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Bernhard Burgener - Innovation management: The importance
To be relevant long-term, companies must promote innovation through innovation governance.

According to Bernhard Burgener, a veteran entrepreneur and businessman, innovation really is the only way to win in the business world. Bernhard Burgener He believes that innovation is the only way to stay on top of the game over time.

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

What does innovation management really mean?
Bernhard Burgener The concept of innovation management is often the subject of discussion. The very definitions of innovation suggest that they cannot be controlled.

Bernhard Burgener Contrary to that, some have a firm belief in creating methods and systems that can lead to more creativity. It's not as easy as you think. it's not as easy.

First, let's take a moment to learn about what is innovation. Merriam-Webster defines Innovation as "introducing something new." It's distinct from simply inventing a new product.

Innovation management refers to the method of managing all the activities required to "introduce new ideas."

According to the definition, there are many kinds of innovation. This is the cause of many disagreements related to innovation.

The term "generic" is typically used to refer to a small number of innovation. However, this is only from their point of perspective and knowledge.

Bernhard Burgener's four key pillars of innovation management
Bernhard Burgener learned the best way to understand this topic by observing. It is by dissecting it into smaller pieces and discussing each element of innovation management in a single.

Here is the primary principal pillar Bernhard Burgener said you should be focusing on:

Competency
Competency refers to the organization's ability to create and manage innovation.

Innovations are a team effort. But, the competence part is mostly about the people. This is mostly about the abilities, knowledge and practical skills of the employees.

The person who manages the business is legally entitled to be an an entrepreneur .

The model also takes into account the organization's knowledge, tacit, and financial capital. These could all be needed to create innovation.

Bernhard Burgener Structure
Structures are able to maximize the use of capabilities. Bernhard Burgener Capabilities allow the use structures. This refers to the organization's structures and processes.

Structures that are exemplified can be an effective force multiplier, allowing an organization to be more innovative and operate more efficiently.

If there aren't the right process of communication, decision making and the infrastructure for implementation the chances are that few ideas will be successful. Software like innovation management software could help make a huge difference.

Culture
A company's culture can allow it to gain the abilities associated with people when it has the appropriate structures for it.

An organization with a pro-innovation philosophy will be able to attract and retain the most talented people much more easily.

A culture that is supportive of innovation promotes good conduct and discourages the wrong ones. The culture of a company has a direct impact on its innovativeness. Its effects can quickly become a burden. These are the characteristics that comprise an ingenuous culture.

It is important to constantly improve.
Rapidity, learning and experimentation are highly valued.
Accepts failure as part of creative development.
It gives employees enough freedom and accountability and is guided by the vision and culture rather than a chain method.
Strategy
Simply stated, strategy is an organization's strategy for achieving long-term success.

It is crucial to realize that strategy ultimately requires making deliberate choices . The choices must be in the context of a range of possibilities to increase your chances of "winning". Bernhard Burgener The decision should not be separated from the process of implementation.

Strategy and innovation Both are interconnected issues. However, innovation is only one method to achieve your strategic goals.

Bernhard Burgener outlines the different types of innovation that need different styles of management.
Open Innovation
It's based on the belief that there are intelligent, creative individuals who are able to contribute to the company's goals. They can also share intellectual property, which benefits different individuals in various ways.

The more information you gather more information, the better the final decision. The process of development in the open innovation funnel isn't restricted to the facilitating business. Additionally, the quantity of ideas generated is higher.

Incremental Innovation
Incremental innovation refers only to minor improvements or enhancements made to existing products, processes and methods.

The modifications made through incremental innovation usually focus on improving an existing product's development efficiency and productivity as well as competitive differentiation.

Incremental innovation is commonly used to maintain or improve the position of a product in the marketplace. It's now a typical approach in technology for consumers as companies attempt to enhance personal devices with easy-to-use features regularly.

Sustaining Innovation
It happens when a firm creates better-performing products to sell with greater profits to its most valuable customers. In general, companies who are successful in their respective industries use constant technological innovation.

Bernhard Burgener The motivating factor in the continuous pursuit of innovation is profit. A company can create more efficient products for its top customers , thereby increasing its profits margins.

Disruptive Innovation
It is an innovation that happens when a company, which has fewer resources, moves upwards and confronts an established business. There are two types of disruptive innovations:

Low-End Disruption- This disruption occurs in a market that has low-cost business plans.
New market disruption by catering to an unserved market, a company creates and asserts a new market in a current market.
Both are disruptive and can force incumbents to go downmarket rather than fighting the new entrant.

What are the biggest challenges Bernhard Burgener sees when it concerns innovation management?
Poor infrastructure
People will not be able to make a difference without the right processes, resources and infrastructure. For example, it's easy to talk about Google's 20% time being an excellent initiative to foster creativity.

However, if your company was to follow the same guidelines the policy would likely be less efficient. Your employees may not have the infrastructure, tools or data that Google employees have.

Managers must make sure that employees have the equipment and resources needed to be successful.

Culture lacks a growth mindset
It is vital to build an attitude of growth to your business. Growth mindset refers to a belief that you are not able to change who you are.

This is especially true of the organizational culture. A culture that fosters growth is a key ingredient for the development of an company.

There's no vision or clear direction
Innovating with something that isn't yet in existence is often the source of crucial innovations.

A compelling vision is more likely attracts passionate people who are willing to create innovative solutions. Although you might have an appealing vision for your company but you must communicate that vision clearly and with acceptance.

Bernhard Burgener would have it this way: Keep the vision alive , and continue on innovating!
Homepage: https://www.handelszeitung.ch/people/bernhard-burgener