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Innovation management in the company: Process for developing new ideas and solutions
Innovation management in the company: Process for developing new ideas and solutions
Creativity is only the beginning. Successful innovation management creates a framework that enables employees to think entrepreneurially and transform ideas, knowledge and technologies into market-relevant innovations. Find out here how you can use our years of know-how from our own product development to develop products and services in your company and optimize your customer experience.
What is innovation management in the company?
In the entrepreneurial context, innovation (lat. innovare = to renew) stands for something new that creates a benefit for the company. The term innovation must be distinguished from ideas: An idea only becomes a true innovation when it is technically implemented and the solution is made usable. Usability is the central motive. Or to put it another way: An idea becomes an innovation when it proves itself and, for example, new products, new business areas or new processes are created or developed from it.
Innovation management encompasses all measures within a company or organization that help to promote innovations and make them usable for the company. Innovation management is a system that provides all the necessary structures, measures and processes to search for ideas, develop them and use them as innovations.
What are the goals of innovation management in the company?
What are the goals of innovation management in the company?
The goals of innovation management vary depending on the individual needs of the applying company. While one company desperately wants to reposition its brand in order to be able to compete with the competition, another company may want to "modernize" its work culture or its management so that it remains interesting as an employer for young, qualified employees. So there are many different motives for the targeted management of innovations in companies.
- Innovation management is versatile - and the goals and fields of action are just as versatile. These are, for example: Anticipating trends, opportunities and risks of the future and exploiting them innovatively and successfully.
- Develop new, innovative products and services and thus secure competitiveness
- Development of an innovation strategy and establishment of an innovation-friendly and innovation-promoting culture and leadership in the company
- Improve the customer experience for an optimal customer experience at all points of interaction to differentiate from the competition.
- Make internal processes and projects more effective and efficient in order to save costs and set up the company for high performance from within
- Expansion and renewal of the business model and markets to expand revenue sources. This includes innovations in corporate strategy and management, marketing, supply chains, value creation, pricing and cost structures.
Tasks of innovation management
Innovation management is divided into two major areas. These are
- On the one hand, organizational development measures for shaping the framework conditions, with the aim of enabling ideas to emerge in a variety of places within the company and to successfully turn them into beneficial innovations,
- and, on the other hand, the creative process of idea generation itself as well as the further development of the ideas into innovations and their implementation. This also includes the management of this process.
Why innovation management is worthwhile for your company:
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Securing competitiveness
Growth through differentiation
Satisfied customers
Motivated employees
Shorter time to market
Faster reaction to trends, opportunities and risks
Increasing efficiency and reducing costs
The innovation process: always keeping an eye on the goal
The innovation process creates a clearly structured system for the development of new products and services and is the core of any innovation management. Superior to it are the goals that define the process form and the further procedure as well as its planning. Goals, process and methods in innovation management vary from company to company and depend on internal and external circumstances.
At netzwerk P , innovation has been part of our corporate DNA for over 20 years. In order to always be able to offer our customers the best solutions, we continuously question our products, services and internal processes. In doing so, we also attach great importance to the principle of open innovation and bring partners from a wide variety of fields on board to address topics and problems. This exchange - also with customers and the market - enables us to maximize our innovation potential. The result is an established innovation process that controls how ideas are introduced to netzwerk P , followed up and brought to market.
What does an exemplary innovation process for product development look like?
Analysis
First, a prioritised idea is outlined that defines the customer benefit, and then feasibility and competition are analysed.
Prototyping
This is followed by the creation of a prototype - haptic or digital (e.g. a mockup or a paper/click dummy).
Testing
This prototype is tested internally and externally with real users.
Evaluation
Subsequently, the potential for innovation is defined on the basis of various evaluation factors. This creates a well-founded basis for decision-making for or against further development.
Summary: What matters!
Innovation goals and process
Both are part of the organisational structure and form the basis for the successful development and management of innovations.
Innovation architecture
It defines who is responsible for which task within the process. E.G.: Who creates ideas? Who makes decisions?
Methods
The practical implementation takes place in the individual phases with the help of the appropriate tools, always with a view to the question: Which methods are most effective?
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