Role of Innovation Management in Global Business

INNOVATION
MANAGEMENT

Table of Contents
Introduction......................................................................................................................................4
MAIN BODY...................................................................................................................................4
Analysis of the role of innovation management and its impact on global business....................4
Strategic, tactical and operational challenges in establishing a viable innovation management
culture..........................................................................................................................................7
Investigation on the key attributes in retaining learning from effective innovation management
practices.......................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

Introduction
Innovation management refers to managing the various activities which starts from
introducing something new in an existed product. As per the brief, the theme is considered in the
report is benefits and limitation of open innovation (Park, Bae and Hong, 2019). It is a term
which is used to encourage and divert the mindset towards innovation. Its benefits and driving
forces helps in increasing the openness in the research & development. From the learning
outcomes it is analysed that skills and knowledge of the role of innovation management and its
influence on business and for this it is critically use the strategies, tactics and operational
challenges in order to establish an innovation culture (Naqshbandi, 2018). Moreover, it also
investigates the key attributes which in retaining the effective innovation management practices.
In order to analyse the abilities, various theories of innovation are used and also evaluate the
concepts, techniques and models to identify the application of innovation.
MAIN BODY
Analysis of the role of innovation management and its impact on global business
Innovation in today’s business environment plays a main role in enhancing growth and
success of an organisation (Su and Huang, 2018). It drives a significant factor in business that
adds value to products and forms a major breakthrough for developing improvement in existing
ones. But improper management in implementation of new technology or procedure for creating
innovation, also leads to arise risks for business also. Therefore, innovation management helps a
firm in examining the fundamental as well as growing importance of applying a new concept,
theory, models and tools to create innovation (Park, Bae and Hong, 2019). In global context,
providing capabilities and development of skill of such management cultivates a culture of
continuous improvement, which is essential to derive a high competitive advantage for a modern
business. Along with this, understanding such concepts helps a firm in building the management
of innovation processes in systemic manner into an enterprise, with minimising risk (Bogers,
Burcharth and Chesbrough, 2019). Managers at global level, can support innovation as well as
maintain momentum of innovation by providing resources within organisation, in terms of time,
money and manpower. Furthermore, organizations can promote the idea of innovation with
market potential via offering a budget for development and allocation of human resource staff to