Everywhere people hear, talk and read about innovation. It is one of the most important topics concerning the competitiveness of companies. So what is innovation and what does innovation management mean?
Innovation management
Innovation aims to renewing a product, domain, or service to update it. This can be done thanks to implementing new processes, developing new techniques and technologies, and/or establishing successful ideas leading to new/innovative values[i].
As defined by Gartner, innovation management is a business discipline that aims to drive a repeatable, and sustainable innovation process within an organization. Innovation management initiatives focus on disruptive changes transforming existing processes, technologies, and businesses in a significant way.[ii]
Innovation management typologies
Innovation impacts affect an existing product, service, and/or process. We differentiate four types of innovation: Sustainable, Disruptive, Incremental or Radical[iii],[iv],[v],[vi].
Achieving innovation management success
Building an innovative culture within an organization not only requires technology. It also consists in creating a workplace that outgrowths ongoing action and engagement. This will encourage employees to get creative and generate quality ideas.
Below are some tips to boost and improve businesses’ innovation:
Always encourage your employees.
Establish a reward system for innovative, disruptive, and breakthrough thinking.
Invite customers/stakeholders for sharing their feedback on your products, services, and activities.
Invest in your employee’s education by investing in internal and outsourced training.
Actively reinforce and invest in your RDI (Research, Development, and Innovation resources (personnel, equipment, software, materials, courses, training, etc.).
Collaborate and partner with innovative companies.
Get experts’ opinion.
Conclusion
Innovation drives business growth and plays an essential role in keeping companies ahead of their competitors. Innovation management helps in creating new business models, new products and services and it also increases customer satisfaction and employee engagement. However, innovation management is not free of risks. Indeed, working on innovation is full of uncertainty. Risk must not only be minimized minimize, but above solutions and alternatives must be thought to mitigate the risks.
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References
[i] https://innolytics-innovation.com/what-is-innovation/#definition
[ii] https://www.gartner.com/en/information-technology/glossary/innovation-management
[iii] https://online.hbs.edu/blog/post/3-types-of-innovation-you-should-know
[iv] https://yonderconsulting.com/4-examples-incremental-innovation/
[v] https://bigthink.com/plus/radical-vs-disruptive-innovation-what-they-mean-for-organizations/
[vi] https://www.blackrock.com/ch/individual/en/themes/megatrends/technological-breakthrough
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