Innovation management is a combination of the change management and innovation process. Innovation is related to the product, business and organization innovation.
In innovation management, there is a certain set of tool that helps managers and engineers to get a common understanding of goals. Innovation management requires the use of creativity to bring new ideas, processes, and product.
With the use of an innovation management tool, the organization can trigger the creative ability of the workforce. This is the best way for the continuous development of a company.
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The innovation process is a combination of organization, technology, and market. Here a series of activities are integrated such as search, select, implement and capture.
With innovation, process development can be pushed or pulled. In the pushed process, existing or newly invented technology is used. Similarly, in the pulled process, solutions are found according to the requirement of the client. If one wants to excel in either method, it is very important to understand the market and technical problem.
Innovation management methods
It is very important to note that the innovation process is categorized as incremental, breakthrough or disruptive.
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In that particular area of business that requires continuous remake incremental innovation is very helpful. With incremental innovation current products, services, processes can be improved.
The technological advancement through which the level of product and service can be boosted is known as breakthrough innovation.
This innovative method is capable of changing market behaviors after been implemented.
If you want an innovation management process to achieve success, it is important that you support innovation culture. This will help the employee to generate quality ideas. In order to make innovation management a part of the business, there are some organizations that follow a disciplined and cyclic approach. Check this out to know more about innovation management.
The first step toward innovation is ideation. For maintaining the steady flow of ideas incentives and feedbacks are important.