Notes

Bernhard Burgener discusses the importance of innovation management
To remain relevant in the long run Companies must foster innovation through innovation governance.

Bernhard Burgener is a veteran entrepreneur and businessman who believes innovation is the only way businesses can continue to be successful. Bernhard Burgener He believes that innovation is the only way to stay in the current market.

Find out more about how you can implement an innovation management strategy in your company.

What does innovation management actually mean?
The concept of innovation management is often the subject of discussion. Innovation management is a term used to describe something that implies that it is not manageable.

Some, on the other side, are in favor of the use of processes and systems to bring about greater innovative thinking. It's not always as straightforward as it may appear.

First, let's take a moment to learn about what is innovation. Merriam-Webster defines innovation as "introducing something novel." It's different than simply inventing something.

"Innovation Management" is the method of coordinating all the activities necessary to "introduce an innovative product."

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

Bernhard Burgener The term "generic" is usually used to refer to only a few innovative ideas. Even then, they are restricted to their own experience and organization's point of view.

The four main pillars of innovation management, as per Bernhard Burgener
Based on his experience, Bernhard Burgener has found the easiest way to grasp the topic. It's by taking it apart and discussing every aspect of innovation management separately.

Bernhard Burgener stated that this is the primary pillar you should be focusing on.

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

Innovations are dependent on the skills of both groups and individuals, but the competency aspect is primarily based on individuals. This refers primarily to the abilities, knowledge, and abilities of employees.

The person in charge of the company is entitled to a requirement for entrepreneurial leadership.

The model also includes information capital, tacit and financial capital. All of these may be required in order to produce innovations.

Structure
Structures allow the efficient use of capabilities, whereas capabilities allow the use of structures. This is referring to the company's organizational structure and processes.

The exemplary structures can work as a force multiplier allowing the organization to operate and innovate more effectively.

Without the proper communications channels, decision-making process, and infrastructure to implement, very few ideas are likely to be successful. Software like innovation management software could make a significant difference.

Culture
Culture is a way for an company or group to acquire the capabilities of people, if its structures permit it to utilize those capabilities effectively.

Companies that are embracing the culture of innovation make it easier to retain and attract the best people.

A culture that encourages innovation promotes positive behaviors and discourages poor ones. The culture of a company directly affects its innovativeness. Its effects can quickly accumulate. These are the hallmarks of an innovative culture.

The importance of constantly making improvements.
It is crucial to be fast, learn quickly, and conduct some testing.
Acceptance of failure is part and parcel of the process of developing creativity
It allows for enough freedom and responsibility. Leaders are guided by culture and vision and not by a chain of command approach.
Strategy
Simply put, strategy is an organization's strategy to ensure long-term success.

However, it's crucial to remember that strategy is a mixture of making choices and implementing them.

Innovation and strategy are closely related issues. However, in essence innovation is only one method to reach your strategic goals.

Bernhard Burgener discusses the numerous types of innovation, which require different management styles.
Open Innovation
It's based upon the idea that creative and talented individuals outside of the company could be able to contribute to the strategic goals. They can also share intellectual property, which can benefit different people in different ways.

The more data you have, the better the final decision. Bernhard Burgener In the open innovation funnel to the right, the development process is not limited to individuals within the facilitating company. The amount of ideas are also greater.

Bernhard Burgener Incremental Innovation
Incremental innovation can be described as a series of small improvements or upgrades to an existing service, product process, method, or product.

The modifications made through incremental innovation typically focus on improving the effectiveness of an existing product's development and productivity as well as the competitive advantage.

Incremental innovation can often increase or sustain the market share of a product. It has become a common strategy in technology for consumers, as companies try to enhance personal devices that have user-friendly features regularly.

Sustaining Innovation
It's when a firm develops higher-performing products in order to increase profits for its top customers. It is usually a strategy one that has proven successful in the use of its business to sustain innovation.

Profit is the key to innovation. By creating superior products for its top customers, a business can increase profit margins by a significant amount.

https://www.northdata.de/Burgener,+Bernhard,+Zeiningen/pv8 Disruptive Innovation
This happens when a company is able to use fewer resources, and then moves upmarket to challenge an established business. It is possible to classify disruptive innovations into two kinds:

Low-end disruption It's a disruptive event that occurs at the bottom of a market making use of a low-cost business model.
The new-market disruption occurs when a firm provides services to an underserved section of a market.
Both types of disruptive innovation aren't designed to be defeated by the newcomer. They can force incumbents to resign from their positions.

Bernhard Burgener's vision of innovation management challenges is fascinating.
Poor infrastructure
People will not be able to have an impact without the proper processes, resources and infrastructure. Google's 20% initiative for innovation is a good example.

However, if your company has the same policies that Google has, it's likely to be much less effective. Employees won't have access to the expertise of the infrastructure, the raw information that Google employees do.

Bernhard Burgener The manager should provide their team the tools and resources they need to achieve success.

Culture lacks a growth mindset
It is essential to create a growth mindset to your business. A mindset of growth is one that acknowledges that you are not fixed and can be transformed.

The same applies to organizational culture. A company that isn't growing will be unable to invent.

There isn't a clear picture.
Innovation is usually the most important factor in significant innovations. This is also the case for businesses.

A vision that is compelling likely to attract enthusiastic people who are willing to put in the extra effort to create new solutions. Although you might have an appealing vision for your business, you need to communicate that vision clearly and with acceptance.

Also, as Bernhard Burgener would say, keep the vision alive, and start innovating!
Homepage: https://www.wsj.com/market-data/quotes/CH/HLEE/company-people/executive-profile/118081