Innovation Management (IM) is the process of recognizing, managing, and implementing organizational innovations efficiently. Previously, it was a part of R&D, but in modern management process, innovations are separately treated for making the process more dynamic and implementable. It is an interdisciplinary subject, and students of Business Management, HRM, and IT Management are sometimes given assignments on IM. In some universities, collages, and institutes a postgraduate program on Innovation Management is also available, where the students need to handle such types of assignments throughout the course curriculum. In this matter, BookMyEssay has a highly efficient team of experts to help the students having any problem in handling IM assignments. The Innovation Management assignment help has the solutions against any kinds of Innovation management assignments including homework, coursework, and dissertation writing.
As the name suggests, it is the management of innovations in the best possible ways. Today’s dynamic organizations understand that their employees are the biggest and the most valuable asset of their respective organizations. If given sufficient scope to work in a cordial environment, they can plan and produce innovative processes or ideas that may be utilized fruitfully. So, innovations can’t be restricted to the R&D department any more. Modern management concept believes in participative management in every aspect, including in research and development. Here lies the importance of IM.
Whoever drafts a plan, or wherever in the whole organization, it is happening, innovation should be welcomed wholeheartedly. It is not possible for a staff to use the company’s infrastructure to materialize, or test drive an innovation without the approval of the appropriate authority. So, if the management has a clear strategy in this matter, staffs from any levels will be able to work on his or her plans. Innumerable examples could be found, where great innovations have enriched the organizations through this innovation management.
An effective IM should have the following aspects:
From the management’s perspective, it is important to optimize the process, not controlling it. Experts opine that a hierarchical chain of command can spoil an innovation. In its place, the workforce needs to provide sufficient freedom to work on their ideas, and the whole system should support their effort. Due recognition needs to be given to the staff. All ideas may not be successful or favorable for the organization. In such situations, the system should not demoralize the dynamic people in the organization.
Innovation Management is also meant for selecting and developing high-opportunity projects as early as possible, and preventing unnecessary investments on the poor or irrelevant investments.
It is true that paying importance on the new project may slack an existing project. Innovation Management also looks at this problem and comes out with good solutions.
A rather new approach, called “open innovation” is also adopted these days. In this process, an organization collaborate their innovation process with “equal minded” partners. It helps to reduce cost of the projects, and risk of failure. However, this method also has some disadvantages in the long run.
Some common topics that are frequently covered under IM are as follows:
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