Innovative management, in simple terms, means the development and utilization of an idea in business. Innovation has become the new buzz word, but what does it mean? Unlike invention, innovation means the commercial application of an idea that came from the invention. And what does management mean? Management is related to managing something in a business space, usually a business operation.
Combining innovation and management, you’re getting the meaning that innovative management refers to someone who develops new ideas and implements them into a business. In other words, someone who is promoting and developing innovation inside the organization is a systematic manner; this includes innovation in management, operation, planning, and control.
However, even the word, innovative management, is debatable. Some people debate that, because of what innovative means, meaning something new, it can’t be managed. On the other hand, some people are firm believers. According to the believers, a manager responsible for bringing innovation to an organization is the meaning of the word, innovative management.
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What does Innovative Management Deal With?
By the definition of innovative management, such type of management deals with every aspect of the business. In other words, the purpose is to bring in innovation in the business and to utilize that innovation to bring out benefits.
Therefore, it deals with various aspects of the business. Innovation management can be used to improve an existing product to serve the customers better than the competition. Such management can be used to produce a completely new product to get a greater hold of the market. Innovation management can also be used to improve the various process of the business, internally and externally, to reduce cost.
Besides these, it is used to develop and utilize utterly new business models to increase the source of income. Overall, as you can see, it deals with improvements and innovation internally and externally in business to optimize the various processes.
Tasks and Action Areas of Innovative Management
Based on the dealings of innovative management, it can be said that it has two major tasks. One of them is to increase activities in organizational development. It also ensures that the business model is optimized for continuously generating ideas and successful implementation of those ideas.
The second major task is bringing in actual innovation. This side works in conjunction with active researches, developing ideas, and implementing those ideas. For a business two accomplish the second major task, it will need management departments for creativity, and research and development.
When it comes to areas of action, it can be extremely versatile. Some of the areas of activity include
A crucial area of innovative management covers in future management. What it means is that through innovative management, the business analyzes the trends and opportunities it may come across in the future. Moreover, it also takes into consideration the future risk the company may face and areas of weakness the business might need to fix.
One of the first tasks of a manager is to plan and execute the operation of the business successfully. It does that by developing innovative strategies and making plans that go hand in hand with those strategies. In other words, it draws the roadmap to innovation for the business.
As mentioned before, one thing that innovative management does is change the business model for better optimization— one of the crucial parts of any business in the decision-making process. Innovative management looks at the decision-making structures and the process of ownership to improve them.
Innovative management also plays a part in the innovative process. The innovation process includes developing an idea and turning it into a successful innovation. Innovation management develops business plans, prototypes, implementation of those prototypes. It also looks into solution development and innovative ways of marketing.
Another area of action for innovative management is controlling the innovations in an organization; this includes managing the various activities related to innovation, analyzing the multiple innovation indicators, and portfolio management.
Culture plays a vital role in how people in a business react to new things and existing problems and opportunities. To nurture innovation in the company, the culture must be set accordingly. That’s why bringing in the innovative culture in business also fall under the areas of action of innovative management.
Innovative management doesn’t only deal with the internal issues of business but also the external issues. That’s why it works toward bringing in innovation from outside as well. This is done by exploiting the networks and other resources for innovation.
Patent and Other Protective Rights
Patent other protective rights like trademark are blessings for individuals and businesses that are in the market for inventing new products and making the life of end-users more comfortable. For this reason, innovation management also acts when it comes to protective rights and patent issues.
The core tasks of innovative management include improving existing products and developing new products. For the protection of these ideas, innovation management deals with patents and other protective rights.
Innovation management deals with developing ideas and implementing them in business systematically. That’s why, sometimes, to achieve that goal, innovating management has to change the way management works. However, the change is brought only in the context of innovation.
Seeing the areas of action for innovative management, it is clear that it deals with various activities of a business, making it very diverse. The variety of actions also makes it clear that innovative management works in every business area. In today’s fast-paced business world, innovation is all around us. The main goal of innovation is to make the operation of the business simple and also efficient.
At the same time, innovation is brought to reduce costs while meeting the demands of the customers. That’s why it is important for businesses.
In conclusion, innovative management is very diverse, and this feature makes it essential to utilize the capabilities of innovative management in various business areas.
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