Innovation Management to Future-Proof Your Enterprise

Innovation is now a top priority for the majority of business leaders, however deciding which approach will deliver the best ROI is not always easy. Innovation Management takes the guess-work out of this process, by leveraging the “wisdom of crowds” in order to identify, develop, and implement the most valuable ideas for your organization.

Defining Innovation Management

Innovation management is the systematic process of organizing innovative practices throughout your enterprise. When leveraged effectively, innovation management can give rise to a creative culture where breakthrough ideas are generated on a continuing basis. It can also ensure complex, large-scale innovation objectives are broken down into manageable goals that various participant groups can focus on.

 

The History & Pioneers

Several of the concepts of innovation management were first formulated by the acclaimed Austrian political economist Joseph Schumpeter. During the 1930s, Schumpeter coined the term ‘creative destruction’ to refer to industrial forces revolutionizing economic structured from within (a concept that would later inform the idea of ‘disruptive innovation.Since Schumpeter’s time, a variety of thinkers and entrepreneurs have helped codify and develop the theory of innovation management, aided by advancements in digital technology.

These include:

  • Clayton Christensen – who wrote the seminal book ‘The Innovator’s Dilemma’ in the 1990s to explore the friction between incremental and disruptive innovation approaches
  • Soren Kaplan – whose works have had a major impact on the development of corporate innovation culture
  • Eric Ries – the acclaimed business author whose works explore how lean startup companies focus on continuous innovation to drive success

Methodologies & Approaches

The two broad methodology categories that innovation management typically falls into are ‘incremental’ and ‘disruptive’. While the former involves making consistent improvements to existing products, services, or work processes, the latter involves introducing bolder changes which carry more risk but the possibility of large-scale returns.

The primary innovation approaches include:

  • Integrative Approach: Focuses on how innovation can be best accommodated within an organization’s existing structure.
  • Emergent Approach: Entails researching burgeoning trends and new technologies to pinpoint innovation opportunities.
  • Customer-Centric Approach: Involves seeking out the input of customers and other external stakeholders to inform innovation.

 

Key Benefits of Innovation Management

Cultivating a pervasive culture of innovation to deliver ongoing repeatable results

Breaking down organizational silos through effective digital collaboration

Effectively engaging internal & external stakeholders, with your strategic challenges

Overcoming top-down bureaucratic barriers to successful innovation management

What The Experts Say...

"Senior executives almost unanimously (94%) say that people and corporate culture are the most important drivers of innovation."

“Organizations must actively mine and manage the collective wisdom and experiences in the firm’s ecosystem to thrive in an increasingly competitive market.”

"Nothing will propel a company further than a culture of innovation: An atmosphere that inspires employees, every hour they're at work, to seek out innovative opportunities."

"In many organizations, there is an explicit goal of innovating in a way that is culturally inclusive to engage employees as well as benefit from their collective brainpower."

Achieve Your Strategic Business Goals
With Corporate Innovation Management

Innovate or die is a mantra that is more relevant today than ever before. However, the larger your organisation, the more difficult it can be to consistently drive innovation at scale. In order to maximize ROI, you’ll need a system in place that engages employees and external stakeholders, encouraging them to collaborate and generate ground-breaking new ideas. Once these ideas have been gathered, it’s just as important to have a means of monitoring them and measuring their effectiveness.

This is why innovation management is invaluable for enterprises facing market disruption. An innovation management strategy, coupled with a dedicated tool for implementing it, will enable your enterprise to run strategic ideation campaigns that can engage participants and target business objectives. It will also allow you to generate the key metrics required to discern which new strategy, product, or idea will deliver bottom-line value. This means more innovation with less uncertainty.

New Product & Service Development

Employ a design thinking framework through crowdsourcing to identify innovative suggestions for new products or services.

Incremental Innovation

Generate ongoing accumulative benefit for your organization by embedding innovation management into your company culture through a digital ecosystem.

 

Disruptive Innovation

Brainstorm to discover new markets, technologies, products or services which can facilitate change management at your company.

Open Innovation Management

Engage customers and other external stakeholders by inviting them to participate in digital co-creation engagements.

INNOVATE

Leading Global Enterprises Innovate with Qmarkets!

Your Q-360 Suite of Collective Intelligence Solutions

Discover Qmarkets’ next-gen product portfolio, tailored to meet any business need or challenge.

Resounding Accolades

Discover why Qmarkets is consistently recognized by leading analysts as a multi-award winning solution.

Read Gartner’s 2016 Market Guide for Innovation Management Solutions

Read Forrester Wave™: Innovation Management Solutions, 2016

Read MWD Advisors' report on Qmarkets’ packaged approach to innovation, 2018

Read the Info-Tech vendor landscape “Innovation Management Solutions” report

Business Innovation Brief

Discover How Philip Morris International Is Transforming Via Innovative Self-Disruption

This insightful free webinar explores how the world’s leading cigarette company is implementing one of the most revolutionary innovation strategies in modern business…

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