\">engage employees enterprise-wide<\/a>, for example \u2013 due to its ease of use and flexibility as an ideation platform. Because of this, they\u2019re able to solve business challenges in any geographical location, across any business unit resulting in higher ROI.<\/p>\n<div><span class=\"header2\">Key results of building an innovation program that leverages Planview IdeaPlace<\/span><\/div>\n<p>What other benefits have customers realized through their innovation program that leverages\u00a0Spigit? Forrester cited the following outcomes from their in-depth interviews and analysis:<\/p>\n<ul>\n<li>Creating <strong>culture of engagement<\/strong> and innovation<\/li>\n<li>Growing their program <strong>without having to hire additional staff<\/strong><\/li>\n<li><strong>Strategic, systematic approach<\/strong> to innovation<\/li>\n<li>Creating a robust <strong>pipeline of ideas<\/strong><\/li>\n<\/ul>\n<p>In comparison, our <a href=\"https:\/\/www.planview.com\/products-solutions\/products\/spigit\/\">2017 Business Innovation Report<\/a> showed similar findings. 86% of survey respondents said creating a culture of innovation was a key reason for implementing an crowdsourced ideation program. 78% said employee engagement was key.<\/p>\n<p>We believe Planview IdeaPlace\u2019s enterprise <a href=\"https:\/\/www.planview.com\/products-solutions\/solutions\/im-innovation-management\/\">innovation management<\/a> software can be used for a variety of use cases \u2013 <a href=\"https:\/\/www.planview.com\/products-solutions\/products\/spigit\/\">identify new products<\/a>, <a href=\"https:\/\/www.planview.com\/products-solutions\/products\/spigit\/\">improving customer experience<\/a>, or reducing costs for example. And because of its versatility and scalability, it leads to both monetary and non-monetary benefits.<br \/>\n<a name=\"report\"><\/a><\/p>\n<p><span class=\"header2\">Read the rest of the study\u00a0for free<\/span><\/p>\n<p>Forrester\u2019s study\u00a0includes more details about their findings, financial modeling, plus a variety of anecdotes from Planview IdeaPlace customers that gives you a deeper look at the value they received from building an innovation program that leverages the Planview IdeaPlace platform.<\/p>\n<p>To understand the findings from Forrester\u2019s study\u00a0in greater detail, contact us via the following form and a Planview IdeaPlace representative will be in touch.<\/p>\n<div id=\"teiform\" class=\"teiform\"><script src=\"\/\/app-ab22.marketo.com\/js\/forms2\/js\/forms2.min.js\"><\/script><\/p>\n<form id=\"mktoForm_2281\"><\/form>\n<p><script>MktoForms2.loadForm(\"\/\/app-ab22.marketo.com\", \"456-QCH-520\", 2281);<\/script><br \/>\n<script><br \/>\nMktoForms2.whenReady(function(form){<br \/>\n  var buttons = jQuery('#mktoForm_2281 button');<br \/>\n  buttons.each(function() {<br \/>\n    jQuery(this).text('CONTACT US');<br \/>\n  });<br \/>\n}); <\/script><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>When establishing an innovation program, business leaders often struggle with forecasting the potential economic impact. To address this, Planview IdeaPlace commissioned Forrester Consulting\u00a0to conduct an independent study examining the value customers receive from implementing an innovation program that leverages Planview IdeaPlace\u2019s enterprise innovation management software. To quantify the complete value of innovation program that leverages&#8230;<\/p>\n","protected":false},"author":103,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":2,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[1],"tags":[],"class_list":["post-14390","post","type-post","status-publish","format-standard","hentry","category-innovation-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Total Economic Impact of Spigit&#039;s Ideation Management Software - Spigit<\/title>\n<meta name=\"description\" content=\"Forrester Research conducted an independent study examining the value customers receive from implementing Spigit\u2019s ideation management software.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blog.planview.com\/tei-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Total Economic Impact of an Innovation Program Driven by Planview IdeaPlace\" \/>\n<meta property=\"og:description\" content=\"Forrester Research conducted an independent study examining the value customers receive from implementing Spigit\u2019s ideation management software.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/blog.planview.com\/tei-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Planview Blog\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/pages\/Planview-Inc\/89422974772\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-08T00:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-05T20:44:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/media.planview.com\/spigit-blog-media\/wp-content\/uploads\/2017\/06\/tei-report-for-spigit.png\" \/>\n<meta name=\"author\" content=\"Guest Blogger\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Planview\" \/>\n<meta name=\"twitter:site\" content=\"@Planview\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Guest Blogger\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/blog.planview.com\/tei-report\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/blog.planview.com\/tei-report\/\"},\"author\":{\"name\":\"Guest Blogger\",\"@id\":\"https:\/\/blog.planview.com\/#\/schema\/person\/f7f863dba443d377f486441aeb7a0f62\"},\"headline\":\"The Total Economic Impact of an Innovation Program Driven by Planview IdeaPlace\",\"datePublished\":\"2017-06-08T00:00:00+00:00\",\"dateModified\":\"2022-04-05T20:44:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/blog.planview.com\/tei-report\/\"},\"wordCount\":603,\"publisher\":{\"@id\":\"https:\/\/blog.planview.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/blog.planview.com\/tei-report\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/media.planview.com\/spigit-blog-media\/wp-content\/uploads\/2017\/06\/tei-report-for-spigit.png\",\"articleSection\":[\"Innovation Management\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/blog.planview.com\/tei-report\/\",\"url\":\"https:\/\/blog.planview.com\/tei-report\/\",\"name\":\"The Total Economic Impact of Spigit's Ideation Management Software - 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