Innovation Management

Topics: Innovation, Management, Invention Pages: 3 (1088 words) Published: March 14, 2015
 Innovation management (I.M.) is a creative unconventional approach to what managers do. It is a noveling of approaching problems that creates value for another or othes. It has to be something that can be put into practice operationalized, and it must bring about substantial change. Scholars have defined I.M. in slightly different ways: Bikinshaus, Hammel, and Mois give a “ relatively narrow definition of I.M. as “ the invention and implementation of a management practice, process, structure or technique that new to the state of the art and is intended to further organizational goals” (p.825); However, also provide a broader definition which states that the concept can be defined aas defference in the form, quality r state over time of the management activities in an organization, where th echage is a novel or unprecedented departure from the past” (p.926). Get another definition of I.M. is the it is “ a marked departure from traditional management principles, process and practices or a departure from customary, organizational forms that significantly alters the way work is performed. Put simply, [it] chages how managers do what they do (Hamel,p4). According to Harrinton and Voehl, “ organizations focusing on innovation interpret [innovation] as a corporate stratefy… that allows them to compete for customers, employees and wealth” (p.215). I.M. is important because it can make a company stand out form other businesses and create great profits for that company. Moreover, since such innovatioons are contest-specific and not easy to replicate they give companies a considerable advantage in staying ahead of the competition. Claim is made that “innovative firms tend to demonstrate higher profitability, greater market value, superior credit ratings and greater chances of survival” (Volberda et al., p2). Volberda et al also state that it is purpose of I.M. to “increase the effectiveness and efficiency of internal processes” and so to...
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