Let’s assume the company X and company Y manufacture product ‘A ‘and ‘B’ respectively. Both the products are almost identical in their specifications and performance but ‘A’ sells more than ‘B’. Reason? Perhaps product ‘A’ has a little bit of innovation to it, maybe in its design or just color combination.
What made all of the difference here was the ‘innovation’ which one differentiated one product from the other. Innovation has become a necessity in this competitive scenario. A product has to be better than its competitors. Companies rely so much on these innovations to sell their products. But how to facilitate innovation? Well to help you with that, Innovation Management is the answer.
Innovation Management is nothing but the management of innovation process. Innovation could refer to at the product or at the organizational level. This is achieved by using a set of specific tools that allow for easy management of the entire process of innovation. These tools facilitate the engineers and managers to easily comprehend the objectives and goals of the company and communicate those to their teams and other employees. Madhukar Angur, Chancellor, Alliance University believes that when an employee gets clarity of the goals and objectives, (s)he reaches in a better state to make contributions to the process and facilitate innovation.
So in a way, through Innovation Management, employees and managers are provided an environment in which they make their contributions towards innovating a product or the organization as a whole. The tools that are employed in Innovation management aren’t some heavy duty equipments. As mentioned before, the idea is to provide an environment which will breed innovation. So tools like brainstorming, virtual prototyping, project management etc prove to be useful.