Innovation Management - What it is and why it Matters

Running head: INNOVATION MANAGEMENT – WHAT IT IS AND WHY IT MATTERS
Innovation Management – What it is and why it Matters
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INNOVATION MANAGEMENT – WHAT IT IS AND WHY IT MATTERS1
Table of Contents
Introduction......................................................................................................................................2
Discussion........................................................................................................................................2
Innovation Management..............................................................................................................3
Culture of Innovation...............................................................................................................4
Methodology....................................................................................................................................5
Findings...........................................................................................................................................7
Recommendations..........................................................................................................................10
Conclusion.....................................................................................................................................11
REFERENCES..............................................................................................................................12

INNOVATION MANAGEMENT – WHAT IT IS AND WHY IT MATTERS2
Introduction
The modern business environment is challenging and in order to gain favourable nature
of outcomes in operations, companies must incorporate strategies through which they are able to
gain favourable nature of outcomes while operating in the industry. There are various activities
that can be conducted by companies in order to gain effectiveness in operation while the part of a
dynamic and competitive business environment (Slack and Jones 2018). Apart from trying to
achieve operational effectiveness in all the functional departments of the companies they should
incorporate activities that help in elevating the standards of the activities of the functional
department (Calipari, Ferris and Jones 2014). Incorporation of favourable policies, including risk
management and innovation management are activities that can bolster the nature of operations
of companies (White 2017). The aim of the paper is to critically analyse the scope of innovation
management and technology transfer. The paper will also present the methodology of the
analytical approach that was obtained, finding regarding the general nature of operations that
take place on the industry linking the same with the commercial viability of the solution while
integrated theory with the same.
Discussion
It has been identified that there are various factors that companies need to highlight while
catering to the needs associated with the general nature of operations of the organisation,
regardless of the nature of operations of the company or the industry that the latter is operating
in. Thus, innovation management has been identified as an approach that helps in elevating the
level at which the company is performing (Frow et al. 2015). Moreover, innovation management
is an activity that must be incorporated into the operations of companies to identify the scope of

INNOVATION MANAGEMENT – WHAT IT IS AND WHY IT MATTERS3
operations of the company and the factors or aspects that the company can comply with and
capitalise on in order to gain effectiveness in operations (Camisón and López 2014). The
following section will critically evaluate the scope of innovation management and the reason
behind the importance of the same.
Innovation Management
Innovation management refers to a process that involves creation of an implementation of
an idea that is creative in nature (Nambisan et al. 2017). The main rationale of innovation
management is to create, develop and effectively manage the scope of the idea that has is being
considered. It can be said that the ultimate goal associated with innovation management is to
cater to the needs associated with the process of innovation. Innovation is an activity that must
be incorporated into operations of companies in order to critically evaluate the factors that an
organisation can capitalise in order gain and sustain a competitive advantage while companies
operate in the business environment that is competitive in nature (Drucker 2014). Before
developing understanding regarding the scope of innovation management, one must be able to
have a clear idea about the meaning of innovation. It can be said that innovation is an idea
associated with a new form of technology, product or service, or practice that has the ability to
influence the nature of operations that has positive implications on one component of operation
or the other. An innovation may be an idea revolving around a specific form of technology,
financial marketing or any organisational activity (Boons and Freund 2013). It has also been
stated that innovation is a process that is characterised by transforming ideas in opportunities that
are considered to be new. The generation of the idea into an opportunity is followed by
incorporating the same into practice.