The Importance Of Innovation Management

Showing the way how to handle innovations in a meaningful way that helps to sustain the innovation through successful implementation is what innovation management is all about. Most organizations are well aware of the importance of innovations and do not hesitate to swear by it, but few really know how to integrate it with the organizational goals to derive its best value. Innovations are usually on the priority list of companies but most often than not it turns out into a mere ritual of collecting suggestions and ideas through suggestion boxes. It is like beginning with a war cry without really knowing how to fight the battle. This is the picture that is commonly seen across organizations and it clearly demonstrates the lack of direction, which is so essential to sustain innovations.

innovation management

The picture that we see

It all begins and ends in the suggestions box – this is kind of feeling that is generated among the workforce who learn from their mistakes of being wrongly enthused at the idea of suggesting something new. Since the sincere efforts of people in generating ideas and submitting it for evaluation goes waste, it develops mistrust between the workers and the management. There is a feeling of disenchantment as people get disheartened. This is a very bad precedence that can have far reaching effects on the organization as motivational levels make a nosedive. People are more than convinced that the call for innovation is nothing but a hoax.

Poor management is responsible

But in reality, innovation has loads of benefits which got lost amidst poor management. Despite acknowledging the power of innovation in driving companies ahead much faster than others, the company that failed did not have a strategy for innovation management. Either they lacked the vision or the willingness to implement or they did not have the resources to take forward the novel ideas that had been collected.  It is true that gathering ideas is perhaps the easiest thing to do, with the toughest part being left to managing the data that has been collected, evaluate it and pick the right ones that can be aligned with the company goals for growth and development.

Set the goals about innovation

Why would companies want to innovate has to be thought first before launching any innovation campaign. Setting the goals for innovation by defining the thrust areas for development is the foremost task that has to be accomplished. The action plan has to be based on the methods of realizing the goals and it would consist of details about modalities of employee engagement that is essential to get the best ideas. This has to be backed by an evaluation system that would help identify the most relevant innovations that are meaningful for the company’s growth.  The third and most important aspect is to devise a monitoring system to track proper implementation of the chosen innovations.

A valid package of the above is what innovation management is about.  Its absence can jeopardize the spirit of innovation and can spell disaster for companies.