New and innovative ideas are the backbone of any company. An innovative idea can change the business horizons. These ideas are generated in the organizational path from various sources like intranet, employees, industries, meetings, committed sources, specialized knowledge silos, etc. However, it is the smart company, which captures all the ideas, analyzes, screens them to trace out the better idea, and in due course implements the same in its strategy. This gives an opportunity to set benchmark against best organizational practices in suggestion systems, continuous improvement and recognition across industry groups.
Philosophically the meaning of an idea is a concept or abstraction formed and existing in the mind. Human capability to contemplate an idea is associated with the ability of reasoning, self-reflection and the ability to acquire and apply intellect. This gives rise to real concept or mind generalization, which is the base for any kind of knowledge whether science or philosophy or business or management. It is quite unique and generated mostly in a natural way. These concepts help to integrate diversified phenomenon in building feasible theories or knowledge base. To make an idea a successful business plan, it requires proficiency in the management of ideas. It ultimately helps in finding the feasibility, validity and exclusivity of an idea. Therefore, it requires more attention on the part of organizations to manage ideas effectively.
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