Innovation is vital for a company to gain a competitive edge over its rivals. Innovation requires management skills to ensure that ideas are adequately scrutinized before they are implemented. Creativity should be encouraged to manage the process of innovation. The paper provides a ranking with a brief description of each of the characteristics of managing innovation and a description of how the team approached the ranking and arrived at a final decision for the ranking.
First, conducting wide range of boundary-spanning activities to acquire knowledge on innovative ideas within the business segment and keep updated with the technology used by competitors. An organization should embark in collecting new innovation ideas and suggestions from the customers to design products and offer services which suite the needs of customers and remain competitive in the market.
Use your promo and get a custom paper on
"Managing Innovation Summary".
Second, setting realistic expectation. It is important for the organization to have realistic objectives of what to attain within a certain period of time. Setting realistic expectations enables the company to assess itself in terms of performance after a certain period of time and suggest areas to improve.
Third, creating a supportive environment for “debugging” and exploring disparities. The environment to support innovation should have appropriate resources to support the project and service to achieve the desired goal. Resources such as employees should be encouraged and provided with the required incentives to carry out the process of innovation.
Fourth, allocating funds for innovation. The company management should provide separate funds to the relevant research team to support the process of innovation. The funds can be used during the process of carrying out market research and analysis of data obtained from the market segment of the company.
Fifth, there should be a precise direction on the market or technology studies to be carried out. The relevant management team should set the required direction to achieve the expected product. Follow-ups should also be done to assess the status of the innovation research process.
Lastly, periodic reviews of informal proposals to be carried out by a professional group outside line management. The group should have the business idea and experience for the innovative process carried out.
- White, M., A. & Bruton, G., D. (2010). The management of Technology and innovation: A strategic approach. Cengage Learning
