Notes

Bernhard Burgener - Innovation management The significance
Today, businesses must promote innovation via innovation management to remain relevant for the long haul.

Bernhard Burgener a successful entrepreneur and businessman believes that innovation is the only way to succeed in the world of business. He believes that innovation is the only way to remain relevant over time.

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

What is Innovation management?
It's a topic of debate, and there is a lot of discussion about whether innovation management is a word. The very concept of innovation suggests that it can't be managed.

Others, on the other on the other hand, believe in using systems and processes for greater innovative thinking. Bernhard Burgener Bernhard Burgener The reality is not always as simple as it seems.

Let's take another look at innovation and what it means. Merriam-Webster defines innovation to be "inventing something entirely new." But it's not the same thing as inventing a product.

Innovation management is the process of managing the entire process necessary to "introduce new things."

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

When referring to a part of innovation, they usually employ the term "generic. Bernhard Burgener Even so, they're limited to their experience and perspective from the company's.

The four pillars that Bernhard Burgener has identified as the most important of innovation management
Bernhard Burgener discovered the simplest method to understand the subject through years of experience. It is done by taking it apart and discussing every element of management of innovation separately.

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

Competency
Competency is the ability of a business to invent and manage innovation.

Innovations are the result of a collective effort. But, the competence aspect is mainly about the people. This is mostly about the capabilities of employees in the company and knowledge, as well as their insights and practical capabilities.

Managers require an entrepreneurial approach to leadership.

The model also looks at the organization's information, tacit, as well as financial capital. All of these might be necessary to invent new ideas.

Structure
Structures enable the efficient use of capabilities, while capabilities allow the utilization of structure. Bernhard Burgener This implies that the organizational structure, processes , and the infrastructure of an organization are crucial.

These structures are exemplary and can help companies to become more efficient and innovating by acting as a force multiplier.

Many ideas fail without the proper communications channels, decision-making processes, and appropriate implementation infrastructure. Software for managing innovation is an excellent tool to help you get the task accomplished.

Culture
The culture of an organization can help it increase the capabilities of its employees if its structures permit it to use these capabilities effectively.

It is easier for organizations to retain and attract the best people with a culture that encourages creativity.

A culture that encourages innovation and discourages inequal behavior is a good thing. Because the effects of it can be accumulating quickly, an organization's culture can impact its innovation ability. These are the characteristics of an creative culture.

This highlights the need to always improve.
The most sought-after attributes are speed, learning and experimentation.
Failure is a part of the process of creative development
Allows for enough autonomy and accountability and is guided by vision and culture instead of the chain-of command approach.
Strategy
Strategy, in simple terms is a company's strategy to achieve long-term growth.

However, it's crucial to be aware that strategy is a combination of making decisions and implementing them.

Innovation and strategy are closely related topics. Innovation is just one way to achieve your strategic objectives.

Bernhard Burgener says that there are many kinds and styles of innovation.
Open Innovation
It is based upon the notion that creative and skilled individuals from outside the business can also aid in the achievement of strategic objectives. They may also be able to share intellectual property which can be beneficial for various parties.

https://www.crunchbase.com/person/bernhard-burgener The more details you have is available, the better the final decision. The process of development in the open innovation funnel isn't only restricted to those in the facilitating company. The number of ideas is also greater.

Incremental Innovation
Incremental innovation may be described as a sequence of minor improvements or enhancements to an existing product, service process, method, or product.

Intense innovation is focused on making existing products more efficient, productive, and differentiateable.

Incremental innovation is usually utilized to strengthen or maintain the product's position in the marketplace. This is a standard approach in technology for consumers in the process of helping companies improve their personal devices and to offer customers more appealing features.

Sustaining Innovation
It occurs when a firm develops products that are more efficient and then sells them to make more profit. Sustaining innovation is a strategy that companies who are already successful in their industry use.

Profit is the primary driver behind innovation. Profit margins can be increased by providing better products and services to clients.

Disruptive Innovation
This type of innovation occurs when a company that has fewer resources challenges an established company and shifts towards the upper end of the market. There are two kinds of disruptive innovation:

Low-end disruption It's disruptive at the low the market by using a low-cost business model.
The latest disruption to the market occurs when a firm caters to an underserved sector of an industry.
Instead of fighting against the new entrants, both types disruptive innovations force incumbents to retreat.

What are the most pressing issues Bernhard Burgener sees when it concerns innovation management?
Poor infrastructure
Without the infrastructure, resources and methods needed to achieve the impact of innovation, it's difficult for people to accomplish the same. Bernhard Burgener Google's 20% initiative for innovation is easy to mention.

However, it is unlikely that your company will have the same policy. Your employees likely don't have the infrastructure, tools or raw information that Google employees have.

The manager must make sure that the team is equipped with everything they need.

Culture lacks a growth mindset
It is essential to develop a growth mindset to help your business grow. A mindset of growth is one that acknowledges that you are not fixed and are able to alter.

This is also true for organizational culture. Businesses that don't have a growth-oriented culture are unlikely to be innovative.

There is no clear vision or focus.
Creating something that doesn't yet exist is often the cause of significant innovations, and the same is true for organizations.

A vision that is inspiring is more likely to draw people who are willing to invest extra effort to develop new technology. Even if you have a clear and concise vision for your company communicating it clearly and with confidence is vital.

Bernhard Burgener said it best: Keep your dream alive and keep innovative!
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