Innovation Management: Driving Growth and Competitiveness
Innovation management refers to the systematic approach organizations use to manage their innovative ideas and projects to create new products, services, or processes. This includes identifying and evaluating new ideas, allocating resources, and implementing and commercializing the most promising innovations. The goal of innovation management is to turn innovative ideas into successful products or services and drive growth and competitiveness for the organization. Effective innovation management requires a culture that fosters creativity and collaboration, a clear strategy for innovation, and a structured process for idea generation, evaluation, and commercialization. Why important? Innovation management is important today for several reasons: Competition: In today's rapidly changing business environment, companies need to be innovative to stay ahead of their competitors and maintain their competitive edge. Customer demands: Customers are constantly seeking new and improved product