Innovation management encompasses managing the innovation process of an organization, from the first idea generation phase to its final successful implementation phase. It includes the decisions, activities, and practices used to develop and implement an innovation strategy.
According to Gartner, an IT research and consulting company, innovation management is a business discipline that aims to promote a sustainable process or culture of innovation within an organization. Often, these innovation management initiatives use a disruptive method of change to transform the business.
In the age of digital transformation, corporations confront with the need to develop innovations faster and faster. Innovation drives business growth and helps companies stay one step ahead of their competition. Innovation management helps to generate new business models and creates new products, services, and technologies for the changing market. Good innovation management also increases customer satisfaction and employee engagement.
Innovation Management Methods
Generally speaking, innovation can be incremental, revolutionary, or disruptive.
Incremental: In an era where companies constantly reinvent themselves, incremental innovation helps them thrive by continually improving current products, services, processes, or methods.
Revolutionary: An innovative innovation refers to technological advances that can raise the level of a product or service within an existing category ahead of its competitors.
Disruptive: Disruptive innovations are ideas that are capable of radically changing market behavior after being implemented.
Achieve Successful Innovation Management
For the innovation management process to succeed, the company must support a culture of innovation and employees feel valued. This will encourage employees to come up with quality ideas in return.
Organizations today are leveraging collaborative technology, such as social media, to gain feedback, helping to generate a constant stream of ideas from stakeholders, inside and outside the company.
Also Read: Product Management: Essentials, Strategy and More
Why is it important?
Innovation Management is the procedure of managing innovative ideas that place into practice. The planning and process behind generating ideas. However, turning them into action plans and developing them for the business until they become a reality. In short, it is to make things happen that I went from the initiative to the execution.
But it is not just developing something new. Innovation is a term that represents something new but also something different and valuable. It’s thinking about the exciting and innovative things that differentiate your business from the competition.
The general innovation within the business is “different” and “brave” projects that have traditionally been undervalued but are now understood to offer more excellent value to the bottom line. Not just in terms of living the brand and company values and driving the customer experience but also its impact on staff morale.
Innovation management is vital to continued business prosperity. But how do successful organizations manage their approaches to innovation? Through experience, we can talk about three general strategies that organizations use for their innovation strategy:
Need seekers: those who launch new products/services based on “superior understanding of the end-user.”
Market Readers: Those who keep their finger on the market’s pulse and launch products/services when the time is right on the market.
Technology Drivers – Those who rely on their internal technology advancements to deliver new products/services.
- Beyond this, there is a range of benefits of innovation, including:
- Solve recurring problems in the business with creative solutions.
- Increase in labor productivity with new processes and procedures.
- Show business values and highlight their qualities.
- Stand out as an innovative business fast of the competition.
- Boost employee morale and improve business performance as a consequence.
The above reasons can help you encourage innovation in your business, but this potential can only remain achieved with effective innovation management processes.
However, RSM recognizes the importance of innovation management as the only way to transform great ideas into reality and benefit from the positive results. With our methodologies, expert support, and tools, we are ready to support you on your way to develop innovation as a disruptive element in the creation of value for the organization.
Also Read : Manage Creativity: Description, Capabilities, and More
Review Innovation Management: Methods, Importance and More.