Decoding Innovation Management

Innovation is an integral part of many businesses in today’s time. Several businesses rely on innovation as a key aspect of their foundation. As for those who don't, their ideas and strategies may succumb to the disruption that takes place time by time. Hence, with the growing technological advancement, it becomes inevitable for the businesses to keep innovating new ideas and products and thus keeping up with the fast paced world.?

Innovation however may be an aspect that probably every business relies on but at the same time it stands true that managing those ideas is the key! While every business may be innovating, it's not necessary that they are able to put them into delivering business growth and success. The organizations with effective strategy and leadership can convert innovative ideas into reality.?

What is Innovation Management???

To define, Innovation Management is the process of creating, implementing, and growing the business in a certain way. It is the practice of managing an organization's innovation process, from its earliest stage of ideation to its effective execution. It includes all of the choices, actions, and procedures involved in creating and putting into operation an innovation strategy.?

This approach includes four different steps:

-Generating: Brainstorming and seeking ideas from the employees to unravel hidden concepts

-Capturing: Taking record of the ideas and sharing with key stakeholders?

-Evaluating: Discussing various pros and cons of the idea to understand its relevance

-Prioritizing: Deciding the idea that maximizes the resources of your organization

In order to have effective innovative management, the organizations must have excellent communication between employees at all levels and a healthy collaborative environment where the employees can freely share their thoughts and ideas.

Importance of Innovation Management in Corporates?

No matter how big or small an organization is, if they don't keep innovating with the change in time, they will lose their validity over a period of time. Innovation management is more important than ever before as the global market has witnessed an upside down.?

Organizations must innovate more frequently and fast in the age of digital transformation. Innovation fuels company expansion and keeps businesses one step ahead of the competition. Innovation management develops new business models, as well as new goods, services, and technologies tailored to the market's shifting needs. Effective innovation management also increases employee engagement and consumer satisfaction.

Methods of Innovation Management

There are three chief methods of innovation management, they are as below:

Incremental: Incremental innovation helps organizations succeed in a time where they must continually reinvent themselves by enhancing existing goods, services, procedures, or techniques.

Breakthrough: It is a technological development that raises the standard of a good or service above its rivals in an already established category.

Disruptive: Ideas that, when put into practise, have the potential to drastically alter consumer behavior are known as disruptive innovations.

Nowadays, organizations use collaborative technologies like social networking to solicit feedback, which creates a continual flow of ideas from stakeholders both inside and outside the organization. The organization must foster an innovative culture and ensure that people feel valued if the innovation management process is to be successful. Employees will be inspired to come up with quality ideas as a result.