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To be successful in any business, in a competitive global economy, innovation is the key. Innovation is important not only for success but also for the survival of any organization. Today, businesses cannot survive without a strong innovation management techniques. If you are looking for more details about innovation management you may check this link https://licensed.innovation360.com.
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A common misconception about innovation in the business world is that it is all about the development of new products. Instead, innovation is the introduction of small changes and additions to the overall business processes and products.
It calls for the participation not only of R & D but also of all managers and employees in the organization. According to a study conducted by McKinsey and the Boston consulting group, 70 out of every 100 respondents considered innovation as one of the three strategic priorities of the company.
Innovation management aims to create a comprehensive innovation system and enable the best innovative ideas to take shape. There are many ways to manage innovation in an organization.
A simple innovation management technique, which are now used in almost all organizations, first requires all employees of the organization to contribute to innovation. The idea is invited from all parts of the organization.
These ideas may be associated with new products, new markets, new organizational structures or new services. Then, all the ideas are evaluated for their survival and the expected financial results in the future.
The ideas that pass the evaluation criteria then developed and implemented in a test environment. Finally, when the idea was successfully tested, then implemented and launched.