Innovation Management Study
Innovation management is the process of combination of innovation and change management. It includes product, business process, marketing and organizational innovation. Innovation management is the subject of the ISO 56000 series, developed by ISO TC 279. Innovation Management is based on the ideas of Austrian economist Joseph Schumpeter, who Identified in 1930s, an important factor in economic development. in his book "Capitalism, Socialism and Democracy" first time fully developed the concept of creative destruction. Innovation management provide opportunity to develop new ideas, processes or products in industry. Creativity is the basis of innovation management, to change in services or business process, Innovative ideas are the result of two consecutive stages, imitation and invention. innovation management tools, trigger and deploy the creative capabilities of the work force. Common innovation management tools are brainstorming, prototyping, product life cycle management, facilitation, TRIZ, phase-gate models, project management, product line planning, and portfolio management. The goal of innovation management is to create a suitable encouraging innovation environment within organization. Innovation management allows an organization, to create external or internal opportunities, for creativity to introduce new ideas, processes, or products.
Managing Complex Innovation
Innovation is a technological change that improves previous process and practices, To lead or sustain innovations. Innovation managers need to focus too much on innovation networks, to deeper understanding of the complexity of innovation. Collaboration with a network of organizations is an important source of innovation, and take comparative advantage, and operating in a coordinated manner. When a new technology undergoes a major transformation and achieves a successful innovation, Then it becomes more useful and great learning experience, not only for the parent industry but also for other industries. Large innovations are carried out by combination of implication and explicit knowledge, as well as inter-interdisciplinary networking between technical areas. Networking is very important for innovation, but network integration is the key to success for complex innovation. there are several ways to encourage organizational networking and cross-functional innovations, such as Socioeconomic zones, technology corridors, free trade agreements and technology groups.
Innovation Management Tools
Antonio Hidalgo and Jose Elbor proposed use of innovation management tools. The study at European level found 10 typologies for knowledge-driven innovation management tools. These typologies have 32 features that classify innovation management tools. The benefit of using typology is the easy integration of new methods, and the availability of a wider scope of tools.
There are following innovation management typologies and tools.
Knowledge Management Tools,
Knowledge Audit, Knowledge Mapping, Document Management, Intellectual Property Rights Management.
Market Intelligence Tools,
Technology Watch, Search, Patent Analysis, Business Intelligence, CRM, Geo-Marketing.
Cooperative & Networking Tools,
Groupware, Team Building, Supply Chain Management, industrial clustering, agile
Human Resource Management Techniques,
telecommunications, corporate The approach of intranet, online recruitment, e-learning, capability management, flat organization.
Interface Management Tools,
research and development, marketing interface management, brainstorming, concurrent engineering.
Creative Development Techniques,
lateral views, TRIZ, SCAMPER method, mind mapping.
Process Improvement Techniques,
benchmarking, Workflow, Business Process Re-engineering, Just-in-Time.
Innovation Project Management Techniques,
Project management, project evaluation, project portfolio management.
Design and Product Development Management Tools,
computer-aided design, rapid prototyping, usability standpoint, quality function deployment, value analysis.
Business Creation Tools,
business simulations, business planning, to research the market spin-off
Innovation Management Economic Theory
Management of innovation economic theory has been studied by Philippe Aghion and Jean Tirole. the theory is based on the Grossman Hart Moore property rights approach to the theory of the firm. this theory tells about, optimal allocation of property rights, that helps reduce the hold-up problem.