Take a peek at this google project as another example of companies exploring open innovation (see Dell and Starbucks for other examples). Big financial gains for very worthy ideas - worth tracking. Now, as with these other two the process seems to focus very much on the gathering of ideas and to varying degrees on the management and evaluation of those ideas. Idea management software exists that will conduct the whole process from requesting ideas, through evaluation and into the implementation stage. One service capable of doing all this is "jenni" which I have mentioned previously in a squidoo post.
Perfect for both innovation in products / services as well as cost cutting it could well be an area of increasing corporate interest as the struggle for profitable growth becomes even tougher.