Innovation Management is a combination of the management of the Innovation process and change management. It refers to product, business process, marketing, and organizational innovation. Innovation management includes a set of tools that allow managers along with the workers or users to co-operate with a common understanding of processes and goals. Innovation management involves the process of managing an organization’s innovation procedure, starting at the initial stage of ideation to its final stage of successful implementation.
It encompasses the decisions, activities, and practices of devising and implementing an innovation strategy. Innovation management allows the organization to respond to external and internal opportunities and use its creativity to introduce new ideas, processes, or products.
PHASES OF INNOVATION MANAGEMENT PROCESS :
The Innovation Management process has become an important part of the operations of many businesses. The list below shows the phases in Innovation Management Process, which will help the organization to put it all together as one process.
• Setting the goals for the process – Innovation always begins with a goal in mind. Once this goal is set, it should be discussed among everyone in the problem-solving team. While establishing the team for this process, it is essential to ensure that someone from all the parts of the process ( from beginning to end ) is involved.
• Co-operation – Intense co-operation is very essential. The Innovation team should work together, instead of trying to come up with an idea separately. They can bounce ideas off one another and create collaborative solutions.
• Combination of Ideas – Strong ideas are, often complementary to one another and will join well to create an even better result. However, for this combination to work well, one needs representatives of all parties involved in the process.
• Evaluation of Innovation – When the best ideas have been combined, fine-tuned, and polished, it is important to subject them to evaluation, based on peer reviews. It helps to select the ideas with the greatest potential from among several that appears equally capable of being successful.
• Testing the ideas – Once the ideas with the greatest potential have been identified, they can be tested so that they can be better developed. One of the most entrusted means of testing a product/service is to create a prototype or test group. It has to be ensured that the product/service not only raises interest but is able to generate orders also.
• Execution of Innovation Implementation – The ideas that survive the method of testing can be further developed. As well as altered until they are ready to be executed as a part of the business offerings. This step is unique to every business and should be easier to handle if one succeeded to generate orders already in the testing phase.
• Assessment of Innovation Life Cycle – After the execution of an idea, its implementation needs to be carefully monitored and assessed in terms of a number of milestones that should be set. Customer Satisfaction should be kept in mind while assessing the process.
IMPORTANCE OF INNOVATION MANAGEMENT :
Innovation Management is crucial to a business. It is important for a sustainable business because it enables one to look ahead into the future and come up with novel. Creative ideas that would put a business ahead of its competitors. In short, Innovation Management is significant because it helps a business remain competitive in the long run by letting it always stay ahead in the market competition and having greater profit margins.