UGB 269 Innovation Management Assessment for 2021

Innovation Management

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
A) Introduction about the theme of management strategies for innovation................................3
Detailed methodology of the analytical approach used to understand managing innovation and
technology...................................................................................................................................4
Evaluation of the management strategies theme and its implications among company.............6
Conclusion and commercially viable solutions...........................................................................7
Theory and practices to implement the management strategies in organisation.........................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
The term innovation management include the process of managing and involving the
process of an organisation innovation procedures which start at the initial stage of ideation and
than reach at the final stage of successful implementation. In addition to this innovation
management encompasses the decisions, practices and activities of implementing an innovation
strategy in an organised manner. The main purpose of innovation management is to induce a
sustainable innovation process and culture among the organisation with purpose of implementing
new unique business for attract more number of customers. The selected topic for this report is to
utilise the management strategies for innovation and this is because it helps to understand overall
management perspectives related with business (Ahmed, Najmi and Ikram, 2020). Further, this
report highlights on different factors which demonstrate importance of management strategies
and also detailed methodology of analytical approach. Along with section and details related
with implications of integrate theory of innovation will also included in this report.
MAIN BODY
Introduction about the theme of management strategies for innovation
The term sustained innovation starts from developing of collective sense related with
purpose of unleashing creativity of individual within the organisation and also to teach them how
to identify the unconventional opportunities relates with business. The need for constant
management strategies related with business is crucial and important for business which helps to
learn and adopt new business methods which aids an organisation to become ahead from its
competitors. Moreover, major product and service are required that make better results and it
helps management to keep ahead from its competitors. Innovation strategies perform an
important role for an individual because this helps to collect better results and it also aids to
complete the project by delegating it into different breakthroughs. This also refers to the steady
incremental innovation method adopted by workforce because it helps to recognise and identify
the better opportunities for business (Bouncken and et. al., 2020). Some of the multiple factors
which are important and also utilised by management to induce the appropriate management
strategies are mention as follow:
 TO ESTABLISH TRANSPARENT DIRECTIONS- Change in strategies perform an
important role for the business but this take times. In the present scenario, main vision of

organisation is to create direct results by induce of all those management strategies which
are important for an individual to perform their work within decided time-intervals.
 OPEN COMMUNICATION- With use of open communication factor management of the
respective organisation set or decide different stages of the workplace. This aids
individuals for enhance their overall skills through implement direct interaction channels
that aids workforce to discuss about different skills in order to adopt them with healthy
approach.
 REDUCE BUREAUCRACY- Large organisation face difficulties to adopt the
entrepreneurial factors that are innovative as well as inventive for business (Cooper and
Sommer, 2020). This is because large size organisation engage different departments due
to which it is difficult for management to adopt change in minimum time and to adopt
changes quickly authorities has to decline their bureaucracy.
 TO ENSURE RECOGNITION AND REWARDS- When financial rewards are offered to
the individuals than this is identified management easily induce effective strategies which
are important for management to set the competitive atmosphere. This also results that
the selected organisation enhance their productivity through offering better compensation
factors as they are important to improve the company performance in a collaborative
manner.
All the above factors aids the management of an organisation to perform their work in an
organised manner and this helps to identify the appropriate management strategies which leads to
adopt all factors in the similar manner especially, to maximise the effectiveness and productivity
of organisational operations. Furthermore, one of the major important factors of management
strategy is that this helps to counter the risk in order to use all resources in an effective manner as
this helps for accomplish of signifiant purpose and goal with rational expected time.
Detailed methodology of the analytical approach used to understand managing innovation and
technology
There are different types of analytical approaches exists and they are used for develop the
company process such as to induce new innovative methods and plans. Strategic planning
approach perform an important role for management because this provide effective insights for
induce the differentiation process in business. In the context of company this is understand that
combination of approach is important for an organisation to examine inner workings of the