Innovation Management

Innovation management is the subject field of management of innovation. Innovation is the invention of new idea from one’s mind. It can be either product or organizational innovation. And innovation management is to create business value from the ideas from one’s mind. The focus of innovation management is to introduce new ideas, processes or products. It is not like that Innovation management is only for research and development; it requires new ideas which can contribute to the development of a company and hence involves workers of every grade.

By employing the appropriate tools of innovation management like Brainstorming, in which a large number of ideas can be produced with creative group meeting, Prototyping, which gives virtual concept of design, manufacture, development and sales and marketing before the actual product comes in to existence, Product lifecycle management, which is the process of entire lifecycle of a product from idea to design and manufacture to sale and dump which help in reducing time to market and improve the quality of product. There are many other tools like idea management, project management, and product line planning and portfolio management, are themselves a vast subject to study, which a company can utilize to actuate and implement the creative ideas of the workforce towards the development of a company. In short this can be considered as development of integration of organization, technology and market by repetitive episode of action that is search, select, implement and capture.

Innovation processes can either be promoted or ripped through development. In former process the organization tries to find remunerative applications to use existing or newly devised technology. And in latter process an organization tries to find areas where customers’ demands are not met, and then focus on the development and deployment of solutions to those unsatisfied demands. Understanding of requirements and problems related to market and technology is necessary to work and succeed in any of the innovation process. To meet both necessities, creating a team of personnel with marketing field and technical field can resolve the aforesaid issue. 

Due to increase in competition, the lifetime of new products is getting shorter; which makes companies to reduce the time to promote or advertise a product before it is available in market for sale and development time, without losing the quality of the product. And due to all these factors, companies are recognizing the importance of innovation management and hence there are wide opportunities for personnel in this field.

Many Business school provide innovation management as one of the discipline. There are undergraduate degree, postgraduate degree and PH.D degree in innovation management. One can also pursue MS degree in innovation management in abroad by fulfilling all the requirement of the college or the university in foreign.