What is Innovation Management? – Definition of WhatIs.com

Innovation management involves the process of managing an organization’s innovation process from the initial phase of ideation to its final phase of successful implementation. It encompasses the decisions, activities and practices of designing and implementing an innovation strategy.

According to Gartner, an IT research and consulting firm, innovation management is a business discipline that aims to drive a sustainable innovation process or culture within an organization. Often, these innovation management initiatives use a disruptive change method to transform the business.

In the age of digital transformation, organizations face the need to innovate more and innovate fast. Innovation drives business growth and helps organizations stay ahead of their competition. Innovation management helps generate new Business plans and creates new products, services and technologies designed for market evolution. Good innovation management also increases customer satisfaction and employee contract.

Innovation management methods

Generally speaking, innovation can be incremental, breakthrough or disruptive.

  • Incremental: At a time when businesses are required to constantly reinvent themselves, incremental innovation helps them thrive by constantly improving current products, services, processes, or methods.
  • Breakthrough: A disruptive 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 capable of radically altering market behavior after their implementation.

Succeed in innovation management

For the innovation management process to be successful, it is essential that the company supports a culture of innovation and that employees feel valued. This will encourage employees to generate quality ideas in return.

Organizations today are take advantage of collaborative technology like social media for feedback, which helps generate a constant flow of ideas from stakeholders both inside and outside the company.

To make innovation management a routine part of business, many organizations follow a disciplined, cyclical approach. Ideation is the first step to innovation, and incentives and feedback help encourage a steady flow of ideas. The next step in a well-managed innovation process is to identify the most valuable and viable ideas. Businesses can then move forward to create prototype products based on the shortlisted ideas and implement them to see how they work. In the final stage of full implementation, it is important to evaluate the outcome to see if the desired business goals have been achieved once the ideas have been implemented.

It is also necessary to engage the C-suite in a discussion of innovation management to ensure that the ideas generated are in line with business objectives. Organizations are also increasingly looking for innovation managers with specific skills to drive innovation and oversee the innovation management process.

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