Notes

Bernhard Burgener discusses the importance of innovation management
To stay relevant, companies today must promote innovation via innovation leadership

Bernhard Burgener (a veteran businessman) believes that ingenuity is the key to succeed in business. He believes that sustaining relevance, in the long run requires a creative management system to stay ahead of the needs of the market.

Continue reading to learn how improvement in innovation management can be made in your business.

What does innovation management actually refer to?
The term innovation management is often the subject of debate. The nature of the definitions of innovation suggests that they cannot be controlled.

Some, however, are firm believers in the importance of developing processes and systems that allow for more creativity. You can imagine that reality is not so straightforward.

Let's take a look at the definition of innovation. Merriam-Webster defines innovation to be "inventing something new." But it's not the same as inventing something.

"Innovation management" is the term used to describe managing every aspect necessary to "introduce something new."

There are many kinds of innovation, as the definition indicates. This is the cause of many disputes about innovation.

When referring to a subset of innovation, they usually employ the term "generic. However, even then, they are restricted to their own experience and the organization's perspective.

The four pillars of innovation management that Bernhard Burgener has identified
Bernhard Burgener, a professional in the area of innovation management has discovered the easiest method of understanding the subject by utilizing his own experiences. It's through dissecting it into smaller pieces and discussing every aspect of innovation management in a single.

Bernhard Burgener suggested that you should pay attention to this main pillar:

Competency
Competency refers to an organization's capability and capacity to innovate.

Innovations are a team effort. But, the competence part is mostly about individuals. This is mostly about the capabilities of employees in the company, insights, know-how, and practical skills.

The person in charge of the company has a legitimate need for entrepreneurial leadership.

Bernhard Burgener The model also looks at the company's information, tacit, and financial capital. Bernhard Burgener All of these may be necessary to bring about innovations.

Structure
Structures allow for the efficient use of capabilities, while capabilities facilitate the application of structures. In practice, this means the organization's organizational structure, processes, and infrastructure.

Exemplary structures can act as a force multiplier and allow the organization to function and innovate better.

In the absence of proper communication channels and decisions-making processes, only a only a few ideas will achieve success. Software tools such as innovation management software could be helpful.

Culture
If the structures can effectively utilize capabilities, they can assist an organization to acquire the capabilities that people require.

A culture that is open to innovation will make it easier for the organization to recruit and retain the right people.

A culture that encourages creativity and discourages discrimination is a good thing. The company's culture has a profound impact on its ability to innovate because its consequences are swiftly accumulating. In general they are the traits of an innovative culture

Stresses the importance of constantly making improvements.
The most sought-after qualities are speed, understanding and experimentation.
Failure acceptance is an integral part of creativity
It allows employees to have enough autonomy and control, and is guided by vision and culture rather than a chain approach.
Strategy
Simply said, strategy is an organization's plan for achieving long-term success.

It is crucial to realize, however, that strategy ultimately requires making deliberate decisions . These choices must be among many options to increase the chances of "winning". This decision must be considered in conjunction with the implementation.

Innovation and strategy both are closely linked topics. In essence, however innovation is just one of the ways to meet your goals in strategic planning.

Bernhard Burgener discusses the many types of innovation, all of which require different management styles.
Open Innovation
It is based on the belief in the possibility that creative and talented people outside the organization could help in achieving strategic goals. They are also capable sharing intellectual property, which could be beneficial to diverse parties.

Bernhard Burgener The more information, the better the final decision. The process of developing ideas in the open innovation funnel is not only restricted to those in the business that facilitates it. More ideas are also generated.

Incremental Innovation
Incremental innovation refers to a series of minor upgrades or enhancements to a company's existing products, services, processes, or techniques.

Incremental innovation tends to improve the development efficiency and productivity of products already in production, as well as their competitive differentiation.

Incremental innovation is often utilized to strengthen or maintain the market position of a product. It is now a standard strategy in consumer technology as companies try to improve personal devices with users-friendly features often.

Sustaining Innovation
It is the time when a business produces better-performing products that are offered at higher profit to their top customers. The majority of the time, it's strategies that have proven successful in their fields who make use of sustainable innovation.

Profit is the main driver that drives innovation. https://www.aacc21stcenturycenter.org/forums/users/bernhard-burgenerelwx414/ A business can achieve ever-higher earnings by offering superior products for the most loyal customers.

Disruptive Innovation
This type of innovation occurs the case when a business with less resources, challenges an incumbent firm and moves towards the upper end of the market. Disruptive innovation can be classified into two kinds.

Low disruption This is disruptive in the low-end market employing a low business model.
Bernhard Burgener The new-market disruption occurs when a business serves an underserved segment of the market.
Instead of fighting the newcomers, both kinds of disruptive innovations force incumbents to go down.

What are the biggest challenges Bernhard Burgener sees when it is to managing innovation?
Poor infrastructure
Without the resources, infrastructure and processes necessary to realize the impact of innovation, it's difficult for people to accomplish so. It's for instance, easy to talk about Google's 20% time being an excellent initiative to foster creativity.

But even if you did provide the same policy in your organization, it would probably be less effective. Your employees likely don't have access to the same tools and infrastructure, as well as the knowledge or the raw data that employees at Google have access to.

Managers need to provide the right resources and capabilities to their teams to ensure that they succeed.

Culture lacks a growth mindset
It's important to take the necessary steps to develop a growth mindset for your business. The idea that who you are is neither fixed nor something you can change is an indication of a growth mentality.

The same is true for organizational culture. A culture that encourages the growth of an organization is essential for innovation in an organisation.

There's no vision , or clear focus
Innovation from something that doesn't yet out there can result in significant innovations. This is especially true for organizations.

If you are able to articulate a compelling vision, it is more likely that your employees are motivated to push harder for new innovations. You can have a brilliant vision but you must convey your vision clearly and in a way that will be understood by the company.

Bernhard Burgener Bernhard Burgener would have it in this manner: Keep the vision alive , and continue on innovating!
Here's my website: https://www.aacc21stcenturycenter.org/forums/users/bernhard-burgenerelwx414/