Innovation Management is the engine of progress. It has been that way since the dawn of time, and it will continue to be that way for centuries to come. Innovation management (ISO 56002) is a difficult task because there’s no one-size-fits-all approach. The best course of action depends on what stage your company is at, what you’re trying to accomplish, and who you are as an individual or organization. Innovation management creates and develops new products, services, processes, or marketing approaches. It can be an exciting time for any company to have a breakthrough idea that will change how they operate.
Types of Innovation Management (ISO 56002)
- Disruptive Innovation – Disruptive innovation is the process of creating new technologies that allow for changes in markets, industries, and society. This type of innovation can be either incremental or radical. It often doesn’t follow the norms set by previous technological innovations, which means it has a high potential to impact our lives.
- Architectural Innovation – Architectural innovation is creating something new in architecture or building design. It can be a single element like an air conditioning system or a complete renovation. Innovations in architectural design are crucial for future generations to make their homes more sustainable and livable.
- Incremental Innovation – Incremental innovation is a concept many companies use to improve their processes. It’s a process of making minor, incremental improvements on products or services to make them better for the customer and more competitive in the marketplace. The idea is that this type of innovation will lead to an overall improvement in the product’s performance over time.
- Product Innovation – It’s the process of creating new products or services for consumers, which means that either companies or individuals can do it. Product innovation is a key to sustainable competitive advantage.
Four ways to Encourage Innovation Management (ISO 56002)
If your organization is discovering new ways to encourage innovation and stand out of competition, here are some ways that can help you:
- Intrapreneurship – Intrapreneurship is the act of employees who take an entrepreneurial approach to their work. It often involves innovative thinking, risk-taking, and creativity. With intrapreneurship, employees are encouraged to think outside the box and take charge in helping build a better company culture. The result will lead to more innovation and higher productivity levels.
- Encourage Innovative Ideas – Create an environment where experimenting is rewarded. Invest a considerable portion of your profits in research and development to help you build innovative products and save costs. Also, reward employees for failing even if they try something new and document the lessons learned during the process.
- Do things Differently – Assign your teams to new projects beyond their experience, encouraging brainstorming and out-of-the-box thinking. Promoting new ways to achieve business objectives is not about doing different things; doing things differently also matters.
- Create an Innovative Culture – One way you can foster creativity is by showing people what other companies who are successful at innovation do differently than you – this will give your team ideas on what might work for them.
Innovation Management (ISO 56002) Tools
The success of any company is dependent on the innovation that takes place within its walls. Of course, innovation can come from anywhere, but some tools will help you foster it and maintain it.
- Qmarkets – If you need an excellent way to manage your company’s innovation, Qmarkets is the perfect platform. It helps you bring together all of your ideas and thoughts into one organized space that can be accessed by everyone involved in the project. This will lead to increased efficiency and better-quality products than ever before. The best part? You don’t have to spend any money on software or developer fees for this.
- Ideabridge – Ideabridge is an innovation management (ISO 56002) tool that helps business owners find the best ideas for their company. It uses a patent-pending process to filter through all of the information, so you can see which ideas are most likely to work. The Ideabridge team has decades of experience developing successful innovations for Fortune 500 companies.
- Ideadrop – The objective behind ideadrop is to provide an easy-to-use, collaborative platform for organizations of all sizes. It’s designed with the vision that every organization can be innovative, and it’s time for them to unleash their creativity to grow. With ideadrop innovation management tool, you can easily collaborate on ideas, vote on suggestions, share feedback, and more.
Three Processes for Managing Ideas
- Centralized Model – The Centralized Model for innovation is a management paradigm that has been in use since the Industrial Revolution. It was created to ensure that businesses could maximize their productivity and efficiency while maintaining control over what they produce. This model, also known as the linear process, does not rely on feedback from customers or other stakeholders because it relies on predetermined goals and objectives.
- Decentralized Model – The decentralized model for innovation is a new way of innovating that can change the world. The model works by having anyone submit ideas and then vote on them, with popular ideas turned into prototypes.
- Hybrid Model – The Hybrid Model for innovation is a new approach to generating ideas. It combines the best of both worlds – the centralized and decentralized that you get from brainstorming with your team. Combining these two models will give you more opportunities for innovation than ever before. This model is often used by large companies with diverse processes and ideas.
Stages of an Innovation Management System (ISO 56002)
- Set Goals – Innovation begins with an objective or necessity. It can be trying something that was never done before or finding the solution to a problem. Once the plan is set, it needs to be discussed with the team. The team may consist of the members involved in your project, stakeholders who may provide suggestions or all the employees from an organization. Break down the objective into manageable steps required to be taken and assign a manager to lead these different projects, governed by a manager in the center to manage the entire project goal.
- Cooperation – Create a culture of sharing information across teams so that everyone has access to all relevant information when they need it. Be open-minded about what others say or propose; make sure there is no regret if someone shares their idea for improving efficiency, even if it isn’t successful right away.
- Evaluation of Ideas – Once the ideas are framed, choose the best ones through brainstorming sessions. We can evaluate innovative ideas by looking at the following factors: the novelty of the idea, how much it changes things, and how well-known it is. The ideas need to be combined, polished, enhanced, and sent for peer review.
- Testing – Once the best ideas have been developed, it is time to put them into action to identify any pain points. Ideas can be tested in many different ways, but one method that has been proven effective is A/B testing. A/B testing is a kind of experiment in which two ideas, A and B, are created. The goal is to determine which ideas perform better.
- Assessing Innovation Lifecycle – While executing an idea, closely monitor and set milestones to track the progress. Any changes, if required, need to be implemented, or the ideas need to be stopped. Remember to consider the client’s requirements because it is for them who you are creating the product for. Use an agile approach that gives stakeholders and team members the flexibility to share their opinions.