4 Critical Areas of Effective Management of Innovation
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When new technologies and competitors disrupt markets, incumbent firms often struggle to remain competitive. These conditions inspire some businesses to create partnerships with others.
Collaborations require the appropriate individuals, methods, and organizational support to be successful. This demands an Integrative Innovation Management strategy.
Diverse facets of the Innovation process must be combined through a cogent Innovation Management Strategy that complements the individual goals of these areas.
Integrative Innovation Management focuses on 4 critical areas for the effective management of Innovation inside an organization. The areas are:
1. Integration of Directions of Impact
2. Integration of Stakeholders
3. Integration of Capabilities
4. Integration of People
Integrative Innovation Framework aims to create a framework that helps addressing Innovation’s holistic character.
As the number of interrelationships rises, care must be taken not to lose sight of the whole picture or overemphasize certain features.
Let us investigate the indicated regions in further detail.
Directions of Impact
Maintaining a balance between varied aims, strategies, and approaches is crucial for good Innovation Management. Innovation Management demands striking a balance between goals, objectives, and approaches that are typically in conflict.
Although fundamentally unlike, these opposing extremes are equally important.
Integration of People
Depending on the Direction of Impact, Innovation must have the correct combination of personnel with the required skills and attitudes. Diverse perspectives and ideas are helpful for identifying fresh possibilities that have the ability to significantly transform the present circumstances and existing Business Models.
Integration of Stakeholders
Businesses are discovering that handling Innovation on their own is becoming an increasingly impossible task. Some businesses are prompted by such conditions to develop partnerships, networks, and/or connect with communities and/or customers. These installations are often open layouts. Specifically, the settlement of systemic concerns, such as energy, healthcare, and mobility, is contingent upon effective collaboration between the necessary stakeholders.
Integration of Capabilities
To generate innovative, integrative functional capabilities, capabilities must transcend functional boundaries.
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To be competitive and sustain growth, we need to constantly develop new products, services, processes, technologies, and business models. In other words, we need to constantly innovate.
Ironically, the more we grow, the harder it becomes to innovate. Large organizations tend to be far better executors than they are innovators. To effectively manage the Innovation process, we need to master both the art and science of Innovation. Only then can we leverage Innovation as a Competitive Advantage, instead of viewing Innovation as a potential disruptive threat.
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