What is innovation management ?
Innovation management is the process of introducing and managing change in an organization or business. It involves the identification, development, and implementation of ideas that can create value for the organization.
Experts in innovation management
Here at Creax we have seen innovation evolve considerably over the years. From an ad hoc, incremental and company-internal approach, innovation now occurs across organizations, industries and markets. This new approach requires
professional innovation management.
As an expert in technological innovation for more than 20 years, Creax has witnessed these changes up close. We guide businesses through innovation trends and give insights on how to anticipate the future.
The topic of innovation has become so multi-faceted and complex that organizations have no choice but to develop a well-conceived innovation strategy as part of a wider culture of creativity. Ideally, all this is supported with
in-depth, external expertise. But what does this mean? Let’s take a closer look.
Learn how to read the graph
Whereas the horizontal and the vertical axis have no meaning, the placement of the bubbles shows the related activity, recency, and correlation.
- Distance. The distance between the bubbles is a measure of their correlations. Types of innovation that are strongly related thus appear closer than those that have very little in common.
- Size. The size of the innovation types relates to the activity: the more people publish about something, the bigger the bubble.
- Color. The color scale represents recency. From recent in yellow-orange hues over green and blue, to finally purple for established and older themes.
As such, new emerging types of innovation appear mostly as small yellow-orange bubbles. Well-established ones are shown in large green-blue circles. Smaller blue-purple types of innovation represent old themes that have been abandoned in the past. Either because they are well mastered or dead tracks.
Tackle your innovation challenges
Struggling with your future vision? Now matter how large or small your challenges, if you don’t grow you die. Innovation is the key to future relevance.
- Innovation management
- Organizational ambidexterity
- Front-end innovation
- Innovation decision making
- Systematic innovation processes
- Knowledge innovation
- Strategic intelligence
- Innovation teams
- Accelerated radical innovation
- Measuring innovation performance
- Project portfolio management
Your expertise and Creax’s unbiased point of view brings fresh insights and solutions to any innovation challenge. Rely on us for your strategic innovation management and implementation.
A universe of innovation
Innovation is much more than just developing a new product or service. It’s an intrinsic system of interconnection that encompasses all parts of your business, bringing things together in new and exciting ways. Innovation touches on ideation, technology, people, organization, customer onboarding, strategy, transformation and so much more.
On the left, you can see a universe of innovation, where
creativity and exploration offer fresh possibilities you never imagined. We bring our world-class expertise to topics such as:
- Open innovation
- Collaborative innovation
- Responsible innovation
- Technological innovation
- Business model innovation
- Continuous innovation
- New product development
- Product innovation
- Process innovation
- Green & environmental innovation
How to build the strongest innovation management strategy
Deciding which approach will deliver the best ROI is not always easy. An
innovation management strategy clarifies this whole process effortlessly, increasing your chances of successful forward-looking innovations.
By developing an innovation management strategy, you can target key objectives, streamline the evolution of new ideas, and ensure they are implemented effectively.
Innovation: value or goal?
Innovation is increasingly acknowledged as an essential instrument for adapting to a changing environment and ensuring corporate success for the future.
People & culture
We must never lose sight of the fact that the driver of innovation is first and foremost people. How are you unleashing the creative potential of your people?
Organizational ambidexterity is the ability of an organization to be effective in managing the day-to-day business while adapting to changes in the environment at the same time.
You might be aware of your changing business context, but so are your competitors. How do you keep track of the drivers in your playing field and offer distinctive solutions?
Leaders serve an organization best when they design smart strategic plans and mobilize people to drive future success by developing short-,mid- and long-term strategy scenarios.
In need of an experienced consultant, innovation partner or strategist?
Creax helps you stay relevant. Today, tomorrow and far beyond.
Unlocking the power of innovation management
Innovation management is important for organizations to stay competitive in today's rapidly changing business environment. It enables companies to develop new products, services, and processes to improve efficiency and gain a competitive advantage. It also helps businesses become more agile and responsive to customer needs, allowing them to quickly adapt to changing market conditions.
It helps businesses remain ahead of the competition while providing customers with the best possible experience.
Creax has developed a new data-driven methodology to help companies select the best ideas. It uses AI-driven context analysis of data sources such as publications, patents, web content and databases to provide unbiased insights about changes and trends in the company's playing field. The Creax framework then matches future scenarios with the company's DNA to identify opportunity spaces. Finally, it uses data to help create differentiating solutions through cross-industry research.
Once the groundwork is laid, the process of creating new, differentiating ideas can begin. Data can be leveraged to facilitate this process and drive innovation. Cross-industry research is essential in order to identify and assess potential technological solutions that could be adapted for your product or process. The information gathered provides a sound basis for constructing innovation roadmaps.
Organizations can promote a culture of innovation in several ways, such as:
- Encouraging creativity and risk-taking: Organizations should foster an environment where employees are encouraged to think outside the box and take calculated risks. This could include providing resources for brainstorming or allowing employees to propose innovative solutions to existing problems.
- Celebrating successes: It's important for organizations to recognize and reward successful innovations, both big and small. Doing so will not only encourage employees to continue innovating but will also help create a positive work culture that celebrates new ideas.
- Investing in technology: Technology is often the key to unlocking new innovations, so organizations should invest in the latest tools and technologies that can help their teams develop better products or services.
- Embracing failure: Organizations should also be prepared to accept failure as part of the process of innovation, as it is often through trial and error that new ideas emerge. Organizations should encourage employees to learn from their mistakes and use them as opportunities for growth.
Organizations face many challenges when managing innovation. Some of the most common challenges include:
- Lack of Resources: Innovation requires resources, such as money, personnel, and time. Organizations may lack the necessary resources to fully implement an innovative project or idea.
- Risk Aversion: Many organizations are risk averse and unwilling to take chances on new ideas or projects that could potentially fail. This can stifle innovation and lead to missed opportunities for growth.
- Lack of Vision: Without a clear vision for how an innovative project or idea will benefit the organization, it can be difficult to get buy-in from stakeholders.
- Poor Communication: Poor communication between team members can lead to misunderstandings and confusion about the goals and objectives of an innovative project or idea.
- Resistance to Change: People are often resistant to change, which can make it difficult to successfully implement a new idea or project in an organization.
Leadership plays a key role in driving innovation within an organization. Leaders should create an environment that encourages creativity, risk-taking, and experimentation. They should also provide the necessary resources and support for employees to pursue new ideas. Leaders should focus on setting goals that challenge employees to think outside the box and come up with innovative solutions. They should also foster collaboration among teams to ensure that all perspectives are heard and considered when developing new ideas. Additionally, leaders should be open to feedback from employees and engage in dialogue about how best to move forward with innovative initiatives. Finally, leaders should recognize and reward employees who contribute to successful innovation projects as this will help motivate others to continue innovating.
Innovation management stories
Wondering how our innovation management has helped other customers? Creax is committed to helping you to bring lucidity to the landscape of innovation management.
It’s time for the manufacturing industry to roll up its sleeves and re-think its new product development strategy. Refining existing products is no longer enough.
Organizational ambidexterity is a recent, emerging topic within the innovation management landscape that deserves a closer look. It also links to two other trending innovation…
Innovation is complex! In this series of blog posts Creax brings clarity by offering unbiased insights from over 54,000 research papers on #Innovation. We guide…