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Is Innovation Management the Key?

Is Innovation Management the Key?

Having a process in place to manage and monitor the results of an innovative process is necessary to managing innovation successfully.

To create a successful innovation management system requires the design and then implementation of the innovation. A management process will allow managers, engineers, stakeholders, and even manufacturing and design to work together while having a common goal. It also enables the business to monitor and verify the results of a new innovation, making it feasible to make corrections or additions along the way.

What Comprises an Innovation Management system?

A successful innovation management system first consists of the design of the innovation. Considering that a business has already accomplished this task, the focus then must become the implementation of the innovation. Implementing an innovation requires knowledge of the initial results that are to be gained from the innovation. Once this is established, results can begin to be monitored.

Innovation strategies should clearly align with the broader vision and scope of the business model that is already established. Project management tools that are already in use should also be used in innovation management. Decisions that make clear distinctions between vital and non-vital projects should be made. A successful innovation management system consists not of just understanding the innovation but realizing that good strategy, skills, processes, structures and rewards are all keys to success.

Core Questions to Answer before Establishing an Innovation Management System

Invariably, problems will arise during the implementation of innovations and its management systems. Breaking down the innovation management process into smaller, easier steps may be easier for businesses. These steps should consist of answering key questions that may seem obvious:

  • What is our innovation strategy?
  • What skills and capabilities do we need to deliver according to that strategy and do we know where to find them?
  • What structure allows our business units to work cross-functionally to deliver successfully?
  • What management systems and processes work best with our structure to help us drive week to week execution and manage issues related to delivery against the strategy?
  • What reward and recognition systems and policies will best motivate our employees (all functions) and how to we implement these with are already existing rewards program?

Answering these questions may not solve all of the problems to implement an innovation management system but it is an effective start.

Innovation Management and Cross-Functional Systems

Pulling in a multitude of resources will invariably assist with innovation and innovation management. Finding an evaluation system that’s worked well with other business units and modifying it for the innovative management system can save time as well as valuable resources. Companies have also begun to test out innovations in labs where the risk is lowered while learning is maximized. If it isn’t an option to smaller companies, think of a different way to achieve the same results: focus on an innovation day where employees are encouraged to think further than existing business functions, products, and goals.

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