LESSON 2: CONCEPT OF INNOVATION MANAGEMENT Flashcards
systematic process of managing an organization’s innovation procedures starting from the generation of ideas to implementation
innovation management
effectively
attainment of goals
efficiently
maximizing output without minimizing the input
involves utilizing tools, methodologies and strategies to stimulate innovation in a way that aligns with the org’s goals and resources
innovation management
key concepts of innovation management
systematic process
idea generation
execution and implementation
alignment with organizational goals
requires a structured approach to harness creativity and move it toward practical outcomes
systematic process
starting point of innovation management where new ideas are conceptualized from various sources
idea generation
once ideas are generated, they are refined, tested, and implemented
execution and implementation
innovation should drive the organization toward by creating value, improving efficiency, or meeting consumer needs
alignment with organizational goals
role of innovation management in business
fostering creativity
resource allocation
strategic direction
risk management
minimizing the effect
risk mitigation
identifying possible issues
risk assessment
importance of innovation management
competitive advantage
organizational growth and sustainability
customer satisfaction
efficiency and productivity
risk mitigation
types of innovation
product
process
service
business model
organizational
social
developing new products or improving existing products to meet customer needs or capitalize on new market opportunities
product innovation
produces goods or delivers services aiming to improve efficiency or reduce costs
process innovation
enhancing new services that provide added value to the customer experience
service innovation
innovating on how a company creates, delivers, and captures value, often disrupting the industry
business model innovation
innovations in an organization’s structure, management, or business practices to improve performance
organizational innovation
innovations that focus on meeting social needs, improving quality of life, or solving societal challenges
social innovation
characteristics of innovation
originality
value creation
risk and uncertainty
collaboration and cross functionality
continuous improvement
market relevance
new ideas, products, practices that habe not been seen or implemented before
originality
should generate value, whether it’s in the form of profit, customer satisfaction, societal impact, or operational efficiency
value creation
not every idea will succeed and these are potential financial and reputational risks involved
risks and uncertainty
cross-disciplinary teams contribute diverse perspectives and expertise which enhance creativity and problem-solving
collaboration and cross functionality
innovation is an on-going process. companies that continuously seek to innovate are more likely to stay competitive and relevant in the market
continuous improvement
success of an innovation largely depends on how well it meets market needs or trends
market relevance
