Notes

Bernhard Burgener on innovation management's importance
Businesses must promote creativity through the management of innovation for them to remain relevant over the long-term.

According to Bernhard Burgener, a veteran entrepreneur and businessman innovation is the only way to win in business. To maintain relevance for the long run He believes in ingenuity in management to meet market needs.

Learn more about how to implement innovation management in your company.

What exactly is innovation management?
It's a topic of much debate that innovation management is a concept. Innovation is described as something that can't be controlled.

Many are committed to the creation of processes and systems that increase innovation. It's not likely to be that easy.

Let's look back and consider what the term means. Merriam-Webster defines "innovation" as "introducing something completely different." It is not the same thing as inventing new products.

Bernhard Burgener "Innovation management" means managing all the activities needed to "introduce something completely new." This method involves inventing ideas, prioritizing them and then implementing them e.g., by launching an item or inventing new processes within the company.

There are several kinds of innovation. This is what the definition says. This is what causes many disagreements about innovation.

A lot of people use the term "generic" to describe a subset innovation. However, this is solely from their point perception and personal experience.

Four key pillars to innovation management from Bernhard Burgener
Through his own experience, Bernhard Burgener has found the most straightforward way to comprehend the topic. This involves breaking it down into smaller pieces and examining each part in its own way.

Bernhard Burgener https://swarajyamag.com/topic/bernhard-burgener Bernhard Burgener advised that you concentrate on this pillar as the primary one.

Competency
Competency is the company's capability to manage and create innovation.

Innovations are a team effort. But, the competence aspect is mainly about people. This refers primarily to the knowledge, skills and capabilities of employees.

The company's manager has a valid need to be an Entrepreneur .

The model also includes the organization's information capital as well as tacit knowledge and other financial capital and resources. These could be required to create innovation.

Structure
Structures can make the most of capabilities. Capabilities permit the use of structures. This refers to the structure of an organization, processes, infrastructure, and the structure of the organization.

The exemplary structures can work as a force multiplier that allows the business to operate and innovate more efficiently.

Without proper communications channels, decision-making processes, and implementation infrastructure and processes, very few ideas can succeed. Software for managing innovation is a great tool to assist you in getting the task done.

Culture
The culture of an organization can help it increase the capabilities of people if the structures allow the organization to utilize these abilities effectively.

Bernhard Burgener A pro-innovation culture helps the company to attract and retain the right people.

A culture that promotes innovation and discourages unequal behavior is a good thing. A company's culture has a direct impact on its ability to innovate. Its consequences can swiftly build up. These are the traits that constitute an creative culture.

The importance of continually making improvements.
Speed, learning and experimentation are highly valued.
Failure acceptance is an integral part of the process of developing creativity
It allows for enough freedom and responsibility. Leaders are guided by their vision and culture, not a chain of command approach.
Strategy
Strategy, in simple terms, is an organization's plan for long-term success.

It is important to recognize that strategy is the process of making conscious choices. These decisions need to be made from a wide range of options to ensure you have the best chance of "winning." This decision must not be taken as an independent decision from the process.

Innovation and strategy are both closely connected subjects. However, innovation can only be one method of achieving your strategic objectives.

Bernhard Burgener states that there are a variety of types and styles of innovation.
Open Innovation
It is based on the notion that intelligent and innovative people outside the company can also help in achieving strategic goals. They can also be able to share intellectual property, which could be beneficial to diverse parties.

The more data you can gather more information, the better informed you are in your final decision. The process of developing ideas within the open innovation funnel isn't restricted to the business that facilitates it. You can also have more ideas.

Incremental Innovation
Incremental innovation refers to a series of minor enhancements or improvements to an existing product or services, processes or techniques.

Incremental innovation can improve the effectiveness and efficiency of development of existing products, and also their differentiation in the marketplace.

Incremental innovation is often able to improve or maintain the market share of a product. This is a common practice in the world of consumer technology. Companies strive to make their devices more user-friendly.

Sustaining Innovation
It happens when a firm develops products that are more efficient to sell more profit to its best customers. Sustaining innovation is a strategy that businesses who are successful in their industry use.

The primary driver behind the continuous pursuit of innovation is profit. By creating superior products for its top customers, companies can pursue ever-higher profit margins.

Disruptive Innovation
The innovation occurs when a company that has fewer assets is able to move upmarket and challenge an existing business. It's possible to classify disruptive innovation into 2 types.

Low disruption – It is disruptive in the low-end market, with a low-risk business model.
The latest disruption to the market occurs when a company provides services to an underserved section of an industry.
Both types of disruptive innovation are not meant to be taken on by the new entrant. They make incumbents retreat from the market.

Bernhard Burgener identifies the key problems in the management of innovation.
Poor infrastructure
Without the right infrastructure, processes, and resources, it'll be difficult for individuals to be successful. Google's 20percent Time initiative is an example of an outstanding initiative to empower innovation.

Still, if you were to provide the same policy in your organization, it would likely be much less efficient. Your employees wouldn't have access to the knowledge of the infrastructure, raw information that Google employees have.

The manager has to provide their team with the tools and resources they require to succeed.

Culture lacks a growth mindset
It is crucial to develop an environment that encourages growth in your company. The growth mindset believes that you are neither fixed, nor can you alter yourself.

It is the same for organizational culture. Bernhard Burgener A company that isn't growth-oriented will be unable to invent.

Lack of vision or clear focus
Innovating something new is often the key to significant innovations. This is also the case for businesses.

A compelling vision will attract passionate people who will put in the extra effort to come up with new ideas. Although you might have a compelling vision for your business, you need to communicate the vision clearly and get acceptance.

So, as Bernhard Burgener would say, keep the vision alive, and begin to innovate!
Here's my website: https://www.zonebourse.com/barons-bourse/Bernhard-Burgener-05JNHL-E/biographie/