Manage the innovation and transformation processes
Innovation is today a major competitive edge factor for most enterprises and has become management’s new imperative.
However, even the most competent firm which deploys resources wisely still needs to manage innovation effectively, since it is not just about R&D. It should be understood to include the entire value chain: from R&D to engineering, manufacturing, distribution, sales, marketing, and even facility utilization and investment strategy.
Whatever form innovation takes, the goal is to create value from ideas – be it for products, services or processes. Only a few innovations will be blockbusters and some will result in incremental changes, but that doesn’t make them any less important.
Proper management of innovation can create long-lasting advantage and produce dramatic shifts in competitive position, allowing companies to cross new performance thresholds.
Innovation management allows the organization to respond to external or internal opportunities, and use its creativity to introduce new ideas, processes or products. It includes a set of tools to achieve a common understanding of processes and goals.