New Module Helps Businesses Make Better Decisions Using Crowd-Predicted Quantitative Data
LONDON, UNITED KINGDOM--(Marketwired) - Mindjet, the global leader in SaaS solutions for enterprise innovation management, today announced the release of Predictions, a new module for its innovation platform, SpigitEngage. Predictions helps businesses make better business decisions by leveraging their internal and external crowds to quantify the value of potential innovations. This enables businesses to forecast revenue, estimate time-to-market, and evaluate costs of implementing ideas within the innovation pipeline.
Predictions presents users of the SpigitEngage platform with a series of questions relating to value, cost, and delivery time of suggested ideas. Users are given a suggested value from which they vote 'more' or 'less' depending on how accurate they feel the figure is. Through convergence of multiple data points, an average figure is calculated from the votes of the crowd.
SpigitEngage is an enterprise-grade innovation management platform that allows businesses to surface the best ideas that their employees, partners, and customers have to offer, and quickly turn them into results. It gives organisations the ability to tap into the problem-solving capabilities of the crowd to establish repeatable innovation processes with predictable results.
Using Crowd Science, enterprise social technology, big data analytics, and game mechanics, Mindjet's SpigitEngage enables organisations to innovate across their workforce at scale. With the addition of Predictions, businesses can utilise crowdsourcing to gather quantitative data on an idea and help predict the overall ROI of their innovation programme.
"Decades of sociological research on the 'wisdom of the crowd' has shown that there is incredible accuracy through the collective knowledge of a diverse group of people," said James Gardner, SVP of Products at Mindjet. "With that in mind, we've created Predictions to give organisations an additional tool to truly make better business decisions based around the combination of human intelligence and data."
Predictions enhances the ability of business analysts to come up with valuations and decisions for implementing proposed innovative solutions. Using the Predictions algorithms, organisations can use crowd-predicted, quantitative data to forecast revenue, project schedules, and market release dates, and anticipate overall costs.
New features include:
An engaging user experience that helps predict the impact of ideas with three simple questions: How much will it cost? How long will it take? How much revenue (or cost savings) will it result in?
Patent-pending application of algorithms to deliver accurate crowd estimates.
An algorithmically-computed "Best Overall" score, ranked on a leaderboard by factoring in the business impact, efforts, and costs associated with implementing an idea, and the degree to which there's agreement amongst crowd participants.
Crowd Analytics with advanced visualisations that enable business leaders to quickly categorise ideas on a continuum from "low cost, low impact" to "high cost, high impact."
"We believe Predictions will truly help organisations get more measurable success out of their corporate innovation programmes," said Milind Pansare, VP of Product Marketing at Mindjet. "In the past, innovation programmes would host a business innovation challenge, ideas would surface and typically, one winning idea would be selected through voting. Yet there was no effective way to measure how much those ideas -- especially the ones that were not winners -- were worth. The new module gives businesses the ability to surface multiple ideas from a challenge based on quantitative metrics, bring more innovations to market, and improve the ROI of their innovation programme."
The Predictions module is immediately available to customers as an optional premium addition to SpigitEngage.
About Mindjet
Mindjet is committed to enterprise innovation excellence. They provide the first software platform with the capability to drive repeatable business innovation at scale. Millions of people, as well as 83% of the Fortune 100, use Mindjet's enterprise-ready innovation management and productivity suite, featuring SpigitEngage and MindManager. Mindjet enables the world's leading brands to build and manage sustainable innovation programmes with social dynamics, purposeful collaboration, crowd science, and analytics, to surface and develop the best ideas and bring them to market. Mindjet is headquartered in San Francisco with offices throughout the US, UK, France, Germany, Japan, and Australia.
Mindjet and the Mindjet logo are registered trademarks of Mindjet LLC in the US and other countries. SpigitEngage is a registered trademark of Spigit, Inc. FORTUNE 100 is a trademark of the FORTUNE magazine division of Time Inc.