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Bernhard Burgener discusses the importance of Innovation Management
To stay competitive in the long term businesses must foster the process of innovation by implementing a management system for innovation.

Bernhard Burgener (a veteran businessman) believes that innovation is the key for success in business. To remain relevant in the long-term, innovation is key in keeping up with market demand.

Find out the ways you can incorporate the management of innovation within your company more effectively.

What exactly does innovation management really mean?
There is a lot of debate on management of innovation. Innovation is described as something that can't be managed.

Others are staunch believers in the creation of processes and systems that increase innovation. As you might expect, the reality isn't as simple as it sounds.

Let's look at the definition of innovation. Merriam-Webster defines innovation as "introducing something new." This is not the same as creating something new like a new product.

"Innovation management" refers to managing the entire process required to "introduce something different."

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

The generic term is often used to describe a small number of innovation. However, this is strictly from their point of perception and personal experience.

The four pillars of innovative management Bernhard Burgener has identified
Based on his experience, Bernhard Burgener has found the most straightforward way to comprehend the subject. This is by taking it apart and discussing every aspect of innovation management separately.

Bernhard Burgener Here's the main principal pillar Bernhard Burgener said you should be focusing on:

Competency
Competency refers to the ability of an organization and its capacity to innovate.

Innovations require teams and individuals to be able to work together, but the component of competence is focused on the people. This is mostly about the organization's employees' abilities knowledge, insight, and practical skills.

Managers of companies are in a position to benefit from entrepreneurial management.

The model also takes into account the company's knowledge, tacit, and financial capital. Each of these could be needed to create innovations.

Structure
Structures are able to make the most of capabilities. Capabilities permit the use of structures. This is the case with the organisation's structures and processes.

These structures are exemplary and can help organisations to be more effective and innovating by acting as an effective force multiplier.

If communication channels aren't in place and there aren't decision-making processes, little ideas are likely to succeed. Software for managing innovation is an excellent tool to assist you in getting the job completed.

Culture
If organizations are able to effectively use capabilities, the culture of an organization can assist it to develop the capabilities that employees require.

A company that has a positive innovation culture can draw and keep the top people much more quickly.

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 since its effects quickly accumulate. These are the qualities that make up an ingenuous culture.

The emphasis is on the importance of continuously improving.
You will be highly regarded because of your speed, learning and the ability to experiment.
Failure acceptance is part and parcel of the process of developing creativity
Allows for enough autonomy and accountability and is guided by the vision and the culture rather than a chain-of-command approach.
Strategy
Simply said, strategy is an company's strategy for achieving long-term success.

It is important to recognize that strategy is the process of making conscious choices. These decisions should be taken among a variety of options to ensure you have the best chance at "winning." https://www.imdb.com/name/nm10370045/ The decision is not a separate thing from the process.

Innovation and strategy go hand in hand. Innovation is just one of the ways to achieve your strategic goals.

Bernhard Burgener says that there are many types and types of innovation.
Open Innovation
It is based in the belief that intelligent and innovative people outside of the business can help in achieving strategic goals. They also have the capability of sharing intellectual properties, which helps various parties in different ways.

The more data you have more information you have, the better your final decision. In the open innovation funnel on right, the development process isn't restricted to the individuals within the facilitating company. In addition, the number of ideas generated is higher.

Incremental Innovation
Incremental innovation is the process of minor enhancements or improvements to existing products, services, processes, or methods.

The incremental innovation process focuses on improving the efficiency of the product, productivity, and differentiation.

Innovations that are incremental can usually improve or maintain the market share of a device. Bernhard Burgener This is a well-known strategy in the field of consumer technology. Businesses strive to make their products more user-friendly.

Sustaining Innovation
It happens when a business develops more effective products with greater profits to its most valuable customers. In general, companies who are successful in their respective industries use continuous technological innovation.

Profit is the main driver of the development of new products. The company is able to create better products for its top customers , thereby increasing its profits margins.

Disruptive Innovation
The innovation occurs when a company with fewer assets is able to move upmarket and challenge the existing business. It is possible to separate disruptive innovation into 2 types.

Low-end disruption It's a disruptive event that takes place at the bottom of an existing market using a low cost business model.
New market disruption by catering to an unserved market, a company develops and asserts a new market in the current market.
Both types of disruptive innovation are not intended to be fought by the new entrant. They force incumbents to retreat upmarket.

Bernhard Burgener identifies the key challenges in innovation management.
Poor infrastructure
Without the infrastructure, processes and resources, it will be hard for people to have an impact. Google's 20 percent time is the perfect example of how to enable the development of new ideas.

It is however unlikely that your company would have the same policy. Your employees may not have access to the same infrastructure, tools or knowledge as Google employees do.

The manager should ensure that his team has everything they need.

Culture lacks a growth mindset
It is crucial to create an attitude of growth for your business. A mindset of growth is one that realizes that you are not fixed and that you can alter.

The same goes for organizational culture. A culture that fosters growth is a key ingredient for innovation in an company.

https://blog.cpdfootball.de/tag/bernhard-burgener/ No vision or clear focus
The process of innovating on something that isn't yet in existence can result in significant innovations. https://techplanet.today/post/bernhard-burgener-talks-about-the-importance-and-benefits-of-innovation-management-2 This is especially true for organizations.

A clear vision more likely to draw enthusiastic individuals willing to do extra work to develop innovative solutions. If you have an excellent idea for your business but you must communicate understandably and acceptably.

Bernhard Burgener would agree that it is important to keep the vision fresh and to keep innovating!
Website: https://www.handelsblatt.com/unternehmen/management/medien-bernhard-burgener-der-grosse-unbekannte-seite-4/3049334-4.html