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CRUCIAL ROLE OF INNOVATION MANAGEMENT
The goal of innovation management is to create suitable environment to encourage innovation at all levels of the organization. The rapid progress in technology necessitates faster adaption to the changing scenario in order to remain in business. Innovation management harnesses the creative capabilities of work force in introducing new ideas, processes, products and services. Innovation management is a combination of management of innovation processes and change management. Imitation and invention are the two consecutive steps of generating innovative ideas. The main goals of innovation management are – Introducing new products and services, improvising products and services to achieve customer delight, improving organisational processes to save cost and looking for new sources of income through new business models.
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POINTS TO REMEMBER WHILE WRITING INNOVATION MANAGEMENT ASSIGNMENT
Here are the few points to keep in mind while writing innovation management assignments to understand the vastness and complexity of the subject.
- Innovation is not restricted to research and development department.
- Innovation management is about handling all the activities to introduce something new.
- Innovation brings out the creative capabilities of the employees of the organisation.
TWO PROCESSES OF INNOVATION MANAGEMENT
- Push process – In push process, the business uses existing or newly invented technology to find profitable applications and creates consumer demand for the product or services.
- Pull process – In pull process, the business will try to spot the areas where customers’ needs are not met and then find appropriate solutions so that customers are attracted towards its products or services.
Students can browse our free samples on innovation management assignments and get [email protected] writing on push and pull processes.
FACTORS THAT IMPACT SUCCESSFUL IMPLEMENTATION OF INNOVATION MANAGEMENT
The following are the key factors for successful implementation of the innovation management process.
- Continuous improvement
- Creating value
- Allocation of resources
- Organisation culture
HELP AVAILABLE WITH INNOVATION MANAGEMENT TOOLS COURSE WORK
Our experts at MyHomeworkHelp will guide youin writing course work, essay and case studies on innovation management tools. Here is a brief about the tools;
- Brainstorming – It is a group activity to generate creative solutions to some specific problem. The group members come up with a list of spontaneous ideas and deliberate upon them to arrive at an effective solution.
- Digital prototyping – Digital prototyping helps to explore the productvirtually before building and launching, whichhelps in visualising, designing, validating and optimising the product. This provides crucial inputs to engineering, manufacturing, sales and marketing departments.
- Project management – This tool provides the framework for initiating, planning, executing, controlling and completion of the specific task within a specified time.
- Idea management – Idea management is a process to collect the ideas from all functional areas and evaluating them to solve the existing challenges and discover new opportunities.
- TRIZ – TRIZ is a Russian acronym denoting theory of resolution of invention related tasks. The English equivalent is theory of inventive problem solving TIPS. This is a problem solving, analysis and forecasting tool.
- Product life cycle management- This tool is for managing the entire life cycle of the product right from its ideation to design, manufacture, service and marketing.
- Phase-gate process – This is a project management technique where a project or main task is divided into prominent phases having decision points.
- Product lining –Here several related products are offered for sale individually to take advantage of pushing sales through previously satisfied customer base.
- Portfolio management – It is a tool for increasing business value through aligning project investments to business goals and strategies.
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