Working Life > Company > Ideas Management > Innovation Management

Innovation Management: New Ideas and Improvements

Definition, Explanation

Innovation management comprises the systematic research and development of new products and processes, ideas management including suggestion scheme and continuous improvement process, as well as the use of employee's inventions. It can create new solutions and products, enabling the company to successfully place themselves on the market and thus contributing to a guaranteed future. The primary responsibility of strategically managing innovation is on the management. Still, employees can greatly participate in innovation management, since they are dealing with the clients, the products, the competition and the suppliers, day by day. The innovation process can be nourished by respective reward systems.

Particularly small and medium businesses depend on recognizing and realizing feasible innovations in time, to improve their future chances. More than ever, it is important to act quick and decisive.

Tips, Checklist

• Pay attention to reactions of clients and suppliers. They contain valuable hints about how products and services are being perceived
• Hand on critique and requests about products and services to your management, or to the department which is committed to innovations
• Try to take part in ithe systematic development of innovations. Have regular talks with colleagues and clients, to sound your market position and to point out improvements. This may be a part of the continuous improvement process (CIP)
• Compare yourself with other products and companies. Get inspired by other market fields and by companies abroad
• Use chances to exchange with universities, colleges and research centers
• Make use of the methods of innovation management, being CIP, suggestion schemes, and evaluation of invetions
• Collaborate with others, even competitors, to foster innovations and get them on the market
• Perhaps, insist on innovation management to be made a subject of your objective agreement

Articles

• Where Do Ideas Come From? Stepcase Lifehack, September 29, 2009
• Eureka! Recession Sparks Inventive Spirit; ABC News, May 29, 2009

Last update: 03/10/2010