Innovation Management: Meaning, Process, and Tool - ALCOR FUND

Insights

Innovation Management: Meaning, Process, and Tool

  • September 21, 2020
  • AF Bureau
Innovation Management

What is innovation management?

Innovation management is managing the implementation of new ideas. This process includes everything starting with idea generation, developing the idea, planning, and till the very implementation. It works as a systematic roadmap to bring ideas to life. Innovation management deals with promoting idea generation and working to develop these ideas so that an organization can benefit from its implementation.

 

Types of innovation

 

Types of innovation

 

  • Incremental Innovation – 

    This type of innovation makes use of the existing technology and their existing market to provide an added or increased value to their consumers. For example, Gillette razors started with a single blade and then evolved into multiple blades.

 

  • Disruptive Innovation – 

    Disruptive Innovation talks about applying new technology in your existing market. For example, with the introduction of smartphones, laptops and computers no longer were the sole medium to access the internet.

 

  • Radical Innovation – 

    Radical Innovation uses new technology in the new market. Also, this not only results in the creation of revolutionary technologies but also of market places that were earlier non-existent.

 

  • Architectural Innovation – 

    Architectural innovation makes use of existing technology and is an entirely new market area. The risk factor here is quite less since we are applying an already existing and proven technology. 

 

Innovation management process

The innovation management process can be customized according to the specific needs of the organizations.

  • Collection of ideas – 

    The first step in the innovation management process is to come up with a large number of ideas. At this stage, no idea is a bad one. The main focus here is to build a large pool.

 

  • Selecting the most suitable one – 

    This step works as an eliminating one. Here you study all the ideas and keep eliminating the not suitable ones so that you end with the best few of the lot.

 

  • Checking the feasibility – 

    An idea can be revolutionary and out of the box but it would not do you any good if it can’t be implemented. That’s why a feasibility test becomes of utmost importance.

 

  • Development work – 

    To be able to successfully implement an idea, a lot of work has to be done to make it actionable. So, this stage works on developing the idea.

 

  • Implementation of the idea – 

    After all the work this is the stage where the implementation happens. And we see the idea being put into practice.

 

  • Analysis of innovation – 

    This is the stage of monitoring and analyzing. Whether the implementation of your idea has been a success or not is decided here. So, it also gives you the areas of improvement, if there are any, to work on.

 

Innovation management software

The entire process of innovation management can also be done with the use of the software. So, these applications help you to organize your ideas, give it a proper structure, and see it through until its implementation is complete.

  • Viima

    Viima provides the features of collecting, developing, and prioritizing ideas and analyzing their implementation. Their creative boards make it easy to get your entire team ideating. The discussion features and allocating responsibilities along with the freedom to develop your systematic process helps you in the development phase. So, automatic evaluation and efficient visualization tools make the prioritizing easier. The analysis features help you with identifying bottlenecks and resolving them, getting an overview of your work, and presenting trends.

 

  • Planbox – 

    Planbox claims to be one of the top-ranked innovation management platforms. The way it works is by using data and insights to discover ideas, innovate, and develop these ideas and realize them to achieve business outcomes. The features of this platform can be customized according to your needs and preferences. So, you can manage innovation in any department of your business. So, the user-friendly interface helps develop a culture of innovation and its efficient management.

 

  • Planview – 

    This enterprise innovation management solution collects ideas. This takes place from your entire organization and with storage in a centralized place. The next step involves evaluation and development for these ideas. And finally, we come to the stage of their implementation. So, utilizing the power of technology and the employees of your organization Planview works to help to identify the ideas that have the greatest potential. Therefore, this is possible due to the application of machine learning and features like voting and ranking.

 

Conclusion

Innovation is how you survive. And innovation management is the efficient way of mastering this survival technique. Hence, using a streamlined process of generating ideas, analyzing them, developing them, and then finally implementing them helps you make the most of it.

 

For insight on the funding feasibility of your business idea check out our free report.

Ready to Talk?