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LEAD Innovation Blog

Read our latest articles on innovation management and innovation in a wide range of industries.

Date: 04-Oct-2018
Posted by: Angela HENGSBERGER
Category: innovation goals

Definition Innovation Management

 

Innovation has never been as present as it is today, everybody talks about innovation, innovation is everywhere. But what is innovation and what does innovation management mean?


"Innovation" comes from the Latin word "innovare" and stands for renewal. From an economic point of view, innovation is something new that brings benefits for an organization or / and for society.

Terms that are often associated with innovation are idea and invention. An invention or invention is to be distinguished in so far as it is not yet exploited as a creative achievement of a new problem solution compared to innovation. It is the same with the idea, which is a creative thought something new.

In all cases, "new" is always relative. New it can be for this situation, the company or the world.

Paper 10 Sources of ideas
"Management" is a term that is constantly used in companies. He is responsible for managing a task and coordinating activities to achieve a defined purpose and goals.

As a result, innovation management is the systematic promotion of innovations in organizations and includes tasks of planning, organization, management and control.

Innovative management deals with all measures to promote innovation in organizations and to generate benefits, for example:

 

Tasks and areas of action in innovation management


Innovation management is two major pillars:

  • On the one hand, the shaping of framework conditions, so that ideas are always created in the company and implemented into successful innovations. The focus here is on organizational development activities.
  • And, on the other hand, the actual innovation, active search, development and implementation of ideas. This requires, for example, creativity and project management.

Innovation management is very versatile. The fields of action of innovation management include, among others

  • Future management: Identification of trends and future opportunities and risks.
  • Development of the innovation strategy and planning of the innovation activities, for example with an innovation roadmap.
  • Organization and roles in innovation management, such as decision-making structures and process ownership.
  • Ideas management to find, develop and evaluate ideas.
  • Innovation process for transforming an idea into a successful innovation: concept development, business plan, solution development, prototyping, implementation and marketing.
  • Designing an innovation culture that promotes innovation.
  • Portfolio management and innovation control (for example, innovation indicators) to control innovation activities.
  • Dealing with patents and protective rights.
  • Open innovation and innovation networks to exploit external sources of innovation and resources.
  • Change management in the context of innovation projects.
  • The diversity of activities in innovation management also makes it clear that they are integrated into all business areas. Innovations are all about.

Improvement vs. innovation



Innovation is renewal. Improvement is also the implementation something new, but with a lower novelty degree and it is usually the optimization or extension of existing.

The boundary between innovation and improvement blurs. What innovation is and what is improvement, can not be clearly defined and is also different depending on the viewer.

Improvement management has a long tradition in companies. It includes a variety of management methods and approaches to improve existing products, processes and organizations. Many of them have their origin in quality management. Here are some examples:

  • Continuous Improvement Process (CIP): All employees are motivated and empowered to constantly question and improve processes in teamwork. The basis is the PDCA cycle (Plan - Do - Check - Act).
  • Kaizen: "Let no day pass without any improvement in the company" is the message of Kaizen, which originates in Japan and is similar to the KVP.
  • Total Quality Management (TQM): The focus is on the quality of the processes and products, including the employees, to increase customer satisfaction.
  • Operational suggestion (BVW): The goal is to encourage employees to think about it. They are given the opportunity to spontaneously submit ideas, which are then treated, implemented and rewarded in a clearly regulated process.
  • Improvement and innovation go hand in hand. A company must stick to its flag, both continuous improvement and innovation.

 

Conclusion - definition innovation management


Innovation management covers all measures to promote and exploit innovations in the company. Not only the new is the focus, but also the benefit of the innovation. The goal is new and improved products, new business models or new processes. Have you already seen our innovation talk on the subject?

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Angela HENGSBERGER

Born and raised in Vienna. For more than 6 years she has been in charge of Business Development at LEAD Innovation with the functions marketing, sales and communication.

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