Key Elements of the Innovation Management System

Key elements of the innovation management system

The innovation management system is one of the main factors that can decide the success of modern organizations. As innovation becomes a key element of business development, organizations are putting more effort to adopt new innovative methods for their business processes.

With the increase in the importance of innovation management, it is important to identify the key elements of a successful innovation management system. A successful innovation management system consists of several interrelated and interacting elements which will support the proper function of the system. This can help the organization to ensure success through creativity and innovation.

There are seven key elements that have been identified in a successful innovation management system.

Context: Any organization should have a proper understanding of the internal and external factors of the business. This includes the trends, threats, opportunities, technological changes and advancements, internal strengths, and foreseeable opportunities for the business. This can help the organization to identify innovative opportunities and make plans to take maximum advantage of them.

Leadership: Based on the innovative opportunities identified in the context, the higher management of the organization should demonstrate leadership by setting an innovative vision, mission, goals, and objectives for the organization. The organizational strategy to achieve its goals and objectives should be aligned with the recognized internal and external innovation factors through the context.

Planning: Once the top management of the organization identifies the vision, mission, and objectives of the organization, the organization structure, innovation objectives, and the innovation portfolio should be established in a way that the innovative concepts can be achieved. When planning for the structure, the organization should consider the internal and external factors of the organization which can create an impact on the innovation management system. The risks and opportunities are the most important factors that should be considered by the organization’s innovation management team.

Support: When planning for a proper innovation management system, support is a vital element that should be considered. The available resources should be placed accordingly to get the maximum benefit. The employees should be placed based on their capabilities and specialization, the tools and techniques should be used to get the maximum benefit for the innovation management system, financial and other available resources should be managed to get maximum use, communication and awareness should be created between employees, departments and all the connected parties. Intellectual property should be managed properly in order to avoid potential losses to the organization.

Operations: In an innovation management system, the innovative activities should be planned and established in line with the vision, mission goals, objectives, and strategies planned by the organization. The organization has the responsibility to identify the type of innovation they are planning to achieve at the end of the innovation management process. The systems, plans, and procedures should be configured in order to achieve the expected output. This operations process is created based on identifying the strengths, weaknesses, opportunities, and threats to the organization’s innovation management system. the operating system is based on the created concepts to achieve the output and overcome any issues that may arise throughout the operation.

Evaluation: Once the innovation management system starts to operate, the performance should be evaluated at every level of the operation as well as the entire system should be evaluated. This will help the organization to avoid any issues that may occur.

 Improvement: Based on the evaluation, the organization should take action to make necessary changes to the innovation management system. The expectation from this level is to make changes in order to achieve the expected output from the innovation management system and ensure the continuity and consistency of the other elements of the innovation management system. 

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