Contemporary business environment is characterized by change. A change that is contiguous and sometimes radical. If an organization wants to survive in such a competitive environment, it has to adapt and more importantly to innovate. Invention is not enough. Innovation is about the creation of value. Innovation requires some other things except invention. That is why many good companies that were leaders at their industries lost market dominance and some of them fail.
Companies not only need new discoveries but also new strategies to survive. In order to follow the pace of change, companies need to have flexibility and innovation effectiveness. This is where Management Innovation comes into the picture. Management Innovation is about applying new and effective management practices. Management innovation goes beyond products and technologies. It tells us who to work better, how to organize and structure an organization in order to thrive. Management innovation is the platform for innovation. It is the base of innovation. Moreover, it acts as a launcher for a company’s effectiveness, organic growth and success. Innovation management includes four main development processes: new products, new capabilities, new businesses and new strategies. Each established company works in its specific way. But is that the best way? And how can we change? Management innovation is the answer…
In Axia we implement innovation management taking into consideration three core elements:
Innovation Strategy: Since ideas in companies are most often generated by people working at their day to day jobs we are proposing a strategy where innovation in embedded and allows top management to sponsor new ideas and encourages the capturing of ideas when they arise. Ensuring that innovation is driven and sponsored from the top-down allows ideas that might otherwise be drowned in the daily tasks to be drawn out and given space to flourish.
Innovation Organization: The generation and capturing of ideas requires processes to facilitate their maturation and to turn them into viable projects just like any other business process. In implementing an innovation management approach, companies need have a defined process in place that will allow ideas to be generated and captured, to be prioritised and subsequently matured on a consistent basis.
Innovation Culture:Finally, besides the innovation strategy and organization, it is crucial that a company will develop an innovation culture that will sustain and continuously improve the innovation process transforming it to a way of life and operation for the company and employees.