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Bernhard Burgener discusses the importance of the management of innovation
Businesses must promote the development of new ideas through management of innovation in order to remain relevant over the long-term.

According to Bernhard Burgener, a seasoned entrepreneur, and businessman, innovation really is the only way to succeed in business. To stay effective in the long run innovation is essential to keeping current with the changing demands of the market.

Bernhard Burgener Find out how you can apply an innovation strategy within your company more effectively.

What exactly does innovation management mean?
Innovation management, in its various forms, is a source of debate. The very definition of innovation implies that it is unable to be managed.

Others, on the contrary hand, believe in using systems and processes for increased innovation. You can imagine that it's not as easy.

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

"Innovation management" means managing all processes that are required to "introduce something new."

The definition suggests that there are different types of innovation . This is the reason for many disagreements surrounding innovation.

The term "generic" is often used as a term to refer to a specific segment of innovation. Even then, it is only in terms of their company and the knowledge.

The four main pillars in innovation management, according to Bernhard Burgener
Bernhard Burgener discovered the simplest way of understanding the topic through his many years of experience. It's through dissecting it into smaller pieces and discussing each aspect of innovation management in a single.

Bernhard Burgener advised that you focus on this primary pillar.

Competency
Competency is the capacity of an organization to control and create innovation.

Innovations are based on the capabilities of groups and individuals and groups, however the competence aspect is mostly about individuals. This is primarily about the knowledge, skills and capabilities of employees.

Organizational managers are in a position to benefit from entrepreneurial management.

The model also considers the company's information, tacit, and financial capital. All of these resources may be needed to create the idea of innovation.

Structure
Structures allow for the efficient use of capabilities, while capabilities facilitate the use of structure. This is the case with the organisation's organizational structure and the processes it follows.

Exemplary structures can serve as an increaser of force and enable the organization to function and innovate better.

Without the proper communication channels, decisionmaking processes and infrastructure for implementation, few ideas will succeed. Innovation management software is an excellent tool to assist you in getting the job completed.

Culture
Culture allows an organization to develop capabilities that are that are related to people, if the structures enable the organization to effectively use its capabilities.

Bernhard Burgener A culture that is innovative will make it easier for an organization to recruit and keep the best employees.

A positive, innovative culture promotes the right behavior and deters those who are not. The culture of an organization has a major impact on its ability to innovate and its results are swiftly accumulating. In general they are the traits of an innovative culture:

The importance of continually making improvements.
It is crucial to be quick, learn quickly, and do some experimentation.
Acceptance of failure is part and parcel of creative development
Allows for enough freedom and responsibility. Leaders are guided by their vision and culture and not by a chain of command approach.
https://www.northdata.de/Burgener,+Bernhard,+Zeiningen/pv8 Strategy
Simply said, strategy is an strategy of an organization to achieve long-term success.

It is essential to understand that strategy ultimately requires making deliberate choices . These decisions must be among many options to increase your chances of "winning". The decision must be considered in conjunction with the execution.

Innovation and strategy are tightly linked topics. Bernhard Burgener In essence, however innovation is just one of the ways to meet your goals in strategic planning.

Bernhard Burgener discusses the numerous types of innovation, all of which require different managerial styles.
Open Innovation
It is based the belief of intelligent, talented people who can help achieve the goals of the organization's strategic plan. They can also share intellectual property, which is beneficial for different people in different ways.

Bernhard Burgener The more knowledge you gather the more informed the final decision. The open innovation funnel on right, the development process isn't restricted to the individuals within the facilitating company. There are many more ideas.

Incremental Innovation
Incremental Innovation refers to a series of major or minor changes to processes or products that are already in use.

Incremental innovation can improve the development efficiency and productivity of products already in production, as well as their differentiation in the marketplace.

Innovation that is incremental can help increase or maintain a product's standing in the marketplace. It's now a typical strategy in consumer technology as companies strive to improve personal devices that have users-friendly features often.

Sustaining Innovation
It's when a firm develops higher-performing products in order to increase profits for its top customers. Innovation is a method that companies who are already successful in their industry use.

The primary driver behind maintaining innovation is profit. Companies can develop superior products for its most valuable clients to improve its profits margins.

Disruptive Innovation
It is an innovation that happens when a company, which has less resources, move towards the top of the market and challenge the established company. There are two kinds of disruptive innovation:

Low disruption – It is disruption in the lower end of the market employing a low business model.
Market disruption - A company may establish or claim an entirely new market by catering to an untapped market.
Both kinds of disruptive products force incumbents downmarket, rather than fighting the new entrant.

What are the biggest challenges Bernhard Burgener sees in innovation management?
Poor infrastructure
Without the infrastructure, resources and processes necessary to realize the impact of innovation, it's difficult for people to accomplish this. Google's time of 20 percent is an an excellent example of how to encourage innovation.

Still If you were to apply the same guidelines to your business, it'd likely be much less effective. Your employees likely don't have the resources, infrastructure, or information that Google employees have.

The manager must give their team the abilities and resources that they need to be successful.

Culture lacks a growth mindset
It is essential to create the mindset of growth within your company. Bernhard Burgener Growth mindset refers to the idea that you are not able to change who you are.

It is the same for organizational culture. A culture that promotes growth is a key ingredient to fostering innovation within an company.

There is no clear vision
The process of innovating on something that isn't yet out there can produce significant breakthroughs. This is especially the case for businesses.

An inspirational vision is more likely to attract people who will put in more effort to create new technology. While you may have an inspiring idea for your company but you must communicate your vision clearly and gain acceptance.

Bernhard Burgener would agree that it is vital to keep the vision in motion and to innovate!
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