Innovation management is the answer…
Often, for a business to gain a competitive edge it must bring something new to the market. Many new inventions have the potential to change the market’s landscape, but it takes more than that for a business to exploit this potential. Not only has it to be based on new fresh ideas but it has to figure out how to generate value from them. In other words, invention has to become innovation.
However, innovation involves more than just novel products, technologies and services. An innovative management philosophy consists of adopting new strategies, developing your business with flexibility in a constantly fluid environment, always improving how market value is created. Being able to anticipate how a change in the current approach can benefit the output of a business and taking action towards it is key for the success of an organization. In other words, management innovation is to improve the way your business works, grows and adapts to an ever-changing environment.