Notes

Bernhard Burgener on the importance of Innovation management
Businesses must promote the development of new ideas through management of innovation for them to remain relevant in the long run.

Bernhard Burgener a successful entrepreneur and businessman believes that innovation is the only way to succeed in the world of business. Bernhard Burgener To remain relevant in the long run innovation in management is crucial in order to meet market demands.

Look at the following to find out how you can enhance your management of innovation.

What exactly does innovation management mean?
The concept of innovation management is often a topic of discussion. Innovation management is not a process that can be controlled by its very nature.

Others, on the contrary, believe strongly in building systems that will generate more creativity. Bernhard Burgener You might not expect it to be this easy.

Let's look at what innovation means. Merriam-Webster defines innovation as "introducing something completely new." This is not the same thing as inventing something new for example, a product.

"Innovation management" refers to managing every aspect necessary to "introduce something new."

According to the definition, there are many kinds of innovation. This is the reason for numerous disagreements about innovation.

People often use the generic word when they are referring to a tiny subset of innovations. Even then, it is only in terms of their business and their experience.

Four key pillars for innovation management from Bernhard Burgener
Through his own experience, Bernhard Burgener has found the simplest way to understand the topic. That is through dissecting it into parts and examining each aspect of managing innovation in isolation.

Bernhard Burgener suggested that you must pay attention to the following pillars:

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

Innovations require teams and individuals to to collaborate, however the component of competence is focused on the people. This is mostly about the abilities, knowledge and practical skills of the employees.

For the leader of the organization, there is a valid requirement for the leadership of an entrepreneur.

The model also incorporates information capital, tacit and financial capital. These might all be necessary to create.

Structure
Structures enable the efficient use of capabilities, while capabilities permit the modification and use of structures. This is the case with the organisation's organizational structure and processes.

These models can assist organizations to be more efficient and innovative by acting as a force multiplier.

If communication channels aren't in place and there aren't decisions-making processes, only a little ideas are likely to achieve success. This is where tools like innovations management software could make a difference.

Culture
A company's culture can allow it to develop the skills that are associated with people, provided it has the proper structures to do so.

It is much easier for companies to retain and attract the best people with a culture that encourages innovation.

A positive culture of innovation encourages good behaviors and discourages poor ones. The company's culture has a direct impact on its ability to innovate. https://ch.marketscreener.com/boersen-barone/Bernhard-Burgener-05JNHL-E/biography/ Its consequences can swiftly accumulate. In general, these are the characteristics of an innovative company:

It is important to constantly enhance.
Most valued are speed, knowledge the ability to experiment, speed, and flexibility.
Failure acceptance is a necessary part of creativity
It allows employees to have enough autonomy and accountability and is guided by the vision and culture rather than a chain method.
Strategy
Strategy is simply the plan of an organization to achieve long-term success.

Bernhard Burgener However, it's crucial to remember that strategy is a combination of making choices and then implementing them.

Innovation and strategy are closely related issues. In the end, innovation is just one way to achieve your strategic goals.

Bernhard Burgener states that there are many types and styles of innovation.
Open Innovation
It is based on the idea that innovative and educated individuals who are not part of the company can help in the attainment of strategic objectives. They also have the ability to be able to share intellectual property, which could benefit diverse parties.

The more data gathered is more reliable the decision. The open innovation funnel to the right, the development process isn't restricted to the employees within the company that facilitates it. More ideas may also be generated.

Incremental Innovation
Incremental innovation is the process of minor enhancements or improvements to a company's existing products process, services, or techniques.

The incremental innovation process focuses on improving the product's efficiency as well as productivity and differentiation.

Incremental innovation is typically employed to improve or maintain the position of a product in the marketplace. It has become a common approach in technology for consumers and is a common strategy for companies to improve their personal devices and to offer more customer-friendly features.

https://www.local.ch/de/q/schweiz/bernhard burgener?slot=tel Sustaining Innovation
It's when a company makes more efficient products and then sells them to higher profit customers. Continuous innovation is a strategy that businesses who are profitable in their field employ.

Profit is the main driver behind innovation. Businesses can increase their profit margins by making more efficient products for their top customers.

Disruptive Innovation
This is innovation that occurs when a company, which has limited resources, moves upwards and confronts the established company. Disruptive innovation can be classified into two types.

Low end disruption It's a disruptive event that takes place in the middle of a market using a low cost business model.
Market disruption - A company may establish or claim a new segment by catering to an untapped market.
Instead of fighting new entrants, both types of disruptive innovation forces incumbents to retreat.

What are the challenges that Bernhard Burgener sees in innovation management?
Poor infrastructure
Without the infrastructure, resources , and methods needed to achieve impacts, it's difficult for individuals to do so. It's not difficult to discuss Google's 20percent time as an excellent initiative for supporting innovation.

However, even if the policy were implemented at your workplace, it will be less effective. Your employees wouldn't have access to the expertise and infrastructure or raw information that Google employees have access to.

Bernhard Burgener Managers need to ensure that employees have the tools and resources they require to be successful.

Culture lacks a growth mindset
It is essential to create a mindset of growth to support your business. A mindset of growth is one that acknowledges that you are not fixed and are able to change.

The same is true for organizational culture. A company that isn't growth-oriented will be unable to invent.

Lack of vision or clear focus
The creation of something that doesn't exist is usually the basis of significant innovations, and the same holds true for organizations.

People who are enthusiastic about the mission will be more inclined to spend their time coming up with innovative ideas. Even if you have a compelling vision for your company, you need to communicate that vision clearly and with acceptance.

Bernhard Burgener would advise that you keep your vision alive and never stop inventing!
Homepage: https://www.marketscreener.com/business-leaders/Bernhard-Burgener-05JNHL-E/biography/