Innovation Management is one of the most effective digital innovation strategies. MIT ID Innovation offer the best Innovation Management Courses. For more details, visit : https://mitidinnovation.com/recreation/what-is-innovation-management-and-why-is-it-important/

1. What is Innovation
Management And Why
Is It Important
MITID Innovation

2. Innovation refers to the proffering of a new
idea, product, method, or advanced
modification in a pre-existing field. In
today’s world, innovation is sought out
more than ever before, even so as it
becomes one of the trendiest buzzwords
in our vocabulary. Innovation
management is now widely recognized as
a necessary strategy to streamline and
boost an organization’s productivity.

3. While some argue that innovation itself is
not something that can be managed,
innovation management refers to directing
and supervising all the ideas and actions
involved in introducing something new.

4. Innovation management refers to the
entire process of managing new ideas,
right from their conception to taking the
necessary actions to make them a reality
by introducing them to the world. This
involves generating new ideas by
brainstorming and sharing ideations.
What is Innovation
Management

5. These ideas are then recorded and organized
in a discernible way for the management and
stakeholders to sift through and evaluate to
see if they suit the company’s or
organization’s brand.
Lastly, some ideas are given priority over
others in terms of execution to maximize the
organization’s existing resources and yield the
most benefits. Effective communication and
cooperation between the members of the
organization are necessary to optimize
problem-solving and innovation.

6. According to Forrester, 53% of global
organizations are investing in emergent
innovation and idea management strategies
to maximize and optimize innovation. In
many ways, nurturing innovation is what
makes a company survive in the long run.
Importance of Innovation
Management

7. Nurturing a culture of innovation drives
product innovation practices in an
organization that bring forth new ideas from
within the company itself and helps the
company remain relevant in the long run
and keep up with its competition. This also
allows active participation of the employees
of an organization.
Encouraging An Environment
of Innovation

8. By encouraging innovation, an
organization can launch new products
and services, all the while reducing costs
on the consumer and thus becoming a
more attractive option than its
competitors. Enhancing the company’s
development process and thus
performance in the market makes them
stay ahead of the game.
Enhance Development

9. Another advantage of introducing
innovation management is
decentralization. Members or employees
at different levels of the organization
possess a different skill set and different
areas of expertise. This allows them to
focus on specific aspects of the innovation
process, which streamlines the company's
functioning. Since essential ideas have to
be approved at higher levels.
Decentralization

10. By not adopting innovation management,
companies risk becoming outdated in the
market and falling behind the competition.
Companies that don’t innovate will become
irrelevant over time and die out. Industry
giants like Blockbuster, Polaroid, Kodak,
and Borders that seemed to have many
resources and were well-known names
died out because of a lack of innovation.
Loss of Relevance

11. When competitors see a gap in the market,
they adapt and evolve according to
consumer wants, and those who don’t are
left behind. If this can happen to brands
that used to dominate their respective
industries, it can happen to any company
as well.

12. According to Gartner’s CIO Survey,
innovation management is one of the most
effective digital innovation strategies but
also one of the least used. At MIT ID
Innovation, we offer Online Design
Thinking and Innovation Courses that
encourage students to hone their
innovation capabilities and learn
techniques that can be used to transform
systems and prepare them for the world of
tomorrow.

13. MIT ID Innovation Programme curates
knowledge and experiences that
challenge the very paradigm of evolution.
And that's why we have set out to define
the future of industries, communities,
cities and ecosystems. MIT ID Innovation
offers the best Innovation and Design
Thinking Courses in India.
Conclusion

14. We’d love to
hear
from you.
MIT INSTITUTE OF DESIGN
Rajbaug,, Loni-Kalbhor, Pune-412201
innovation@mitid.edu.in
+91-7038982225 / +91 9834092369