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Innovation Management

The Total Economic Impact of an Innovation Program Driven by Spigit

Published By Guest Blogger

When establishing an innovation program, business leaders often struggle with forecasting the potential economic impact. To address this, Spigit commissioned Forrester Consulting to conduct an independent study examining the value customers receive from implementing an innovation program that leverages Spigit’s enterprise innovation management software.

To quantify the complete value of innovation program that leverages Spigit’s
ideation management 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.

In The Total Economic Impact™ Of An Innovation Program Driven By Spigit, which is a May 2017 commissioned study conducted by Forrester Consulting on behalf of Spigit, Forrester reveals their findings. Here are some highlights.

TEI Spigit Infographic

Download full study

Monetary benefits of building an innovation program that leverages Spigit

How does an innovation program driven by Spigit impact a company’s bottom and top line? Based on Forrester’s financial model, due diligence, and customer interviews they found the following:

$105 million (factors in the cost to develop ideas once they’re selected) in incremental revenue from new products

From a manufacturer accelerating and bringing an idea for a three-wheeled motorcycle to market to a major telecommunications company turning an idea from a Call Center employee into a viral campaign, Spigit has been instrumental in enabling customers to identify new products to take to market.

$19 million in process improvement cost savings

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.

83% ROI from using Spigit

Customers use Spigit for a variety of use cases – 78% of customers use Spigit to engage employees enterprise-wide, for example – due to its ease of use and flexibility as an ideation platform. Because of this, they’re able to solve business challenges in any geographical location, across any business unit resulting in higher ROI.

Key results of building an innovation program that leverages Spigit

What other benefits have customers realized through their innovation program that leverages Spigit? Forrester cited the following outcomes from their in-depth interviews and analysis:

  • Creating culture of engagement and innovation
  • Growing their program without having to hire additional staff
  • Strategic, systematic approach to innovation
  • Creating a robust pipeline of ideas

In comparison, our 2017 Business Innovation Report 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.

We believe Spigit’s enterprise innovation management software can be used for a variety of use cases – identify new products, improving customer experience, or reducing costs for example. And because of its versatility and scalability, it leads to both monetary and non-monetary benefits.

Read the rest of the study for free

Forrester’s study includes more details about their findings, financial modeling, plus a variety of anecdotes from Spigit customers that gives you a deeper look at the value they received from building an innovation program that leverages the Spigit platform.

To understand the findings from Forrester’s study in greater detail, contact us via the following form and a Spigit representative will be in touch.

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Written by Guest Blogger