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What is Innovation Management?

How to keep your company innovative for years to come.

In its simplest form…

Innovation management is the process of managing every stage of a company’s innovation process, from ideation to bringing those ideas to market, with the goal of driving business results.

Innovation can mean something different for every company. For some, it can mean improving existing processes or operations. For others, it can mean the creation of a ground-breaking product or service.

Regardless of how you define it, innovation doesn’t happen without programmatic innovation management.

Your competitors are innovating, are you?

Innovation management is key to success

To remain competitive, innovation has to happen. Whether it’s creating new or improving upon existing products or services, a company can only compete long-term if they’re continuously innovating.

That’s the difference between the most admired companies today and the ones that fizzle away without even a whimper…Ok, some go kicking and screaming.

What we do know is that 40% of Fortune 500 companies won’t exist in 10 years (Source: Dr. Peter Diamandis). The cost of stagnating as a company, and failing to generate new ideas, manage innovation effectively, and bring those ideas to market, is high.

Managing innovation is easier said than done. Inspiration for new ideas can come from anyone, anywhere, at any time. The question is, how are you going to manage this? An “ideas” email inbox? Spreadsheets? No way.

A more sophisticated and intelligent mechanism must be put in place to keep you organized and focused on the highest value initiatives – the ones that will help you accomplish your enterprise innovation goals.

Innovation can come at any time

Successful innovation management must:

Engage people beyond the traditional innovation or ideation centers of your company (such as product or R&D)

Surface innovations with the most potential, not just the most popular ideas

Provide enough structure to make your innovation management process repeatable and scalable

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Protect your Intellectual Property (IP)

A recent Accenture study found that companies with a formal innovation management system in place are 75% more likely to define their innovation strategy as “delivering competitive advantage.” They are also 35% more likely to say they are “typically first to market with new products or services.”

Managing your innovation efforts is easier than you think.

By now you have a solid understanding of what innovation management means.

The next question that’s probably on your mind is, “Are there any tools that can actually help me manage the innovation process? I want to avoid spreadsheets.” Well, you’re in luck. There are solutions that can do just that and then some.

But before you enter the world of innovation management technologies, there are some important things you need to know in order to choose the best technology for your company’s needs. Don’t worry, we have your back.

Download the Innovation Management Platforms: The Buyer’s Guide to ensure you’re equipped with the knowledge that will help you make the best buying decision possible.