Opinion / Knowledge and Intangibles
J S Broca, Member, Teacher, India
What is Innovation? And what is Innovation Management?
Innovation has been defined by many writers and experts in different ways according to their perceptions. In fact, innovation management has now become a hot topic for debate in many business schools.
There is often a confusion between innovation and invention. Eminent authority in this field Daniel Scocco clarifies that “invention refers to new concepts or products that derive from individual’s ideas or from scientific research. Innovation, on the other hand, is the commercialization of the invention itself."
Since innovation is also considered a major driver of the economy, especially when it leads to increasing productivity, the factors that lead to innovation are also considered to be critical to our policy makers.
To be successful, innovation has to pass through 3 stages of innovation, being:
The most difficult and challenging part is the last stage...
In todays competitive markets, the ultimate aim of innovation management is to develop the ability of the firm to deliver new value to customers - be it in banking, retail, or in FMCG.
In essence, the focus of innovation management is to allow the organization to respond to external or internal opportunity, and use its creative efforts to introduce new ideas, processes or products.
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