Innovation Management: What it is and how to transform your company
Posted: Mon Jan 20, 2025 8:23 am
If your business isn't innovating, it will stop in its tracks. That's why innovation management is so important: it creates methods and structures for ideas to be generated, tested and put into practice, resulting in business improvements.
After all, there is a lot of talk about the importance of a culture of innovation for a company. But is it simply about recruiting creative professionals?
Of course not, and innovation management proves it. This function systematizes the way in which a company treats, stimulates and implements innovative ideas in the business, transforming them into solutions.
In times of fierce competition and the need to create differentials to win over customers, this process has become even more relevant. However, it is also common to face some challenges in implementing innovation management. After all, is this really necessary?
Absolutely. Still, there are important differences between thailand whatsapp data simply fostering innovation and subjecting it to a management process. With that in mind, we created this content to clear up the issue once and for all.
We will explain everything on the subject, from the importance of innovation management for the development of organizations to its practical application. Shall we go there?
What is innovation management?
The most widely accepted definition of innovation management is that it is the process of managing new ideas, from their origin (ideation) to their practical application, in order to materialize innovative ideas and turn them into useful solutions for the business.
For some, this may seem like an incongruous function: after all, how do you tame and systematize something that, while structured, has nothing to do with it? Well, that is the challenge behind innovation management.
That is, systematize the creation and application of ideas.
You might be wondering, “ Which sector is responsible for this? ”
In practice, innovation management is usually the responsibility of an HR professional. However, people from all sectors are involved in the process of building an innovative structure.
After all, innovation can come from all stakeholders in the business, as well as be aimed at internal and external improvements and optimizations.
How did innovation management come about?
Innovation management, as a concept, is something new. However, its practices have been used in the market for a long time. According to a Harvard Business Review article, the practice has revolutionized businesses over the past 100 years.
Gary Hamel’s article, “The Why, What, and How of Management Innovation,” addresses the issue and highlights that innovation management has been responsible for the evolution of the market thus far.
However, few companies have a well-structured and documented process for managing continuous innovation:
“Virtually every organization on the planet has been working systematically in recent years to reinvent their business processes to achieve speed and efficiency .”
The conceptualization of innovation management, however, was not long in emerging from what companies were seen doing at the beginning of the last century.
In 1939, economist Joseph Schumpeter published a study that is now available in book form, called “Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalist Process.”
In the article, the economist explains that innovation is the main driving force of the capitalist economy. It is necessary for the company to grow and increase its level.
From then on, we gradually went through several administrative, industrial and technological revolutions that reinforced the need to innovate.
Can you imagine a successful business today that is not based on innovation? The answer tells us one thing: managing innovation today is essential for the future.
Innovation and business development
In the early 20th century, General Electric (founded by Thomas Edison, the inventor of the light bulb) revolutionized industry by establishing the industry's first research laboratories. DuPont then became a pioneer in the capital market by adopting return-on-investment calculations. Meanwhile, Procter & Gamble introduced us to the first consumer packaged goods.
The list spans more than a hundred years, from computerized automation to digital transformation. However, the number of companies has also multiplied, creating an environment for faster creation and greater density of products and services.
Thus, innovation management emerges as a process of systematizing the strategic use of the development of products, services and ideas. In this sense, the concept involves managing practices, methods, tools or even an entire department.
After all, there is a lot of talk about the importance of a culture of innovation for a company. But is it simply about recruiting creative professionals?
Of course not, and innovation management proves it. This function systematizes the way in which a company treats, stimulates and implements innovative ideas in the business, transforming them into solutions.
In times of fierce competition and the need to create differentials to win over customers, this process has become even more relevant. However, it is also common to face some challenges in implementing innovation management. After all, is this really necessary?
Absolutely. Still, there are important differences between thailand whatsapp data simply fostering innovation and subjecting it to a management process. With that in mind, we created this content to clear up the issue once and for all.
We will explain everything on the subject, from the importance of innovation management for the development of organizations to its practical application. Shall we go there?
What is innovation management?
The most widely accepted definition of innovation management is that it is the process of managing new ideas, from their origin (ideation) to their practical application, in order to materialize innovative ideas and turn them into useful solutions for the business.
For some, this may seem like an incongruous function: after all, how do you tame and systematize something that, while structured, has nothing to do with it? Well, that is the challenge behind innovation management.
That is, systematize the creation and application of ideas.
You might be wondering, “ Which sector is responsible for this? ”
In practice, innovation management is usually the responsibility of an HR professional. However, people from all sectors are involved in the process of building an innovative structure.
After all, innovation can come from all stakeholders in the business, as well as be aimed at internal and external improvements and optimizations.
How did innovation management come about?
Innovation management, as a concept, is something new. However, its practices have been used in the market for a long time. According to a Harvard Business Review article, the practice has revolutionized businesses over the past 100 years.
Gary Hamel’s article, “The Why, What, and How of Management Innovation,” addresses the issue and highlights that innovation management has been responsible for the evolution of the market thus far.
However, few companies have a well-structured and documented process for managing continuous innovation:
“Virtually every organization on the planet has been working systematically in recent years to reinvent their business processes to achieve speed and efficiency .”
The conceptualization of innovation management, however, was not long in emerging from what companies were seen doing at the beginning of the last century.
In 1939, economist Joseph Schumpeter published a study that is now available in book form, called “Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalist Process.”
In the article, the economist explains that innovation is the main driving force of the capitalist economy. It is necessary for the company to grow and increase its level.
From then on, we gradually went through several administrative, industrial and technological revolutions that reinforced the need to innovate.
Can you imagine a successful business today that is not based on innovation? The answer tells us one thing: managing innovation today is essential for the future.
Innovation and business development
In the early 20th century, General Electric (founded by Thomas Edison, the inventor of the light bulb) revolutionized industry by establishing the industry's first research laboratories. DuPont then became a pioneer in the capital market by adopting return-on-investment calculations. Meanwhile, Procter & Gamble introduced us to the first consumer packaged goods.
The list spans more than a hundred years, from computerized automation to digital transformation. However, the number of companies has also multiplied, creating an environment for faster creation and greater density of products and services.
Thus, innovation management emerges as a process of systematizing the strategic use of the development of products, services and ideas. In this sense, the concept involves managing practices, methods, tools or even an entire department.