Every respected company strives to improve and expand. Only by constantly innovating and reinventing yourself will you be able to maintain your position at the top of your profession. After a while, the rest of the world will catch up. And that one-of-a-kind characteristic that defines your company won’t be around for long.

Thus, innovation is not only desirable but also required in today’s world. In addition, good innovation management makes the difference between organisations that win markets on an irregular basis and those that win them on a regular basis. With the information in this book, you will have a clear understanding of what innovation management should include, and you will be able to take care of your company’s change management system as well.

What does the term “innovation management” mean exactly?

It is the purposeful practice of bringing new ideas to life that is known as innovation management. Putting measures in place to ensure that the firm continues to develop, rather than just waiting and hoping for something spectacular to happen, is preferable. Innovation managers foster a culture of continuous improvement across the organisation, which is more than just a one-time event. Significant change may be accomplished on a consistent basis by actively encouraging and driving innovation.

This is vital because “wonderful new products” are frequently confused with innovation, which is why this is important. Company X is creative as a result of all of the fantastic products they produce! This may or may not be accurate to a certain extent.

A well-defined technique that produces predictable results, on the other hand, is nearly always present in the minds of great innovators. Using frameworks and models, businesses can continually produce innovative products, improve corporate processes, and remain one step ahead of the competition. Throughout the whole process, you should strive for consistency and control as much as possible.

What is it about an invention that is so important?

The majority of businesses depend on innovation to get a larger market share and stay one step ahead of the competition. If Adidas wants to compete with Nike, it must constantly develop and release new footwear, as well as provide consumers with a compelling incentive to buy.

However, this is a somewhat specific objective. The ability to redefine their market or perhaps establish a completely new one is, in fact, one of the most compelling motivations for organisations to invest in innovation. They have the option of venturing beyond the traditional playing field in search of greener pastures to graze on.

Then there’s the question of how long someone will live. The market will not continue to operate in the same manner forever. Consumer behaviour, fashion trends, and technological advancements are all constantly changing, and businesses must keep up if they want to remain competitive. If modern businesses are unwilling or unable to innovate, they may find themselves on the verge of extinction.

And then, there’s the less enticing reason: the need for continual improvement. Businesses should seek to outperform their competitors on the margins. The impact of a little modification to an internal process that is slow or inefficient may be significant.

Even if they don’t make the front page of the newspaper, these little steps represent significant developments. The productivity of a corporation that continuously improves project delivery times, reduces the number of meetings or restructures specific operations may see a significant increase.

Modelling approaches to innovation

Generally speaking, there are three types of innovation: sustaining, disruptive, and radical innovation. These are the three types of innovation that are typically known in the subject of innovation. In order to effectively manage an innovation programme, it is necessary to understand which category your endeavour fits under.

Keeping the flame of creativity alive

Making little but consistent adjustments to a product, service, or process is what keeps innovation alive. It is this kind of innovation that is essential for businesses to remain profitable, and it accounts for the vast majority of a company’s overall innovation expenditures. Disruptive innovation is a kind of invention that happens when something is changed or disrupted by another.

Disruptive innovation raises things to a higher degree of complexity. The terms “disruption” and “innovation” are often used in the same sentence to describe the same thing. Take, for example, Uber or Airbnb, which have developed business models that have disrupted or established new sectors while simultaneously addressing client wants that had previously gone unfulfilled in the marketplace.

Exceptional creative thought at its most extreme

Radical innovation is the game-changer in this scenario. It represents the apex of visionaries’ objectives in terms of innovation; this kind of innovation requires generating solutions to client needs that were previously unknown to them. Inventions that are revolutionary in nature have the potential to completely revolutionise the way the world operates and to have a major impact on the lives of ordinary people. Consider the creation of Facebook, which marked the beginning of the modern age of digital communication as we know it.

Creating an environment conducive to innovation

Successful innovation is a highly collaborative process that necessitates the creation of an ideal work environment. When it comes to the management of innovation initiatives, creating circumstances in the organisational environment that support a culture of innovation is a critical component of the whole process.

Management must stimulate and foster the development of new ideas.

Strengthening the C-ability Suite’s to lead is one of the most important factors in establishing an innovative business culture. Through the projection of a clear vision of the future, creative leaders aid in the stimulation of inventive ideas. They encourage cooperation and teamwork while establishing confidence in others by their expertise. Innovative ideas have no basis and no framework to develop in the absence of the support of senior management.