Innovation Management: Importance, Ideas, And What's Special About It

Innovation management includes the procedure of handling an organization's innovation process, trying from the initial level of the idea, to the final phase of its successful execution. It covers the formulating choices, operations and processes and applying an innovation approach. Innovation management supports in creating innovative business replicas and generates innovative products, amenities and skills planned for the altering market. Appropriate innovation management also improves client satisfaction and employee assignation.

Capturing innovative ideas from employees at various levels, building an active and collaborative workforce, recognizing employees effort and communicating effectively with all stakeholders are the vital building blocks of innovation management.

According to the recent study by Accenture, over 90% of executives think innovation is key to their business success.

The innovation management market is set to witness an Excellent CAGR of 29.28% in the forecast period of 2019 to 2026.

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Importance Of Innovation Management

Crowdsourcing innovation is slowly making its debut in the digital workplace and that too with high expectations. This practice encourages an active participation of employees pooling up ideas within the organization. It acts as a channel to obtain an appropriate and effective solution to complex business challenges.

Ideas For Successful Innovation Management

1. Involve Everyone And Create Conversations

2. Do Not Push Employees, Pull Them In

3. Run Awareness Campaigns

4. Introduce A Common Space For Innovation With An Innovation Management Tool

5. Transparency

6. Rewards And Recognition

Major Player

Salesforce, SAP, KPMG International Brightidea, SPIGIT, INC., Qmarkets, Planbox, Nosco