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Innovation Management Free essay! Download now

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Innovation Management

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Downloads to date: N/A | Words: 4577 | Submitted: 11-Nov-2011
Spelling accuracy: 98.4% | Number of pages: 11 | Filetype: Word .doc

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The process of innovation and how to manage this process



Innovation management is the systematic processes that organizations use to develop new and improved products, services and business processes. Innovation management involves harnessing the creative ideas of an organization's employees and utilizing it to bring a steady pipeline of profitable new innovations to the marketplace, quickly and efficiently. In today’s world, innovation is a leading phenomenon for not only companies but also many fields of people’s life such as science, politics, economics etc.
The main reason why I chose this subject is my strong believe in importance of innovation management in companies. While , formerly, communication, needs to reach information and finding reliable information were important, nowadays creating astonishing ideas, new and different ways to produce and market and impressing masses by these changes and innovations are crucial. In order to gain advantage of sustainable innovation, we need to evaluate and manage the ideas and organizations‘ needs to have some metric in place to access the progress. Since most of big and leading companies are aware of this fact, they spend their thundering time and money on it. In this paper, I will try to find out answers of that questions: “What is innovation management?”, “ Why is innovation and innovation important?”, “ Is there any concrete process of innovation management?” and “ What is the relationship between innovation management and leadership?”. Moreover, with real cases, I will try to be more certain and clear about it.
As a famous subject, many of academicians, managers, authors and investigators focused about innovation management. First of all, I want to highlight some ideas and approaches from these important surveys and literatures. According to Austrian economist Joseph Schumpeter, who is a pioneer in innovation management, innovation can be seen as “creative destruction” waves that restructure the whole market in favor of those who grasp discontinuities faster. In his own words “the problem that is usually visualized is how capitalism administers existing structures, whereas the relevant problem is how it creates and destroy them”. So that in order to determine the ways how to create and destroy, innovation needs creativity. Moreover, according to Paul Trott, professor in Portsmouth Business School, innovation is ...

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