Successfully embedding innovation management in the company
Innovation management is one of the most challenging and pioneering roles in the company: Innovation ensures sustainable commercial success by improving existing products and services or creating entirely new product ideas and business models. In recent years, therefore, innovation methods such as design thinking and lean startup have become increasingly prevalent in companies. However, simply copying concepts from creative and innovative start-ups does not guarantee innovative success. Instead, innovation processes should be individually tailored to the company and its goals. This is where corporate innovation comes in. The aim is to systematically embed innovation management in the culture, organization and processes of the company.
In their innovation projects, many companies focus on introducing new technologies to optimize production. However, innovation management ought to be given broader consideration. Corporate innovation is therefore geared towards comprehensive change that affects all employees. After all, it is in their minds that new ideas are born. A company’s ability to innovate improves when employees are involved, there is room for creativity, experimentation is allowed and setbacks are accepted. If innovation is a high priority in the corporate culture, the benefits are manifold: Companies can respond more flexibly to market developments and customer needs, develop products faster and place them on the market with great success. At the same time, the risk of undesirable developments is reduced.