What is Innovation Management?

Innovation management is the process of managing all aspects of innovation, including the creation and development of ideas and initiatives, their prioritisation and implementation, and their practical application in businesses.

The principles underpinning innovation management are far-reaching and encompass a variety of disciplines. For example, it requires business, economics, customer needs, research methods and data analytics knowledge. In addition, understanding emerging technologies and their potential applications within different industries is vital to successful innovation management.

On a personal level, the individual responsible for driving innovation must have an inquisitive and creative mindset; they need to think outside the box to identify improvement opportunities. They should also be confident in their abilities concerning problem-solving while remaining collaborative with colleagues to ensure progress is made efficiently. Furthermore, when considering communication skills, any aspiring innovator must be able to communicate ideas and be comfortable taking risks when appropriate and effective. Most importantly, however, any individual taking on this role must maintain a strong commitment towards meeting deadlines so that projects remain on track from the start through completion.

Effective innovation management requires knowledge across multiple disciplines and certain biases from those who lead it. With this combination of skills, organisations will not only find these processes more efficient at creating new products or services, but they may also gain a competitive edge by leveraging advancing technologies within their field more proficiently than their competitors can do so.

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