Notes

Bernhard Burgener talks about the significance and benefits of innovation management.
To remain competitive in the long term businesses must foster creativity through management of innovation.

Bernhard Burgener is a veteran businessman and entrepreneur who believes that innovation is the only way for businesses to succeed. To maintain relevance in the long-term He believes in ingenuity in management that meets the needs of the market.

Find out more about how you can implement innovation management within your company.

What exactly does innovation management mean?
A lot of debate surrounds the concept of the term "innovation management. Innovation management is not a process that can be controlled by its very nature.

https://www.marketwatch.com/investing/stock/hlg/company-profile?countrycode=de&iso=xfra&pid=118081 Contrary to that, some are stout believers in building processes and systems to generate more innovative processes. It's not as simple as you might believe.

Let's take a look at what the word "innovation" is. Bernhard Burgener Merriam-Webster defines innovation as "introducing something new." This is different from simply inventing a product.

"Innovation management" involves managing all the activities that are necessary to "introduce any new thing."

There are different types of innovation, as the definition indicates. This is why there are many disagreements about innovation.

When discussing a subset of innovation, many use the generic term. But even then, it's only from their point of perception and personal experience.

They are the four main foundations that Bernhard Burgener considers essential for innovation management.
Bernhard Burgener learned the best method of understanding this topic through his own experience. This is achieved by breaking down the topic and examining each element of innovation separately.

Bernhard Burgener Here's the first pillar Bernhard Burgener said you should concentrate on:

Competency
Competency is a company's capacity to come up with and manage new ideas.

Innovations require the capabilities of individuals and teams collectively however, the aspect of competence primarily revolves around people. This is primarily about the capabilities of employees in the company knowledge, insight, and practical skills.

Managers require an entrepreneurial approach to leadership.

The model considers the company's knowledge and information. These might all be necessary for the creation of a new model.

Structure
Structures enable the efficient use of capabilities, and capabilities permit the use and modification of structures. This implies that the organizational structure, processes , and infrastructure of an organization is important.

Exemplary structures can act as an effective force multiplier, allowing the company to operate and innovate better.

If there aren't the appropriate communication channels, decision-making procedure, and infrastructure for implementation, few ideas are likely to be successful. Tools like innovation management software could be helpful.

Culture
The concept of culture is one way for an organisation or group to develop the capabilities of people, if its structures permit it to utilize those capabilities effectively.

It is easier for businesses to attract and retain the best people in a workplace that encourages creativity.

A positive culture of innovation encourages good behaviors and discourages poor ones. Due to its rapid growth an organization's culture may dramatically affect its ability to be innovative. In general, these are the characteristics of an innovative culture

This emphasizes the importance to always improve.
Rapidity, learning, and experimentation are valued.
Failure is a part of creative growth
It allows for the freedom and responsibility. Leaders are guided by their vision and culture rather than an approach of chain of command.
Strategy
Strategy can be defined as the company's long-term plan to ensure success.

It is essential to recognize that strategy is the process of making choices between a variety of choices to increase your odds of winning. This decision shouldn't be taken apart from the execution.

Strategy and innovation both are closely linked issues. However, innovation is only one way to reach your goals in strategic planning.

Bernhard Burgener outlines the different kinds of innovation that require different approaches to management.
Open Innovation
This is founded on the idea that talented and innovative people outside of the company can assist in the achievement of strategic goals. They may also be able to share intellectual properties, which can be helpful to various parties in different ways.

The more data you can gather, the better the final decision. In the open innovation funnel to right, the process of development isn't restricted to the employees within the company that facilitates it. Additionally, the quantity of ideas generated is higher.

Incremental Innovation
Incremental Innovation is a sequence of major or minor improvements to existing products or processes.

Incremental innovation can improve the efficiency and effectiveness of development of existing products, as well as their competitive differentiation.

The market position of a product is usually maintained or improved by incremental improvement. It is now a standard strategy in consumer technology as companies try to improve personal devices that have users-friendly features often.

Sustaining Innovation
It happens when a company creates products that work better and then sells them to make more profits. In general, sustained innovation is a an approach that successful companies within their respective industries employ.

Profit is what drives innovation. Profit margins could be improved by offering better products to customers.

Disruptive Innovation
This happens when a company is able to use fewer resources, and then moves upwards to compete with an established company. It's possible to classify disruptive innovation into two kinds.

Low-end disruption It's a disruption at the low end of a market that employs a low-cost model.
Market disruption A business can create or claim an entirely new market by providing services to an untapped market.
Both types of disruptive innovation aren't designed to be taken on by the newcomer. They can force incumbents to resign from their positions.

What are the most pressing issues Bernhard Burgener sees for innovation management?
Poor infrastructure
It's hard for people to achieve results without resources, processes or an infrastructure. https://www.medienkorrespondenz.de/personalien/artikel/hanns-beese-bernhard-burgener-frednbspkogelnbsp-constantinnbspmedien.html Google's 20percent Time initiative is an example of an outstanding initiative to foster innovation.

However, even in the event that the policy was implemented at your workplace, it's likely to be less effective. The likelihood is that your employees do not have the same access to Google's tools, infrastructure and raw data as Google employees do.

Managers need to ensure that their employees have access to the tools and resources they need to succeed.

Culture lacks a growth mindset
It is crucial to cultivate a growth mindset in your business. The idea that who you are is not fixed and something that you can alter is an indication of a positive mentality.

It is the same for the culture of an organization. A culture that encourages the growth of an organization is essential for the development of an organization.

No vision
Innovating something new is often the key to significant innovations. The same is for businesses.

https://www.crunchbase.com/person/bernhard-burgener An inspirational vision is more likely than not to attract people who are willing to put in the effort to develop innovative technologies. Bernhard Burgener You may have a fantastic vision, but you have to present it clearly and in a way that will be understood by your company.

Bernhard Burgener said it best"Keep your dream alive and get creative!
Website: https://www.medienkorrespondenz.de/personalien/artikel/hanns-beese-bernhard-burgener-frednbspkogelnbsp-constantinnbspmedien.html