innovation management

Innovation Management – Part of Today’s Companies

As I had promised a few weeks ago, I am now happy to share all the details about my presentation at the Intrexx 2018 conference. It was all about how we can’t imagine companies nowadays without innovation management being a part of them, how innovations arise and what makes innovation management successful.

 

What really is an innovation?

Innovations are implemented ideas that revolutionize markets, to solve problems that clients hadn’t even realized they have. The process usually goes as follows: the early pre-ideas are enriched and turn into real ideas which then can turn into innovations.

 

How do you recognize innovative companies?

  • Employees think in an entrepreneurial way
  • New and better solutions are continuously searched for in all areas of the company
  • Know-how advantage compared to competitors
  • A lived innovation culture

 

Successful innovation management – a simple representation

successful innovation management

 

The 5 steps for a successful innovation management in your company:

  1. Assigned by management & specific targets

    The basis for successful innovation management is management commitment by the leaders of the company. The foundation is a clear assignment from the bosses which outlines the targets and expectations they have for innovation management. This is also where those responsible, the budgets and the overall conditions are determined.

  2. Strategic orientation of innovation activities

    Based on the assignment, a strategic road map is determined in the form of an innovation vision.

  3. Determination of search fields

    Search fields are strategic subject areas that are based on markets, product areas or technologies, in which a company wants to innovate. They are identified by using tools like trend, technology and market analyses.

  4. Starting to generate ideas

    Ideas within the search fields are sought and developed from different idea sources and using innovation methods.

  5. Design of the innovation process

    The innovation process defines the sequence – starting with the idea by management, over the strategic search all the way to the successful launch and the handover to the operational management. Therefore, the innovation process is the heart of innovation management.

 

This was just a quick insight into my lecture. The full presentation can be accessed here:

Innovationsmanagement – Ein wichtiger Bestandteil für Unternehmen [in German]​

 

If you have questions, please contact me directly or leave a comment below for us.

 

I would also like to know: In your opinion, which steps result in successful innovation management?

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