The Nexus Between Idea Management, Innovation Accounting and Firm Value: A theoretical perspective
DOI:
https://doi.org/10.56830/IJAMS01202507Keywords:
Idea Management, Innovation Accounting,, Firm ValueAbstract
In today's rapidly evolving business landscape, many companies are confronted with an urgent necessity to harness new ideas and opportunities. This imperative arises from mounting competitive pressures and shifting customer demands that require organizations to adapt swiftly and effectively. The recent economic downturn has further intensified this need for innovation, transcending industries and geographical boundaries. In such an environment, businesses that fail to innovate risk falling behind their competitors, losing market share, and alienating their customer base. The critical question for many organizations becomes: where can they discover the groundbreaking ideas essential for driving growth, enhancing productivity, and fostering value creation? As innovation takes center stage in organizational strategies, the significance of collaborative idea management cannot be overstated. This approach not only facilitates the generation of fresh concepts but also allows for the refinement of these ideas, ensuring they are vetted and directed to the appropriate stakeholders within the organization.
Additionally, this innovative framework enables organizations to measure and incentivize creative activity. By establishing clear metrics and rewards for innovative contributions, companies can create a culture that celebrates and promotes continuous improvement. This, in turn, leads to a more open and collaborative innovation culture, where employees feel safe to share their ideas without fear of criticism.
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