The essence of innovation management is about how to manage people, assets, and resources to meet the business goals for innovation.
Prioritizing : Prioritizing innovation management involves focusing on several key areas to improve efficiency and productivity. Here are some priorities for innovation management:
-Leadership Support: Top management should champion innovation and offer guidance.
Reward Innovation: Recognize and reward individuals who drive innovation.
Dedicated Resources: Allocate specific resources for innovation instead of expecting it to occur spontaneously.
-Diverse Workforce: Foster a diverse workforce and be open to ideas from various sources.
-Connected Structure: Ensure bureaucratic layers are closely connected to facilitate easy communication and implementation of innovations.
-Willingness to Experiment: Encourage experimentation with different approaches, accepting that not all will succeed.
-Practical ideas: Organizations should avoid superficial commitments to trendy solutions and instead focus on evaluating the usefulness of new ideas through empirical observation and testing.
Benchmarking: It is a technique for improving products or services, involves comparing specific aspects of a problem with an ideal standard and acting to converge the two. This process encourages learning and emulation within organizations and promotes competitive learning between service providers. Benchmarks need to be used in a manner that is imaginative and appropriate rather than mechanical and imposed from above. There are levels of benchmarking:
-Encouraging learning and emulation within organizations.
-Encouraging competitive learning between service providers.
Two methodological approaches to benchmarking include:
Sharing standardized data on performance in specific areas to encourage surpassing a benchmark.
Qualitative methods like self-assessment via questionnaires or organizational analysis by independent researchers or consultants.
Benchmarks need to be used in a manner that is imaginative and appropriate rather than mechanical and imposed from above.
The essence of innovation management is about how to manage people, assets, and resources to meet the business goals for innovation. Without well-defined business goals, you won’t have an effective plan and be able to manage a strategic innovation value chain. Highly innovative organizations treat customers, channel partners, suppliers, and industry ecosystem participants as active digital agents to brainstorm fresh ideas and create new experiences.
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