Notes

Bernhard Burgener discusses the importance of the management of innovation
Today, companies must foster the process of innovation through innovation management in order to remain relevant over the long term.

Bernhard Burgener who is an experienced entrepreneur and a businessman says that innovation is the only method of winning in the business world. He believes that keeping relevance, over the long-term, requires innovative management to keep up with the demands of the market.

Find out how you can apply the management of innovation within your company in a more effective way.

What is the exact meaning of innovation management?
The term innovation management is often the subject of debate. The very definition of innovation implies that it cannot be managed.

Others, on the contrary are firmly in the belief of building structures that can generate more innovation. It's not likely to be so simple.

Let's take another look at the word "innovation" and what it entails. Merriam-Webster defines innovation as "introducing something completely new." This is not the same as inventing something new for example, a product.

Innovation management is the process of managing all activities required to "introduce new things."

The definition of innovation states that there are various types of innovation. This is the main reason of many disputes in the field of innovation.

People often use the generic term to refer to a small portion of innovation. And even then, strictly from the perspective of their company and the experience.

These are the four fundamental four pillars Bernhard Burgener considers essential for innovation management.
Bernhard Burgener gained his knowledge by observing. Bernhard Burgener Bernhard Burgener This is by breaking the topic into smaller chunks and then analyzing each one each one by itself.

Bernhard Burgener emphasized the importance of this the pillar.

Competency
Competency refers the organization's ability in generating and managing new ideas.

Innovations require individuals and teams to be able to work together, but the competency component is focused primarily on people. https://www.local.ch/de/q/schweiz/bernhard burgener?slot=tel This refers mainly to the abilities of the employees within the company knowledge, insight and the practical abilities.

The person who manages the business has a valid need to become an an entrepreneur .

The model also takes into account the information capital of the company as well as tacit knowledge and other resources and financial capital. All of these could be essential for the creation of a new model.

Structure
Structures enable the effective utilization of capabilities, while capabilities enable the utilization of structures. This implies that the organizational structure, processes , and the infrastructure of an organization are essential.

Structures that can be exemplified could act as an increaser of force, which allows an organization to innovate and perform more effectively.

Many ideas fail without the right communication channels, decision-making processes and the appropriate infrastructure for implementation. Tools like innovation management software can be used to make a big difference.

Culture
Culture allows an organization to acquire the capabilities related to people if structures are in place to allow an organization to effectively use its capabilities.

Bernhard Burgener An innovation-oriented culture makes it much easier for the organization to recruit and retain the right employees.

A culture that encourages creativity and discourages unequal behavior is a positive thing. The culture of an organization can greatly affect its ability to innovate because its impacts can quickly build up. These are the traits of an ingenuous culture.

Bernhard Burgener It stresses the importance of continuously improving.
It is crucial to be fast, learn quickly, and perform some experimentation.
Accept failure as a necessary part of your creative development
It allows employees to have enough autonomy and accountability and is guided by vision and culture rather than a chain approach.
Strategy
Strategy can be described as the company's long-term plan to ensure the organization's long-term success.

It is important to understand that strategy ultimately requires making informed choices. Those decisions are between various options that maximize the chances of "winning," This choice should not be viewed as a separate thing from execution.

Innovation and strategy are inextricably linked. However, innovation is only one way to reach your strategic goals.

Bernhard Burgener explains the different kinds of innovation that require different management styles
Open Innovation
It is based upon the notion that creative and knowledgeable individuals outside of the business can also aid in the achievement of strategic goals. They also have the capacity to share intellectual property, which could benefit different parties.

The more information gathered and the more accurate the final decision. The open innovation funnel on right, the process of development isn't limited to specific individuals within the facilitating company. You can also have more ideas.

Incremental Innovation
Incremental innovations are minor improvements or updates to existing products, services , or processes.

Intense innovation is the process of making changes to existing products that improve their development efficiency, productivity, or competitive differentiation.

Innovations that are incremental can usually improve or maintain the market share of a device. This is a common practice in consumer technology. Manufacturers strive to continually enhance their devices by incorporating functionalities that are easy to use.

Sustaining Innovation
It happens when a firm develops more effective products for higher profits to its best customers. In general, sustained innovation is a the strategy that companies that are already profitable in their industries use.

Profit is the motivating factor for innovation. Businesses can improve their profits by creating better products for their best customers.

Disruptive Innovation
This type of innovation occurs when a company with fewer resources moves upmarket and challenges an established company. Bernhard Burgener There are two types of disruptive innovations:

Low-end disruption This is disruptive activity occurring at the lowest end of an existing market which employs a low-cost approach.
A new market disruption A business that caters to an underserved market segment can establish and claim a new market.
Both kinds of disruptive innovation aren't designed to be defeated by the newcomer. They make incumbents retreat from the market.

What are the biggest challenges Bernhard Burgener sees for innovation management?
https://www.local.ch/fr/d/fiesch/3984/trekking/burgener-bernhard-qny6RkHbcBXxilu7GdeKGw Poor infrastructure
It's hard to make an results without resources, processes, or infrastructure. Google's time of 20 percent is an the perfect example of how to encourage innovation.

If your business has the same policies that Google has, it's likely to be less effective. Your employees likely don't have access to the tools and infrastructure, as well as the knowledge or the raw data that employees at Google do.

The manager should provide their team with the tools and resources they require to achieve their goals.

Culture lacks a growth mindset
It's essential to maintain a mindset of growth for your business. The growth mindset believes that you're not fixed and you can't change yourself.

The same is true of the organizational culture. An organization won't be able of innovating when it doesn't have an environment that encourages growth.

Lack of vision or clear focus
Innovating something new is often the key to major innovations. The same holds the case for businesses.

People who are enthusiastic about their vision are more likely to contribute their time to coming up with new ideas. It is possible to have a great vision but you must convey it clearly and in a way that is understood by the company.

Bernhard Burgener would advise that you keep your dream alive and continue to invent!
Here's my website: https://www.wsj.com/market-data/quotes/CH/HLEE/company-people/executive-profile/118081