Business Innovation and Innovation Management

Innovation Management (IM) could be said to be the conception and development of new ideas that germinate from people, who, over a length of time, engage themselves in transactions with others within the organizational framework. “A Continuing behavior analysis of customers enables the Company to improve its current business and in this way stay ahead of the competition” (Business innovation and innovation management UK version, 2009, para.2). However, in the case of organizational implementation of innovation and its management there are certain prescribed conditions that must be fulfilled. The first could be seen in terms of the fact that the organizational environment must be conducive to nurture innovative practices and implement them. In the absence of organizational support, this cannot be possible since innovation management is an ongoing and constantly evolving practice, and continues as long as the organization is in existence. Thus, attitude is a major factor. As rightly pointed out by a senior manager of the public enterprise in India, “Availability of the right resources may act as a catalyst but creativity will not flourish if organizations do not have a culture of encouraging and supporting innovation. Therefore, the single most important element to foster in an innovative culture is leadership at all levels, people who are not only missionaries in their zeal but also courageous enough to face critics” (Heskett, 2007, para.13). The second aspect is that top management, including the Board of Directors need to deliberate and decide on which are the areas that need innovation management. It may not be possible for companies, especially SME’s to introduce innovation management on a large scale in the entire unit, but it need to be made in critical units, especially product lines, manufacturing processes, marketing strategies and employee productivity and resource management. This is not to suggest that innovation management is not required or need to be ignored in other areas, but the management must decide, considering time and resource constraints, regarding which areas need to be innovated, so to speak. “Unlike nominal management, innovation management is carried out over unrealized knowledge, guiding its gradual realization” (Fist international innovation management alliance, n.d., para.2). The next aspect, once the areas have been identified, would be the detailed examination of the present system, including the lacunae in the present system, what kind of deficiencies need to be treated and how they could be improved and substantiated through the practice of innovation management. For instance, if Food Product Brand X is not being sold as well as other brands, there may be innate reasons for being so. Management needs to identify the specific reasons and through innovation management, change its major characteristics that are lacking, perhaps effect price changes and devise ways and means by which customers could be made to respond more positively to Brand X. Unless this is done, it is quite possible that Brand X would soon find itself out of the competitive race for brand supremacy since now “Marketers are competing in a challenging new landscape” (Brand innovation conference, 2008, para.2). Consolidated presentation on the performance of innovation management by justifying the suggestions made by you “In this context, innovation management techniques (IMTs) can be seen as a range of tools, techniques and methodologies that help companies to adapt to circumstances and meet market challenges in a systematic way” (European trend chart on innovation, n.d., p.1).

The main aspects that innovation management can provide are as follows:

  1. In the successful implementation of new technologies for current, or new products
  2. Organizations need to be able to succeed in new economic, social or political climates
  3. Bring about harmonious interaction between the internal and external forces of business for common gains.

However a word of caution is that innovation management should be used with discrimination and after considering cost benefit analysis of products, services or perceived changes in business.

Reference List

Brand innovation conference. (2008). ANA. Web.

Business innovation and innovation management UK version. (2009). Slide share. Inc. Web.

European trend chart on innovation. (n.d.). pp. 1-4. 2010, Web.

First international innovation management alliance. (n.d.). FiiMA. 2010, Web.

Heskett, J. (2007). What is management role in innovation. Working Knowledge. Harvard Business School. Web.

Cite this text

Pick the style

Reference

NerdyTom. (2022, March 11). Business Innovation and Innovation Management. Retrieved from https://nerdytom.com/business-innovation-and-innovation-management/

Work Cited

"Business Innovation and Innovation Management." NerdyTom, 11 Mar. 2022, nerdytom.com/business-innovation-and-innovation-management/.

1. NerdyTom. "Business Innovation and Innovation Management." March 11, 2022. https://nerdytom.com/business-innovation-and-innovation-management/.


Bibliography


NerdyTom. "Business Innovation and Innovation Management." March 11, 2022. https://nerdytom.com/business-innovation-and-innovation-management/.

References

NerdyTom. 2022. "Business Innovation and Innovation Management." March 11, 2022. https://nerdytom.com/business-innovation-and-innovation-management/.

References

NerdyTom. (2022) 'Business Innovation and Innovation Management'. 11 March.

Copy this

We received this text from a student and added it to our database in order to facilitate your research. You can reference it in your writing assignment by using our citation generator.

Send us a request to withdraw this paper if you are the original author and no longer want to see it published on NerdyTom.