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.
Innovation requires a different skill set which needs conditioning. You can have innovative ideas only when you have worked your mind enough in understanding a particular subject/ product. So, innovation isn’t more about research and development but largely about contribution of ideas. Innovation Management must help a company find more high quality ideas by expanding their innovation pool. And the good ideas must be visible so that further brainstorming can be promoted. So for overall better performance, Madhukar Angur recommends it is better to adopt innovation management.