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Innovation Management (IM) deals with the means by which organizations stimulate participation in innovation, and thereafter manage the harvesting and use of innovative new ideas (a process that involves the generation, collection, organization, evaluation, selection, and implementation of such ideas). This creates a "funnel" of fresh new ideas to consider, and ultimately a "pipeline" of real innovation projects to implement.
The aim of Innovation Management is to build a core competency within the business for effectively driving and managing sustained innovation outputs (the "innovation factory"). As such, it is a key component of a broader Corporate Innovation program. As a management discipline, IM involves certain structures, roles, processes, methods, and usually the use of software enablers — an overall Innovation Management system. It also involves a selection of venues and events designed to drive engagement in the innovation program.
Increasingly there are a variety of ways businesses institutionalize sustained innovation. As a result there are a number of ways to structure and run an Innovation Management system. Every organization will be unique, however, in terms of the structures, roles, processes, methods, and tools that will best serve its needs. Ultimately, they need the assurance that the choices they make are those that will be best for them.
We have extensive experience and expertise in all facets of Innovation Management, allowing us to know how to design IM systems that optimally match businesses' needs. We work with you to assess your organization's innovation maturity level, and then we design an IM system best suited to that situation and your specific goals. We also work with you to formulate an appropriate implementation plan and get hands on with the implementation as needed.
The Innovation Management Engagement typically follows these steps:
- We begin by listening to you so as to understand your goals for Innovation Management, and what is driving those goals. We are also listening for your current wins and struggles in driving and managing innovation.
- We then explain and discuss the different facets of Innovation Management and how each set of structures, roles, processes, methods, and tools may or may not fit with your business objectives. Our aim is to help you understand the options available to you, the pros and cons of each, and ultimately find the right IM system that will fit your business and achieve your objectives.
- Next we undertake an Innovation Readiness / Innovation Maturity Assessment. This is a thorough assessment of whatever IM structures, roles, processes, methods, and tools you currently have in place. It typically involves focused interviews and observations within your organization.
- Subsequently, we design (or redesign) a formal Innovation Management system for your business that will enable you to build a sustainable innovation capability and manage it effectively. This system, in concert with a broader Corporate Innovation program, defines the structures, roles, teams, processes, methods, and infrastructure required. Our work here draws upon the Market Stream Innovation Management System (Market Stream IM).
- As needed, we can deliver hands-on training and/or workshops on Corporate Innovation and Innovation Management to help build awareness and understanding within the business. It is not uncommon for this to be a part of the implementation roll-out.
- We remain engaged with you throughout the implementation of your Innovation Management system so that we can help ensure it proceeds according to your intended objectives and is steered accordingly.
To learn more about engaging us for Innovation Management consulting, refer to our Management Engagement page.