Notes

Bernhard Burgener on innovation management's importance
To stay competitive over the long run, companies need to foster the process of innovation by implementing a management system for innovation.

Bernhard Burgener a successful entrepreneur and businessman believes that innovation is the only way to be successful in the business world. To stay relevant in the long-term, he believes in innovative management that meets the needs of the market.

Find out more about how you can implement innovation management in your business.

What exactly does innovation management really mean?
It's a topic of debate and debate as innovation management is a term. The very nature of innovation implies that it is unable to be managed.

Bernhard Burgener Some are steadfast believers in the creation of processes and systems that increase innovation. You might not expect it to be so simple.

Let's take a look at the definition of innovation. Bernhard Burgener Merriam-Webster defines innovation as "introducing something novel." It's different than simply inventing a product.

Innovation management is the process of managing the entire process necessary to "introduce new products and services."

Bernhard Burgener The definition suggests that there are various kinds of innovation . This is the root cause of many disagreements related to innovation.

A majority of people use the term "generic" to describe a subset innovation. And even then, strictly in terms of their organization and knowledge.

The four main pillars of innovation management, as per Bernhard Burgener
Based on his experience, Bernhard Burgener has found the simplest way to understand the topic. It's through dissecting it into smaller pieces and discussing every aspect of innovation management separately.

Bernhard Burgener advised that you concentrate on this pillar as the primary one.

Competency
Competency refers to an organization's capability to manage and create innovation.

Innovations require the capabilities of individuals and teams collectively however, the aspect of competence is primarily based on the people. This is mostly about the capabilities of employees in the company, insights, know-how and practical capabilities.

The manager of an company is entitled to a need to be a leader who is entrepreneurial.

The model also considers the company's information capital in the form of tacit knowledge, other resources and financial capital. All of these could be necessary to invent new ideas.

Structure
Structures allow the efficient utilization of capabilities. Likewise, capabilities enable the use of structures. In practice, this means the structure of the organization's organization as well as processes and infrastructure.

Structures that are exemplary can be utilized to boost the efficiency of an organization's operations and also to boost innovation.

Without the right communication channels, decision making procedures and the infrastructure to implement their ideas, they're unlikely to get off the ground. Software tools such as innovation management software can be of help.

Culture
Culture can enable an organization to gain the abilities of its employees if it has the right structures for it.

Innovative culture will make it easier for an organization to recruit and keep the best employees.

An ideal pro-innovation culture encourages good behavior and discourages those who are not. The culture of a company directly affects its ability to innovate. The effects of this can swiftly accumulate. Bernhard Burgener In general, these are the characteristics of an innovative culture

Stresses the importance of constantly improving.
It is important to be quick, learn quickly, and conduct some experimentation.
Acceptance of failure as part the process of creative development
It provides employees with enough freedom and accountability and is guided by the vision and culture rather than a chain method.
Strategy
Strategy can be described as the organization's long-term plan for success.

It is important to comprehend that strategy is ultimately about making thoughtful decisions . These choices should be taken from a variety of options to increase your chances of "winning". This decision should not be separated from the process of implementation.

Strategy and innovation both go hand-in-hand. However, in the end innovation is merely one method to reach your strategic goals.

Bernhard Burgener discusses the numerous kinds of innovation that require different managerial styles.
Open Innovation
It is based on the notion that creative and skilled individuals from outside the organization can also contribute to the achievement of strategic objectives. They can also be able to share intellectual property, which could benefit diverse parties.

The more information obtained, the better the final decision. The development process within the open innovation funnel is not limited to those within the business that facilitates it. The variety of ideas available is significantly higher.

Incremental Innovation
Incremental innovation is the term used to describe minor enhancements or improvements to existing processes, products, and processes.

Intense innovation focuses on making products efficient and productive. They also make them more distinctive.

A product's position in the market is usually maintained or improved through incremental improvements. This strategy is common for consumer technology. Manufacturers try to continuously upgrade their devices to include functionalities that are easy to use.

Sustaining Innovation
This happens when a firm produces better-performing products that can be sold at higher prices to their most valuable customers. In general, sustained innovation is a an approach that successful companies in their fields employ.

The primary driver behind sustaining innovation is the possibility of earning. Profit margins could be improved by offering better products to customers.

Disruptive Innovation
It is when a business has fewer resources and moves upmarket to challenge an established company. Bernhard Burgener There are two types of disruptive innovation:

Low-end disruption It's an opportunity to disrupt the lower end of an existing market that employs a low-cost model.
A new market disruption By catering to an unserved market, a company develops and claims a new segment in the current market.
Both types of disruptive innovation are not intended to be defeated by the new entrant. They force incumbents to retreat upmarket.

What are the biggest challenges Bernhard Burgener sees in innovation management?
Poor infrastructure
Without the right infrastructure, processes, and resources, it's going to be hard for people to make an impact. Google's 20% initiative for innovation is a good example.

Even so, it's unlikely your policy will be as effective if implemented in your company. Your employees may not have access to the same tools, infrastructure or knowledge that Google employees do.

Managers must ensure that they have the necessary resources and skills for their teams for them to be successful.

Culture lacks a growth mindset
It is crucial to cultivate a growth mindset in your company. Bernhard Burgener Growth mindsets are based on the idea that your identity is not fixed or can be changed.

This is true for the culture of an organization. Without a growth-oriented culture, the organization is highly unlikely to develop new ideas.

No clear vision
The ability to innovate is often the key to major innovation. The same holds true for companies.

Bernhard Burgener If you are able to articulate a compelling vision, it's more likely that employees are motivated to be more creative in the creation of new ideas. Even if you have a clear idea of what you want to achieve for your company but communicating it effectively and acceptingly is essential.

Bernhard Burgener would advise that you keep your ideas alive and keep inventing!
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