Innovation management is the management of innovation processes. It refers both to product, service, business model and organizational innovation.
Innovation management includes a set of tools that allow managers to cooperate with a common understanding of processes and goals. Innovation management allows the organization to respond to external or internal opportunities, and use its creativity to introduce new ideas and take them to implementation. It is not relegated to R&D; it involves workers at every level in contributing creatively to a company’s product development, manufacturing and marketing as part of an innovation management system.
By utilizing innovation management tools, management can trigger and deploy the creative capabilities of the work force for the continuous development of a company. Common tools include i.e. brainstorming methods, rapid prototyping, idea management, TRIZ, strategic intelligence and portfolio management. The process can be viewed as an evolutionary integration of organization, technology and market by iterating series of activities: search, select, implement and capture.« Back to Glossary Index