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Innovation Management

InnovationManagement

InnovationManagement

Innovationmanagement is a tool that can trigger and facilitate the deploymentof creative capabilities hence facilitating the continuousdevelopment of a company or an organization. The process involvesmanagement of innovation regarding both product and organizationalfunctions. Innovation management is made up of a set of toolsallowing managers to work together with a common understanding andcomprehension of the organizational goals. As such, this phenomenonensures that an organization has sufficiently addressed internal andexternal opportunities through the introduction of new possibilities,processes, and products. In an ideal situation, workers at all levelsare involved actively in the creative contribution particularly inproduct development, manufacturing, and even marketing procedures.Some of the widely applied tools range from brainstorming, virtualprototyping, lifestyle management, idea organization, projectmanagement, line planning and portfolio management. This process ismore of an evolutionary integration mechanism composed of technology,market, and organization by employing activities such as searching,selection, implementation and capturing. Apparently, innovation caneither be pulled or pushed. In the pushed innovation, existing or newinventions are allocated more successful applications. A pulledprocess, on the other hand, involved the identification of areas ofneed and finding appropriate solutions to these requirements. As thelifecycle of products is becoming shortened due to competition, firmsare forced to reduce the market time (Hölzle &amp Björk., 2016).Therefore, managers have to be innovative enough to ensure a shorterdevelopment time while at the same time maintaining quality and theneeds of the customers.

ManagingComplex Innovations

Innovationis an entity that is a necessary prerequisite for the constantsurvival and business development. However, it is important to notethat, on its own, it is not entirely sufficient. Managementinnovation as a whole plays a significant part in the promotion ofboth technological and institutional innovation. The primaryobjective of innovation is to grow an environment that enhancesinventions. The support from senior management individuals iscritical for success to be realized mainly by providing cleardirection, endorsement and sufficient support to ideas. Ideally,innovation must bring changes that outperform the previous practices.It is imperative for managers to place more concentration on networksand collaboration in agreement with comparative advantages andoperations. Technologies that pass through significanttransformations usually yield successful inventions and eventuallyturns out to be a tremendous learning experience for the industry andtheir workers.

Sophisticatedinnovations are big, and they come as a result of intra andinterdisciplinary networking among technology and knowledge-basedsectors. In such scenarios, the primary focus should be orientedtowards network integration. At the end of the day, socio-economicregions, technology, free trade, agreements and advancement clustersform the baseline for encouraging cross-functional innovations. Sincemanagement innovation changes how things are done, a complex changeprocess must involve setting goals, planning, motivation efforts,coordination of activities, resource allocation, application ofknowledge and the development of sustainable collaboration.Additionally, developing talents has to be drawn up and nurtured,balancing demands and evaluating the strength of ideas. In mostcases, these huge innovations have to be selected, evaluated andapplied since any error can result in massive and widespreadrepercussions.

Evaluationof how is applied

Manycompanies make mistakes when it comes to the process of reviewing ofthe potentially innovative ideas on the less innovative ones.Innovation is not entirely concerned with generating the mostcreative business ideas. On the other hand, it is also about theevaluation of ideas with the aim of identifying those that are likelyto work out best. If a company makes a mistake in the review process,then the most potential ideas will end up being rejected. Somecorporates also view the process as a matter of managers readingthrough several ideas and selecting those that seem to be best. Thisis a common practice in small and medium firms run by a single owneror with a single manager. Contrary to this practice, a large,sophisticated organization requires a structured evaluation process.In this way, ideas can be identified, complex ideas evaluated,enabling collaboration and improvement of the ideas by problemidentification and preparation of solutions. Several review methodscan be applied especially to complex ideas (Amponsah &amp Adams.,2016).

ThePass-fail evaluation method is used when a large number of ideasrequire being examined for instance a company design campaign thatgenerates hundreds of ideas. To bring the pool down to manageablelevels, simple criteria can be placed. Such benchmarks may includebudget, time, appropriateness to the company culture, and practicalviability among others. The standards must be clear and thus theideas that do not pass the stages can be eliminated based on thosereasons. Care must be observed not to push aside ideas that can bemodified to meet the stipulated criteria. The second method isthrough applying an evaluation matrix. Here, a group of expertscompares the ideas with certain criteria. An evaluator ranks theconcept by how well it meets the standard using a 0-5 point scale foreach. Comments are provided describing the reasons for the ratingsand suggestions on how improvements can be applied. The evaluationmatrix is highly favored due to its simple nature and practicability.It also requires a little time while it ensures a competitive reviewprocess. An analysis of a corporates strengths, weaknesses,opportunities and threats is also a useful tool particularly as afollow-up to evaluation matrix. The SWOT analysis delves into issuesin a multidimensional manner. As such an all-round analysis of anidea is reached. In this context, a scoring system is incorporatedinto 0 to 5 points after which scores of ideas can be compared(Hölzle &amp Björk., 2016). At the end of the analysis, evaluatorsalso give ways in which the weaknesses and threats can besufficiently handled.

Oncethe important ideas have been approved after the analysis, moredetailed tests may be required. In most instances, the next step thatfollows is the preparation of business cases, development ofprototypes and the testing of the market response. Analysts havealways been critical of newfound ideas and changes. This can beattributed to the risky nature of new ideas. Despite being animportant call, it is also important to understand that designimplementation can improve a firm’s weaknesses. Profitablesuccesses can be substantially realized if alterations can be appliedin a way that advances an idea. Besides, evaluation teams must beindividuals with the most esteemed expertise while lacking prejudice

Improvingand Enhancing

Apractical methodology is recognized as the missing link in theenhancement of innovation. As mentioned before, the biggest problemrevolves around the inability to generate ideas that are truly novelin their being. The pivot for management change is thus centered oncreating green principles, employing different mentality, andapplying wisdom. First and foremost, it is important to ensurecommitment to a big problem. Fortitude, perseverance, and relevantimagination are part of the recipe for solving huge problems.Single-minded devotion to an idea that supports efficiency ensuresthat human labor is not wasted and tasks can be better realigned tobe performed well yet with minimal effort. As such, the primarychallenge is to pinpoint an opportunity that can be tweaked intoadvantages of size and scale. Secondly, new principles have to besought. This is usually done through democracy and human liberty. Thetask here is to realize the principle capable of creating new routesfor management innovation. Deconstruction of precedent managementorthodoxies involves the handling of critical management issuesranging from change, leadership issues and employee engagement amongothers. Likewise, the power of analogy through servant leadership hasto be acknowledged. In his way, there will be diversity,self-organization, teamwork and collaboration through cohesion,volunteering, autonomy and a sense of discipline. The final way inwhich improvement and enhancement can be achieved is by puttingtogether shareholders, regular participants and any other individualwith interest in the process (Amponsah &amp Adams., 2016). Theseentities are useful in revealing the opportunities available and alsoreinventing them into items that further increase the directiontowards actual realization.

Conclusion

Agood number of organizations globally have been established using thesame management principles. As such, the core management such ascapital planning, strategy, and leadership development are barelyvaried. This is a clear indication that many things practicedcurrently need to change. Opportunities for improvement are embeddedin these old practices. It is imperative for innovators to takeadvantage of these challenges and develop better ways of doing thingsthrough incentives and the management innovation will turn out to beno less recognized.

References

Amponsah, C.T. &amp Adams, S. (2016). Open innovation: Systematisation of Knowledge Exploration and Exploitation for Commercialization. International Journal of , 13-28.

Hölzle. K. &amp Björk, J. (2016). Creativity and . Journal of Management, 424-439.