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What is innovation management?

Innovation can be defined as ‘the introduction of something new’, which means that innovation management refers to managing the process of ‘introducing something new’, from thinking of a new idea, to implementing it and putting it into practice. This could be launching a new product or service, or it could be a new internal process within a company, among many other things. In addition, it can include improving products, services or processes already in place.

There are two pillars to innovation management:

• the shaping of framework conditions to ensure that there are new ideas and that they are implemented successfully. This refers to organizational development activities

• the actual innovation that takes place, including the search, development and implementation. This refers to creativity and project management

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What are the aspects of Innovation Management?

Capabilities- this involves the skills and resources that an organization has at its disposal for the creation and management of innovation. It refers to people as well financial and information capital

Structures- this refers to what allows the aforementioned capabilities to flourish and it includes the organizational structure, processes, and infrastructure of the organization. With the right structure in place, innovation can take place a lot more easily

Culture- this is what enables the organization to acquire the people with the capabilities needed for innovation. Having the right culture in place means that recruiting and keeping the right people is more likely

Strategy- this is the plan that an organization needs to put in place to succeed. This means making a deliberate choice on one option among a number of other feasible ones.

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Why is Innovation Management important?

Innovation plays an important role in an organization’s success. Innovation Management is crucial as it allows companies to stay competitive now and in the future. With effective innovation management, companies can stay ahead of their competition and increase their profits considerably. Otherwise, they risk being left behind.

Where can I find the best practices on Innovation Management?

For companies or entities looking to lead innovation within their organizations, the Eloquens catalogue has a variety of frameworks, templates and tips designed and built by professionals and experts. You can also build and self-publish your own best practices on Innovation Management on Eloquens directly.